Funding Update

RNS Number : 5689C

Provexis PLC

29 June 2016

 

29 June 2016

Provexis plc

Funding Update

Provexis plc ("Provexis" or the "Company"), the business that develops, licenses and sells the proprietary, scientifically-proven Fruitflow® heart-health functional food ingredient, provides an update to its announcement on 9 June 2016 concerning funding.

The Company's announcement on 9 June 2016 confirmed that the Company was in late stage discussions with a small group of investors in relation to a subscription to raise further working capital for the Company.

On 9 June 2016 the Company announced that the Directors had non-legally binding indications of interest in the subscription to raise approximately £160,000 at a subscription price of 0.24 pence per ordinary share.

The proposed subscription follows guidance from the Company in its trading update, released on 31 May 2016, that it was exploring a number of funding options.

The Company announces by way of an update today that the Directors currently have non-legally binding indications of interest in the subscription to raise a total of approximately £185,000 at a subscription price of 0.24 pence per ordinary share.

The non-legally binding indications of interest in the subscription include the indication of a £25,000 interest in the subscription from the Company's Chairman Dawson Buck.

Prior to his non-legally binding indication of interest in the proposed subscription announced today, Mr Buck was interested in 15,000,000 Ordinary Shares as confirmed by the Company in an announcement on 7 January 2016, which amounts to approximately 0.91 per cent of the current issued share capital of the Company.

A further announcement on the above will be made by the Company at the appropriate time.

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For further information please contact:

Provexis plc                                                       Tel:       [phone]

Ian Ford, Finance Director                                               [e-mail]

Cenkos Securities plc                                        Tel:       [phone]

Bobbie Hilliam

Notes for editors

About Provexis plc

AIM-listed Provexis is focused on the development and licensing of its proprietary, scientifically-proven Fruitflow® heart-health functional food ingredient.

In May 2009, the Company's Fruitflow® technology was the first to be substantiated by the European Food Safety Authority ("EFSA") under the new Article 13(5) for proprietary and emerging science. In December 2009 the European Commission authorised the health claim "Helps maintain normal platelet aggregation, which contributes to healthy blood flow", which was the first wording to be authorised under Article 13(5).

In June 2010 it was announced that the Company had entered into a long-term Alliance Agreement with DSM Nutritional Products to commercialise Fruitflow®, and in June 2015 the Company confirmed it had agreed significantly enhanced financial terms for its Alliance Agreement with DSM for Fruitflow®.

The Company's Alliance partner DSM Nutritional Products has developed the market actively for the Company's novel, patented Fruitflow® heart-health ingredient in all global markets, with over 50 regional consumer healthcare brands now having been launched by direct customers of DSM, and with a number of further regional brands having been launched through DSM's distributor channels.

An increasing number of further commercial projects have been initiated by DSM with prospective customers, including some prospective customers which are part of global businesses, with good prospects for these projects to be launched as consumer products. Interest in the technology exists in all major global markets.

On 29 June 2016 the Company launched a high quality dietary supplement product containing Fruitflow® and Omega-3 which is being sold initially from a separate, dedicated website www.fruitflowplus.com on a mail order basis.

The Company is engaged in a two stage collaboration agreement with the University of Oslo ('the University') to undertake further research into the relationship between Fruitflow® and blood pressure regulation. The Company is very pleased with the encouraging results from the first stage of the collaboration with strong evidence that a standard dose of Fruitflow® has the potential to give a clinically relevant reduction in systolic blood pressure. The Company and the University are now in the process of conducting a small clinical trial by way of a proof of principle study.

Provexis was founded in 1999 and is headquartered in Reading, Berkshire.

Provexis shares are traded on the AIM market of the London Stock Exchange under the ticker symbol PXS.

For further information, please visit www.provexis.com

 

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