Business
Capital structure and funding update
Capital structure and funding update.
About this update from Provexis Plc
[{"type":"text","content":"\n \n \n \n Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information as stipulated under the UK Market Abuse Regulation. With the publication of this announcement, this information is now considered to be in the public domain.\n \n \n \n \n \n \n \n \n \n \n 3 April 2023\n \n \n \n \n Provexis plc\n \n \n \n \n ('Provexis' or the 'Company')\n \n \n \n \n \n \n \n \n \n Capital structure and funding update\n \n \n \n \n \n \n Provexis, the business that develops, licenses and sells the proprietary, scientifically-proven Fruitflow® heart-health functional food ingredient, is pleased to provide an update on its capital structure and funding. This update specifically refers to the 'Capital structure and funding' section of the Company's Interim Results announcement which was released on 30 December 2022.\n \n \n \n \n \n \n Capital structure and funding update\n \n \n \n The Company remains keen to minimise dilution to shareholders and remains focussed on moving into profitability as its revenues from Fruitflow increase.\n \n \n \n \n \n DSM's existing and prospective pipeline of customers for Fruitflow as a straight ingredient (not a DSM Premix or DSM Market-Ready solution) were successfully transferred to become direct customers of Provexis with effect from 1 January 2023. Sales to these customers commenced in February 2023, when the first batch of Fruitflow inventory was transferred from DSM's fulfilment centre in The Netherlands to the Company's outsourced fulfilment centre in the UK.\n \n \n \n \n \n From the legal perspective of Fruitflow customers the Company is deemed to be a new supplier and a considerable number of account setup forms and extensive food safety and other questionnaires have been required as part of the handover process.\n \n \n \n \n \n In June 2022 Provexis and DSM announced a new long-term partnership relating to the gut microbiome patent application which the Company filed in June 2022. New products arising from this collaboration are expected to be dealt with by DSM's Premix and Market-Ready Solutions businesses.\n \n \n \n \n \n In January 2023 the results of a successful gut microbiome human study were published in a leading peer reviewed scientific journal, and\n DSM issued...