Provexis PLC Funding Update (7760A)

TIDMPXS

RNS Number : 7760A

Provexis PLC

09 June 2016

9 June 2016

Provexis plc

Funding Update

Provexis plc ("Provexis" or the "Company"), the business that develops and licenses the proprietary, scientifically-proven Fruitflow(R) heart-health functional food ingredient, today announces that it is in late stage discussions with a small group of investors in relation to a subscription to raise further working capital for the Company.

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 Directors currently have non-legally binding indications of interest in the subscription to raise approximately GBP160,000 at a subscription price of 0.24 pence per ordinary share.

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]

   Dawson Buck, Chairman                                                   [e-mail] 

Ian Ford, Finance Director

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(R) heart-health functional food ingredient.

In May 2009, the Company's Fruitflow(R) 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(R), and in June 2015 the Company confirmed it had agreed significantly enhanced financial terms for its Alliance Agreement with DSM for Fruitflow(R).

The Company's Alliance partner DSM Nutritional Products has developed the market actively for the Company's novel, patented Fruitflow(R) 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.

In June 2016 the Company expects to launch a high quality dietary supplement product containing Fruitflow(R) and Omega-3 which will be 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(R) 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(R) 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.

On 4 June 2015 the Company announced it had joined PrimaryBid.com (www.primarybid.com), the online platform dedicated to equity crowdfunding for AIM-listed companies.

PrimaryBid.com provides a new channel for the Company to raise equity from investors, allowing investors to bid directly for new shares in the Company at prices of their choosing, subject to certain limited restrictions. Full details can be found on www.primarybid.com.

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

This information is provided by RNS

The company news service from the London Stock Exchange

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June 09, 2016 09:29 ET (13:29 GMT)