Business
Alliance agreement with DSM N
Alliance agreement with DSM N.
About this update from Provexis Plc
[{"type":"text","content":"\n RNS Number : 7846M Provexis PLC 01 June 2010 \n \n\n1 June 2010\n \nProvexis PLC\n \nAlliance Agreement\n \nLong-term Alliance Agreement with DSM Nutritional Products\n \nProvexis plc (\"Provexis\" or the \"Company\"), the life-science business that discovers, develops and licenses scientifically-proven functional food, medical food and dietary supplement technologies, announces that it has entered into a long-term Alliance Agreement (\"Alliance\") with DSM Nutritional Products (\"DSM\" and together with Provexis, the \"partners\") to commercialise its lead Fruitflow® heart-health technology. \n \nFruitflow® is a scientifically-proven and patented anti-thrombotic extract for use in functional foods and dietary supplements. In December 2009 it was granted the first, and currently the only, Article 13(5) health claim approval by the European Commission.\n \nThe Alliance will give DSM exclusive global rights to Fruitflow andwill see the partners collaborate to develop Fruitflow® in all major global markets, through an effective commercialisation of current formats and pioneering new and significant applications. Strategy, co-ordination, organisation and implementation will be governed by an Alliance Board with representatives from both companies. The agreement is based on a long-term cooperation between the partners. \n \nDSM will be responsible for: manufacturing; marketing; and selling via its global sales force. Provexis will be responsible for contributing scientific expertise necessary for successful commercialisation.\n \nProfits from the Alliance will be shared by the parties on an agreed basis, linked to various performance milestones. All other commercial terms of the Alliance remain confidential between the two parties. \n \nThe partners are currently developing a launch plan to market Fruitflow® worldwide for application in both food and dietary supplement formats.\n \nStephen Moon, CEO of Provexis commented:\n \n\"We are delighted to announce this long-term Alliance to commercialise Fruitflow® in line with the time frame and terms set out in the Letter of Intent as announced in February 2010. We believe the technical, marketing and selling expertise and resource of DSM in all major global markets will be a key factor in the success of our lead technolo...