Business
Audited Results
Audited Results.
About this update from Provexis Plc
[{"type":"text","content":"\n Provexis PLC\n30 May 2007\n\nFor release 07.00 Wednesday 30 May 2007\n\n\n\nPROVEXIS plc\n('Provexis' or the 'Company')\n\n\n\nAUDITED RESULTS FOR THE YEAR ENDED 31 MARCH 2007\n\n\n\nProvexis plc (PXS.L), the nutraceutical company that develops\nscientifically-proven functional and medical foods, announces its audited\nresults for the year ended 31 March 2007.\n\n\n\nKey Financial Results\n\n\n\n• Revenues of £805,000 (2006: £267,000 of which £140,000 relates to\ncontinuing operations)\n\n\n\n• Adjusted operating loss of £2,265,000 before depreciation (£4,000),\namortisation of goodwill (£484,000) and share based compensation expense\n(£119,000). This compares to an adjusted operating loss in 2006 of £2,683,000\nbefore depreciation (£17,000), amortisation of goodwill (£363,000) and share\nbased compensation expense (£523,000).\n\n\n\n• Net cash at 31 March 2007 £115,000 (2006: £2,166,000) prior to £2.15\nmillion fund raising in April 2007\n\n\n\nKey Highlights\n\n\n\n• Collaboration Agreement signed with Unilever to develop advanced\nformat of Fruitflow(R) technology, with the aim of advancing to a license\nagreement\n\n\n\n• Major project underway with a global leader in beverage brands to\nassess the feasibility of the international launch of a juice product containing\nFruitflow(R)\n\n\n\n• Global scientific endorsement for clinical efficacy of Fruitflow(R)\nfrom the highest-ranked peer-review journal in nutrition, The American Journal\nof Clinical Nutrition\n\n\n\n• FDA affirm no objections to GRAS dossier for Fruitflow(R) clearing\nthe way for products to be launched in the USA\n\n\n\n• Patents cleared in the USA for the Company's technology for the\ntreatment of Crohn's Disease\n\n\n\n• Stephen Moon appointed Chief Executive as part of management\nrestructuring\n\n\n\n• £2,150,000 raised post year-end for working capital to fund research,\ndevelopment and licensing activities\n\n\n\nStephen Moon, Chief Executive Officer of Provexis plc, commented:\n\n\n\n'We are pleased with our progress in the last year, which has seen the Company\nbegin its transition to becoming a pure discovery, development and licensing\nbusiness. Sirco(R) has played a valuable role in demonstrating the validity of\nthe Fruitflow(R) technology which is now being evidenced by the Unilever\nagreement and the interes...