Provexis PLC
24 July 2006
PROVEXIS PLC
('Provexis' or the 'Company')
Exclusivity Agreement
Provexis, the nutraceutical company that develops scientifically-proven
functional and medical foods, announces that it has entered into an exclusivity
agreement for a period of 12 months with a major global branded food business
('Partner'), who, for reasons of confidentiality, cannot be named, for the joint
development and use of its patented Fruitflow(TM)heart-health technology.
Fruitflow(TM)is a bioactive food ingredient that reduces blood platelet
aggregation, a significant contributing factor to thrombosis, which can cause
heart attack or stroke.
Under the terms of the agreement, Provexis and its Partner will develop a
second-generation concentrated format of the Fruitflow(TM)product. The new
format will increase its applicability across all food, beverage, supplement and
medical formats. During the 12 month exclusivity period, the companies intend to
ensure technical and economic targets for the new format are met, and to
negotiate a global licence and supply arrangement for the FruitflowTM
technology.
According to Leatherhead Food International the market for heart benefit foods
is worth $4bn globally.
The scope of the exclusivity agreement covers all food and beverage formats
globally, with some specific exemptions. Provexis retains the right to
commercialise the Fruitflow(TM)technology on a global basis in the areas of
fruit juice and juice drinks, products marketed for deep vein thrombosis (DVT),
dietary supplements and prescribed medical products.
Commenting on the signing of the exclusivity agreement, Dawson Buck, Chairman of
Provexis said:
'This is an important milestone for Provexis. This agreement with a major global
brand owner will accelerate the development of our second generation
Fruitflow(TM) technology. If all goes well, we expect to move to a long-term,
global licensing deal with our partner within 12 months. In addition, we will
have a new technology platform to facilitate entry into the substantial consumer
and medical categories that fall outside of the agreement, and to this end, we
continue discussions with further potential licence partners.'
For further information please contact:
Stephen Moon, Commercial Director Tel: 020 8392 6634
Provexis plc
Emma Kent
Bell Pottinger Corporate & Financial Tel: 020 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange