Development Agreement - Replacement announcement
Provexis plc ("Provexis" or the "Company")
Development Agreement with DSM Nutritional - Replacement
In the Provexis announcement released today at 7:00 am under RNS: 8783B, the words 'announces it has entered' in the third line of the first paragraph should have read 'announces that it is in advanced discussions to enter'. Also the comment made by Stephen Moon at the end of the announcement should not have been included. Otherwise the announcement is unchanged and the amended announcement is reproduced in full below.
28 February 2011
Provexis PLC
Development Agreement with DSM Nutritional Products -
Provexis plc ("Provexis" or the "Company"), the life-science business that discovers, develops and licenses scientifically-proven functional food, medical food and dietary supplement technologies, announces that it is in advanced discussions to enter into a development agreement (the "Agreement") with DSM Nutritional Products ("DSM" and together with Provexis, the "Partners") to commercialise DSM owned intellectual property through the development of a product for the promotion of healthy blood glucose levels.
Under the Agreement, it is the intention that Provexis will develop a cost effective product, carry out clinical trials and gain the necessary regulatory clearances. DSM will contribute intellectual property and know-how to the development programme and will assist in areas such as obtaining regulatory clearances. The Partners will together identify the most appropriate commercialisation arrangements before the product is launched.
Maintaining healthy blood glucose levels, both before and after meals, is of increasing importance as it is believed that high blood glucose levels contribute to obesity and diabetes. The benefits of maintaining healthy blood glucose levels are considered to be increasingly relevant not only in diabetics and pre-diabetics but also in the wider population as a whole. It was estimated in 2010[1] that 25.8 million US residents (8.3% of the population) suffer from diabetes, with an estimated 79 million Americans over the age of 20 having pre-diabetes. It is believed that people with diabetes have a higher than average risk of developing cardiovascular disease[2]. Sales of foods and drinks specifically marketed to address heart health conditions are growing strongly and were forecast to reach $7.7 billion in the US and Europe in 2010[3].
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For further information please contact:
Stephen Moon, Chief Executive
Provexis plc Tel: 01753 752290
Patrick Castle/Bobbie Hilliam Tel: 020 7071 4317
Evolution Securities
Haggie Financial LLP: Tel: 020 7417 8989
Matthew Longbottom matthew.longbottom@haggie.co.uk
Notes to Editors
About Provexis plc
AIM-listed Provexis is focused on the discovery, development and licensing of technologies for the functional food, dietary supplement and medical food sectors.
The company was originally spun out of the Rowett Institute (now part of the University of Aberdeen) in 1999 to commercialise their tomato extract discovery using venture capital funding. Provexis Limited was reversed into Nutrinnovator in 2005 and its major investors are DSM Venturing and Rising Stars Growth Fund (part of Enterprise Ventures).
The company's first technology is a patented tomato extract for reduction of platelet aggregation. This technology was the first to receive an approved health claim from the EC under Article 13(5) and in June 2010 the technology was licensed to DSM Nutritional Products. The company has additional biotechnology developments, including a joint venture with the University of Liverpool to develop an extract of plantain which aids the treatment of inflammatory bowel disease. Provexis has a collaboration with the Institute of Food Research to develop natural extracts for systemic inflammation. The initial target is the reduction of cardiovascular inflammation and longer-term targets include the reduction of risk of certain cancers.
About DSM Nutritional Products
DSM Nutritional Products, a wholly-owned business unit of Royal DSM N.V., is the world's leading supplier of vitamins, carotenoids and other fine chemicals to the feed, food, pharmaceutical and personal care industries. The business has sales of over €3 billion and a long tradition as a pioneer in the discovery of new products, new formulations and attractive applications for all industry segments.
About Royal DSM N.V.
Royal DSM N.V. creates solutions that nourish, protect and improve performance. Its end markets include human and animal nutrition and health, personal care, pharmaceuticals, automotive, coatings and paint, electrical and electronics, life protection and housing. DSM manages its business with a focus on the triple bottom line of economic prosperity, environmental quality and social equity, which it pursues simultaneously and in parallel. DSM has annual net sales of €8.18 billion and employs some 21,900 people worldwide. The company is headquartered in the Netherlands, with locations on five continents. DSM is listed on Euronext Amsterdam.
[1] National Centre for Chronic Disease Prevention and Health Promotion, 2011.
[2] American Heart Association, 2011.
[3] Business Insights, 2007.
This information is provided by RNS