Collaboration agreement
Provexis PLC
30 March 2007
30 March 2007
PROVEXIS PLC
('Provexis' or the 'Company')
Provexis and Unilever to co-develop Fruitflow(R) technology for application in
food products that benefit healthy blood flow
Provexis, developer of scientifically-proven functional and medical foods,
announces that it has entered into a long-term collaboration agreement with
Unilever plc to develop a new format of its patented Fruitflow(R) heart-health
technology for application in Unilever's Food product portfolio.
Fruitflow(R) is a patented natural extract from tomato which has been shown in
human trials to reduce the propensity for aberrant blood clotting, typically
associated with cardiovascular disease, which can lead to heart attack or
stroke. Unilever has substantial global brands in the heart-health market,
primarily its Flora/Becel spreads and drinking yoghurts. In 2005 the market for
heart benefit foods was worth $4bn globally.
Under the terms of the agreement, Provexis and Unilever (the 'Partners') will
develop a second-generation concentrated format of the Fruitflow(R) product for
inclusion in Unilever branded products. Subject to clearance of various
technical, regulatory and economic issues, the Partners plan to enter into a
global licence arrangement for the Fruitflow(R) technology. In addition to the
development of the new format, the Partners will also seek to develop other new
intellectual property in further related products and processes during the
course of the collaboration. In the event of a Fruitflow(R) technology licence
agreement not being concluded for any technical, regulatory or economic reason,
the collaboration on new intellectual property will continue for a further three
years.
Under the scope of the collaboration agreement and any subsequent licence
agreement, Provexis will grant exclusive rights for certain food and beverage
categories to Unilever, while retaining exclusive global rights to commercialise
Fruitflow(R) in drinks (excluding mini-drinks) containing fruit juice; products
marketed for deep vein thrombosis (DVT), over the counter medicines, medical
foods, dietary supplements and prescribed medical products. Categories outside
of the exclusive rights granted are available to Unilever on a non-exclusive
basis.
Commenting on the signing of the collaboration agreement, Stephen Moon, CEO of
Provexis, said:
'This collaboration agreement represents very significant progress in our
extensive joint development work with our partner, Unilever. The joint project
team is fully engaged in the process of developing the new format and the
associated supply chain, and is making good progress. Given Unilever's strong
global heart-health brands and the potential licensing revenues flowing from a
successful collaboration, this is a very important development for Provexis and
one which underpins our long-term strategy of discovering, developing and
licensing world-class functional and medical food technologies.'
Jim Busby, Vice President Unilever Foods R&D (Spreads & Cooking Product
Category), commented:
'Heart-health is and always has been a strong focus area for Unilever. Through
open innovation agreements like this, Unilever ensures access to the latest
scientific and technological advances in heart health. Once we have performed
our standard safety and efficacy tests for the application of the tomato extract
in our products and we have set up a cost-effective supply chain, we will seek
to use this natural heart healthy ingredient in our global Foods portfolio.'
For further information please contact:
Stephen Moon, CEO
Provexis plc Tel: 020 8392 6631
Tom Griffiths / Alasdair Younie
Arbuthnot Securities Tel: 020 7012 2000
END
Notes:
About Unilever
Unilever's mission is to add vitality to life. We meet everyday needs for
nutrition, hygiene and personal care with brands that help people feel good,
look good and get more out of life.
Unilever is one of the world's leading suppliers of fast moving consumer goods
with strong local roots in more than 100 countries across the globe. Its
portfolio includes some of the world's best known and most loved brands
including twelve €1 billion brands and global leadership in many categories in
which the company operates. The portfolio features brand icons such as Flora,
Bertolli, Dove, Lux, Pond's, Lynx, Sunsilk, Persil, Cif and Domestos.
Unilever has around 179,000 employees in approaching 100 countries and generated
annual sales of €40 billion in 2006. For more information about Unilever and its
brands, visit www.unilever.com.
This information is provided by RNS
The company news service from the London Stock Exchange