TIDMPXS
RNS Number : 9798V
Provexis PLC
13 August 2020
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.
13 August 2020
Provexis plc
("Provexis" or the "Company")
Fruitflow(R) and Blood Pressure - purchase of intellectual
property from the University of Oslo - issue of equity
Provexis, the business that develops, licenses and sells the
proprietary, scientifically-proven Fruitflow(R) heart-health
functional food ingredient, is pleased to announce that it has
entered into an agreement to purchase the background and joint
foreground antihypertensive (blood pressure lowering) intellectual
property and patents from Inven2 AS ('Inven2'), the technology
transfer office at the University of Oslo ('the University'), for a
total consideration of 11,500,000 new ordinary shares of 0.1p each
in Provexis plc (the 'New Provexis Shares').
In November 2014, the Company signed (i) a collaboration
agreement with the University of Oslo to undertake further research
into the relationship between Fruitflow and blood pressure
regulation and (ii) an option agreement with Inven2, the University
of Oslo's technology transfer office, giving the Company an
exclusive option to licence the University's existing background
intellectual property, and any new joint intellectual property
developed as part of the collaboration.
The Company provided primary funding for the collaboration work
and the associated patent filings in major global territories. The
patent filings were derived from an antihypertensive patent which
the University had applied for in 2013. The results from the
collaboration and these patent filings became joint foreground IP
for the Company and the University.
The Company and Inven2 have agreed that Inven2 will now assign
and transfer to Provexis outright ownership of the University's
existing background and joint foreground IP. Antihypertensive
patents derived from the University's 2013 patent application have
now been granted for Fruitflow in Europe and three other major
territories. Patent applications are being progressed in a further
five major territories to include the US and China, with potential
patent protection out to April 2033.
The University's 2013 patent application and all of the
antihypertensive patents which have been derived from it are
currently registered to the University, and the assignment
announced today means that the patent application and all of the
subsequent patents will be transferred into the name of Provexis.
Provexis will therefore own these important patents outright, with
the licensing option held by Inven2 effectively having been
cancelled as part of this agreement.
The 11,500,000 New Provexis Shares were valued at GBP79,350 at
the 0.69 pence closing mid-market price per Ordinary Share on 12
August 2020, being the latest practicable date prior to this
announcement, and they represent 0.56% of the Company's existing
issued share capital.
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 or around 19 August
2020 ('Admission').
Following Admission, the Company's enlarged issued share capital
will comprise 2,070,821,507 ordinary shares with voting rights. The
Company does not hold any shares in treasury. This figure of
2,070,821,507 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 Guidance and Transparency Rules.
In addition to the important blood pressure lowering patent
family for Fruitflow which is the subject of this announcement,
patent coverage for Fruitflow includes the following patent
families which are all owned outright by Provexis:
-- Improved Fruitflow / Fruit Extracts, with a patent granted by
the European Patent Office in January 2017 and a further European
application accepted for grant in 2020. The patent has been granted
in eight other major territories to include China, and patent
applications are at a late stage of progression in a further six
global territories, with potential patent protection out to
November 2029.
-- The use of Fruitflow with nitrates in mitigating
exercise-induced inflammation and for promoting recovery from
intense exercise. The patent was first granted by the UK IPO
(Intellectual Property Office) in May 2017, and further patents
have been granted in Australia, China, New Zealand and Japan.
Applications have been accepted for grant in Europe, the US and the
Philippines, and further patents for this formulation are being
sought in eight other territories, with potential patent protection
out to December 2033.
-- The use of Fruitflow in protecting against the adverse effects of air pollution on the body's cardiovascular system, which extends potential patent protection for Fruitflow out to November 2037. Recent laboratory work has shown that Fruitflow can reduce the platelet activation caused by airborne particulate matter, such as that from diesel emissions, by approximately one third.
COVID-19 impact and trading update
Scientific research into COVID-19 is being undertaken at
considerable scale, with more than two thousand studies in progress
worldwide.
It is already clear that in many patients the virus is having a
significant adverse effect on circulation, and it is causing wider
issues with inflammation. Fruitflow is a natural, breakthrough
ingredient that helps with platelet aggregation, supporting normal
blood flow and circulation which in turn benefits cardiovascular
health.
The science behind Fruitflow has been validated by leading peer
review publications and regulatory authorities. Fruitflow is the
only natural antiplatelet to have a health claim approved by the
European Food Safety Authority, stating that 150mg of Fruitflow
'helps maintain normal platelet aggregation, which contributes to
healthy blood flow'.
The Company and its Alliance partner DSM Nutritional Products
have experienced increased consumer interest for Fruitflow in light
of the COVID-19 pandemic, as consumers look to nutritional
interventions to help them fortify the circulatory system against
the effects of COVID-19. The Company and DSM will look to maximise
the commercial opportunities arising from this increased consumer
interest in Fruitflow, and will further promote the core blood
circulatory and anti-inflammatory benefits of the product.
The Company's Fruitflow+ Omega-3 direct selling business has
been operating largely as normal throughout the pandemic, and
despite some initial delays in the supply chain a new production
run of Fruitflow+ Omega-3 capsules has just been completed thus
ensuring continued supply of the product.
The Company will issue a full trading update in due course.
