Business
Collaboration agreement with By-Health Co., Ltd.
Collaboration agreement with By-Health Co., Ltd..
About this update from Provexis Plc
[{"type":"text","content":"\n \nRNS Number : 6430H Provexis PLC 02 August 2019 \n\nPrior 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.\n \n \n2 August 2019\n \nProvexis plc\n \n(\"Provexis\" or the \"Company\")\n \nCollaboration agreement with By-Health Co., Ltd.\n \n \nProvexis, the business that develops, licenses and sells the proprietary, scientifically-proven Fruitflow® 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 £3bn listed Chinese dietary supplement business, to support the planned launch of some Fruitflow based products in the Chinese market.\n \nThe 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.\n \nIt 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.\n \nIt 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.\n \nThe Fruitflow with nitrates in exercise project will provide gross income to Provexis in excess of £55k, 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...