Provexis PLC Funding Update (5689C)
June 29 2016 - 2:05AM
UK Regulatory
TIDMPXS
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(R) 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 GBP160,000 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
GBP185,000 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 GBP25,000 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.
ends-
For further information please contact:
Provexis plc Tel: 07490 391888
Ian Ford, Finance Director enquiries@provexis.com
Cenkos Securities plc Tel: 020 7397 8900
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.
On 29 June 2016 the Company launched a high quality dietary
supplement product containing Fruitflow(R) 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(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.
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 29, 2016 02:05 ET (06:05 GMT)