TIDMPXS
RNS Number : 6430H
Provexis PLC
02 August 2019
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ("MAR"). With the publication of this announcement,
this information is now considered to be in the public domain.
2 August 2019
Provexis plc
("Provexis" or the "Company")
Collaboration agreement with By-Health Co., Ltd.
Provexis, the business that develops, licenses and sells the
proprietary, scientifically-proven Fruitflow(R) heart-health
functional food ingredient, is delighted to confirm it has entered
into a collaboration agreement (the 'Agreement') with By-Health
Co., Ltd. ('By-Health'), a GBP3bn listed Chinese dietary supplement
business, to support the planned launch of some Fruitflow based
products in the Chinese market.
The Agreement has been structured on an open-ended framework
basis, enabling the parties to conduct a number of different
projects over an unspecified period of time under the one
overriding agreement, with all projects envisaged to be at
By-Health's sole expense.
It is envisaged that projects conducted under the agreement will
be focussed on specific areas of commercial focus for By-Health,
and the first project which has been agreed will concentrate on the
use of Fruitflow with nitrates in exercise, an area of considerable
commercial interest to By-Health in China.
It is envisaged that project work will be managed and conducted
by Provexis primarily in the UK, led by Provexis' Chief Scientific
Officer Dr Niamh O'Kennedy and supported by outsourced research
partners which will be appointed and managed by Provexis.
The Fruitflow with nitrates in exercise project will provide
gross income to Provexis in excess of GBP55k, to include an element
of overhead recovery. The project will not affect the ownership of
Provexis' existing, substantial intellectual property for the
Fruitflow with nitrates formulation, which already has patents
granted in the UK and Australia. Further patents for this
formulation are being sought in Europe, the US, China and eleven
other territories, with potential patent protection out to December
2033. All other commercial terms of the Agreement remain
confidential between the two parties.
The Company has previously announced it was working with DSM and
By-Health to support the planned launch of some Fruitflow based
products in the Chinese market, and in a Trading Update on 31 July
2019 the Company confirmed that:
-- Provexis and By-Health had been working on a proposed new
framework research collaboration agreement for Fruitflow, planned
to be at By-Health's sole expense.
-- The planned launch by By-Health of a number of Fruitflow
based products in the Chinese market, with potential volumes at a
significant multiple of existing Fruitflow sales, is progressing
well, with activities driven at present by the need to obtain 'blue
cap' health claim status for Fruitflow as a dietary supplement with
the Chinese State Administration for Market Regulation (SAMR).
-- Clinical studies conducted in China are typically required to
obtain blue cap health claim status, and a significant investment
in seven separate studies, in support of the Fruitflow based
products which By-Health plans to launch in China, is being
undertaken at By-Health's expense.
-- Three studies have been successfully completed in China,
three studies are currently ongoing at Chinese clinical sites and a
further planned human study in 2019 has been confirmed by
By-Health.
-- The three completed studies (a human study and two animal
studies) showed excellent results in use for Fruitflow, and they
provide strong evidence for By-Health in its blue cap and other
regulatory submissions to the SAMR for Fruitflow, supported by the
Company's existing European Food Safety Authority ('EFSA') health
claim for Fruitflow.
-- If a successful blue cap health claim is achieved for
Fruitflow it would currently be expected to result in some
significant orders for Fruitflow, potentially at a multiple of
current total sales values.
The Company's Trading Update on 31 July 2019 stated that
completion of a collaboration agreement with By-Health was at that
time uncertain, an uncertainty which has been removed by way of
this announcement of 2 August 2019.
Ian Ford, CFO and COO of Provexis, commented:
'We are delighted to announce this open-ended collaboration
agreement with By-Health, which further strengthens the already
close relationship between By-Health and Provexis.
By-Health has already made a substantial investment at its sole
expense in the clinical trials which it has been conducting in
China, seeking to secure blue cap health claim status for
Fruitflow. The Company is very pleased to be able to assist
By-Health with its commercialisation plans for Fruitflow in China,
by way of this new investment with Provexis in the UK, and it will
seek to undertake further projects for By-Health under this
flexible framework agreement.
The clinical studies which By-Health has been conducting in
China have been progressing well and the completed studies have
shown excellent results in use for Fruitflow, providing strong
evidence for By-Health in its blue cap and other regulatory
submissions to the Chinese SAMR.
If a successful blue cap health claim is achieved for Fruitflow
in China it would currently be expected to result in some
significant orders for Fruitflow, potentially at a multiple of
current total sales values. The Company will provide shareholders
with as much information as it can with regard to the timing of
this commercially sensitive and potentially transformative
process.'
Felix Zhang, MSc PhD, Group Director Science & Technology
Centre, and Director, Nutrition & Health Research Centre of
By-Health Co., Ltd., commented:
'We are delighted to have entered into this open-ended
collaboration with Provexis, and look forward to progressing our
work with Fruitflow, in partnership with Provexis, towards future
significant commercialisation in China.'
For further information please contact:
Provexis plc Tel: 07490 391888
Dawson Buck, Chairman enquiries@provexis.com
Ian Ford, CFO & COO
Allenby Capital Limited Tel: 020 3328 5656
Nick Naylor / Liz Kirchner
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.
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 and
www.fruitflowplus.com.
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