Provexis Fundraising

RNS Number : 5194A

Angle PLC

04 August 2008

 



For immediate release

4 August 2008

ANGLE plc

Provexis equity placing raises £2.5million  

ANGLE plc (“ANGLE”) is pleased to announce that one of its ten portfolio companies, Provexis Plc (“Provexis”), has secured investment of £2.5 million before expenses from DSM Venturing, a major trade investor, together with existing shareholders, management and new investors. Following the placing, ANGLE will hold c. 8.3% of the enlarged share capital of Provexis, valued at the placing price at c. £0.4 million.

 

DSM Venturing, an active investor in emerging companies and venture capital funds in the fields of nutrition, pharmaceuticals and performance materials, has conditionally agreed to subscribe for placing shares representing 29.3% of the Enlarged Ordinary Share Capital of Provexis.

Provexis

Provexis discovers, develops and licenses functional foods, medical foods and dietary supplements.  Functional foods are foods and dietary components which provide specific health benefits beyond basic nutrition. 

The company's lead technology, Fruitflow®, is a patented natural extract from tomato which has been shown in human trials to reduce the propensity for aberrant blood clotting associated with cardiovascular disease, which can lead to heart attack and strokes.  

Fundraising Proceeds

Provexis intends to use the proceeds of the Placing for:

• further investment in Fruitflow® and future potential Fruitflow® health claims; 

• the commencement of a Crohn's Disease patient trial using the company's plantain-based technology and the potential extension of the claim portfolio for this technology; and 

• researching new intellectual property or setting up of joint ventures related to new functional or medical food technologies.  

Andrew Newland, Chief Executive of ANGLE plc said:

'Provexis is now well funded to allow exploitation of its patented Fruitflow® product for cardiovascular health, which addresses a multi-billion dollar market. Bringing in a major trade investor, DSM, as a significant shareholder is an exciting development, which increases the potential for growth in shareholder value in the future.  This is a further demonstration of the ability of ANGLE's portfolio companies to secure funding in a difficult market'

For further information:

ANGLE plc	01483 295830
Andrew Newland, Chief Executive Ian Griffiths, Finance Director
Collins Stewart Europe Limited Mark Connelly, Stewart Wallace	0207 523 8350
Scott Harris  Stephen Scott, James O'Shaughnessy, Harry Dee	0207 653 0030
Buchanan Communications Suzanne Brocks, James Strong	0207 466 5000

Notes to Editors

ANGLE (www.angleplc.com)

Founded in 1994, ANGLE is an international venture management company focusing on the commercialisation of technology and the development of technology-based industry. ANGLE creates, develops and advises technology businesses on its own behalf and for its clients.  

ANGLE is an active investor in high growth companies in the medical and technology sectors in both the UK and the US, taking operational responsibility for the companies as subsidiaries during the development phase and maintaining a substantial shareholding and close involvement during the growth phase. ANGLE has significant holdings in 10 portfolio companies developing proven technologies targeting substantial commercial markets. ANGLE is listed on AIM (AGL.L); further information can be found on www.ANGLEplc.com 

PROVEXIS (www.provexis.com)

ANGLE founded Provexis in 1999 to commercialise technology developed by the Rowett Institute, Europe's leading nutrition research institute. With the assistance of ANGLE's proven management capabilities, Provexis has since developed its scientifically-proven functional and medical foods business.  

The Company's lead technology, Fruitflow®, 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 attacks and strokes. The global market for functional foods is worth over $73 billion per annum and cardiovascular health is a key sub-sector of this market.  

DSM (www.dsm.com)  

Koninklijke DSM N.V. (Royal DSM N.V.) ('DSM') is a Life Sciences and Materials Sciences Company. DSM's products and services are used globally in a wide range of markets and applications, supporting a healthier, more sustainable and more enjoyable way of life. End markets include human and animal nutrition and health, personal care, pharmaceuticals, automotive, coatings and paint, electrics and electronics, life protection and housing. DSM has annual sales of almost EUR 8.8 billion and employs some 23,000 people worldwide. The company is headquartered in the Netherlands, with locations on five continents. DSM is listed on Euronext Amsterdam.

DSM Venturing B.V. (“DSM Venturing”), DSM’s corporate venturing unit, is an active investor in emerging companies and venture capital funds within DSM’s strategic growth fields of nutrition, pharmaceuticals and performance materials.

 

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