TIDMPXS
RNS Number : 0901C
Provexis PLC
27 September 2018
27 September 2018
Provexis plc
Placing of new ordinary shares to raise GBP0.395 million
Provexis plc ('Provexis' or the 'Company'), the business that
develops, licenses and sells the proprietary, scientifically-proven
Fruitflow(R) heart-health functional food ingredient, is pleased to
announce it has raised a gross GBP395,000 via a placing (the
'Placing'), conditional on admission to trading on AIM, of
98,750,000 new ordinary shares of 0.1p each (the 'New Provexis
Shares') with new and existing investors.
The New Provexis Shares have been issued at a price of 0.40p per
share (the 'Placing Price'), and rank pari passu in all respects
with the existing ordinary shares of 0.1p each in Provexis. No
commissions or expenses will be payable on the issue of the New
Provexis Shares.
The Placing Price represents a premium of 5.3 per cent. to the
closing mid-market price per Ordinary Share on 26 September 2018,
being the latest practicable date prior to this announcement.
Application will be made to the London Stock Exchange for the
New Provexis Shares to be admitted to trading on AIM. It is
expected that the admission will become effective and that trading
in the New Provexis Shares will commence on 5 October 2018
('Admission').
Following Admission, the Company's enlarged issued share capital
will comprise 1,983,988,174 ordinary shares with voting rights. The
Company does not hold any shares in treasury. This figure of
1,983,988,174 ordinary shares may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the FCA's Disclosure and Transparency Rules.
The Company intends to issue its preliminary results for the
year ended 31 March 2018 later today, Thursday 27 September
2018.
This announcement contains inside information.
ends-
For further information please contact:
Provexis plc Tel: 07490 391888
Dawson Buck, Chairman enquiries@provexis.com
Ian Ford, Finance Director
Cenkos Securities plc Tel: 020 7397 8900
Mark Connelly
Stephen Keys
Notes for editors
About Provexis plc
AIM-listed Provexis is focused on the development, licensing and
sales 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 then 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), through sales as an ingredient to brand
owners in the food, beverage and dietary supplement categories. The
Alliance is seeing the partners collaborate to develop Fruitflow(R)
in all major global markets, through an effective commercialisation
of current formats and pioneering new and significant applications.
DSM is responsible for: manufacturing; marketing; and selling via
its substantial sales force. Provexis is responsible for
contributing scientific expertise necessary for successful
commercialisation, and for maintaining and strengthening the
breadth and duration of its patent and trade mark coverage for
Fruitflow(R), seeking to maximise the commercial returns that can
be achieved from the technology.
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 launched a high quality dietary
supplement product containing Fruitflow(R) and Omega-3 which is
being sold from a separate, dedicated website www.fruitflowplus.com
on a mail order basis, the product is also available to purchase
from Amazon.co.uk.
The Company has been engaged in a two stage collaboration
agreement with the University of Oslo to undertake further research
into the relationship between Fruitflow(R) and blood pressure
regulation. In December 2016 the Company announced the results from
the second stage of the collaboration, a pilot study which
indicated that a standard dose of Fruitflow(R) significantly
lowered average 24-hour systolic blood pressure. Systolic and
diastolic blood pressure were shown to be significantly lower
whilst trial subjects were awake, a clinically relevant reduction
in blood pressure. In September 2017 the results from the blood
pressure collaboration were published in the International Journal
of Food Sciences and Nutrition.
In April 2017 the Company announced it had entered into a
memorandum of understanding with BY-HEALTH Co., Ltd ('BY-HEALTH')
which is intended to result in a research and collaboration
agreement with BY-HEALTH for Fruitflow(R). The Company also
confirmed separately that Provexis and DSM are working with
BY-HEALTH to support the planned launch of some Fruitflow(R) based
products in the Chinese market. BY-HEALTH is a substantial Chinese
listed dietary supplement business.
In December 2017 the Company announced the filing of a patent
application relating to the use of Fruitflow(R) in protecting
against the adverse effects of air pollution on the body's
cardiovascular system. Recent laboratory work has shown that
Fruitflow(R) can reduce the platelet activation caused by airborne
particulate matter, such as that from diesel emissions, by
approximately one third. The beneficial effects of this reduction
can be observed in laboratory models representing healthy subjects
as well as in models representing subjects with an underlying
cardiovascular problem.
In August 2018 Fruitflow(R)+ Omega-3 was listed in more than 660
Holland & Barrett stores across the UK and Ireland, together
with Holland & Barrett Online.
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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END
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September 27, 2018 02:02 ET (06:02 GMT)
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