Ian Ford, CEO of Provexis, commented:
'We are delighted to have secured outright ownership of this
important blood pressure lowering patent family, and would like to
thank the University of Oslo for their support and assistance
throughout the collaboration.
The Company has developed a strong, long lasting and
wide-ranging patent portfolio for Fruitflow, and it holds other
valuable intellectual property and trade secrets for the
technology. The intellectual property for Fruitflow is of
fundamental importance to the Company and its current and future
commercial partners, to include DSM and By-Health, and it underpins
the numerous commercial opportunities which the Company and its
partners are pursuing for Fruitflow.'
For further information please contact:
Provexis plc Tel: 07490 391888
Ian Ford, CEO enquiries@provexis.com
Dr Niamh O'Kennedy, CSO
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.
Fruitflow is a natural, breakthrough ingredient that helps with
platelet aggregation. This helps promote normal blood flow and
circulation, which in turn benefits cardiovascular health.
Fruitflow helps the platelets to circulate freely and smoothly
throughout your blood, without sticking to one another or to the
blood vessels themselves. Freely flowing blood helps reduce stress
on your cardiovascular system.
Fruitflow is a highly concentrated form of bioactives which is
lycopene-free and contains over 30 known anti-platelet compounds.
Published clinical studies have shown that Fruitflow works to
maintain healthy blood flow in a similar way to 75mg aspirin but
with a milder and reversible action; Fruitflow has a similar
antiplatelet effect to a single dose of aspirin - but when taken
daily, it has none of aspirin's side effects.
The science behind Fruitflow has been validated by leading peer
review publications and regulatory authorities. Fruitflow is the
only natural antiplatelet to have a health claim approved by the
European Food Safety Authority, stating that 150mg of Fruitflow
'helps maintain normal platelet aggregation, which contributes to
healthy blood flow'.
Provexis plc entered into a long-term Alliance Agreement with
DSM Nutritional Products in 2010 to commercialise Fruitflow through
sales as an ingredient to brand owners in the food, beverage and
dietary supplement categories. More than 90 regional consumer
healthcare brands have now been launched by direct customers of
DSM, and a number of further regional brands have been launched
through DSM's distributor channels.
The Company and DSM have seen an encouraging increase in brand
awareness and customer interest in Fruitflow in recent years, with
an increasing number of further commercial projects being initiated
with prospective customers, including some prospective customers
which are part of global businesses.
Fruitflow has a number of specific health benefits which have
been reflected in three patent filings for:
-- The use of Fruitflow in mitigating exercise-induced
inflammation and for promoting recovery from intense exercise,
seeking to enhance further the potential of the technology in the
sports nutrition sector. Further interest in the role of Fruitflow
in exercise was generated by Team Sunweb Pro Cycling's use of
Fruitflow in the 2018 Tour de France, and the Company is
progressing the formulation and potential launch of a Fruitflow+
nitrates dietary supplement product which was used by Team Sunweb
in the 2019 Tour de France www.fruitflowplus.com/sportrecovery.
-- The use of Fruitflow in managing blood pressure. A pilot
study conducted with the University of Oslo indicated that a 150mg
dose of Fruitflow in powder format significantly lowered the
average 24-hour systolic blood pressure compared to placebo. When
the monitoring time was split into waking and sleeping periods,
both systolic and diastolic blood pressure were significantly lower
after 150mg Fruitflow treatment than after placebo treatment during
the waking period; systolic pressure was also significantly lower
during the sleeping period. The results from the blood pressure
collaboration were published in the International Journal of Food
Sciences and Nutrition and the study is available to view on the
Company's website at:
www.provexis.org/wp-content/uploads/2017/09/IJFSN-Fruitflow-blood-pressure-study-Sep-17.pdf
-- The use of Fruitflow in protecting against the adverse effects of air pollution on the body's cardiovascular system. Laboratory work has shown that Fruitflow 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.
Provexis sells a high quality dietary supplement product
containing Fruitflow and Omega-3 from its separate website
www.fruitflowplus.com on a mail order basis. The product is also
available to purchase from Amazon.co.uk and from Holland &
Barrett.
The Company is working with By-health Co., Ltd, a GBP4bn listed
Chinese dietary supplement business, to support the planned launch
of some Fruitflow based products in the Chinese market. The planned
launch is progressing well with potential sales volumes remaining
at a significant multiple of existing Fruitflow sales.
By-Health has made a significant investment in nine separate
clinical studies in China, at its sole expense, in support of the
Fruitflow based products which it plans to launch in China. The
five studies which have been completed by By-Health showed
excellent results in use for Fruitflow, and provide strong evidence
for By-Health in its regulatory submissions for Fruitflow.
If a successful blue cap health claim is achieved for Fruitflow
in China it would currently be expected to result in some
significant recurring orders for Fruitflow, at a multiple of
current total sales values.
In August 2019 the Company was delighted to announce it had
signed an open-ended collaboration agreement with By-Health, in
support of By-Health's planned launch of Fruitflow based products
in the Chinese market. Project work will be managed and conducted
by Provexis primarily in the UK, with the first project agreed
concentrating on the use of Fruitflow with nitrates in exercise, an
area of considerable commercial interest to By-Health. The
agreement further strengthens the close relationship between
By-Health and Provexis.
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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END
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