Executive Summary
Provexis (LON:PXS) develops products in the medical food/dietary supplement sector for licensing to global brand owners. The company's main products are as follows:
- A tomato extract Fruitflow ®, which has regulatory clearance and proven ability to inhibit platelet aggregation and is commercially ready for use in a wide range of formats
- The NSP#3G plantain extract project which is undergoing trials, and
- The Helicobacter pylori project which is in the early stages and concerns the treatment and prevention of peptic ulcers.
In 2009, Provexis earned revenue of £5,400 and it made an operating loss of £1.6m.
Company History
- The company was founded in 1999 by Dr Bill Mullen of Angle Plc to commercialise the Fruitflow ® anti-thrombotic technology discovered by Professor Asim Dutta Roy at the Rowett Insitute.
- Initial funding was provided by three organisations: Angle Plc, Rising Stars Growth Fund and North West Equity Fund.
- In 2005 Provexis merged with Nutrinnovator plc, a company founded by the current Provexis CEO Stephen Moon.
- Provexis is listed on the AIM and was admitted on 25th June 2005.
Current Events
In August 2009 the company announced the start of a clinical trial for the NSP#3G plantain medical food for Crohn’s disease patients. [1] .The trial will last approximately 18 months with 72 people participating. Crohn’s disease is an inflammatory disease of the gastrointestinal tract causing a wide variety of symptoms. It affects between 400,000 and 600,000 in North America and estimates of incidence in Northern Europe range from 27 to 48 per 100,000 people. There is no known pharmaceutical or surgical cure for Crohn’s disease and treatment is restricted to controlling symptoms, maintaining remission and preventing relapse. The Company believes that its medical food technology will successfully maintain remission. The market for Crohn’s disease treatments is estimated at $1.7bn annually.
With the trial now starting and combined with recently obtained healthy human data, the Company will now commence seeking to identify potential global license or co-development partners to address this substantial market opportunity.
In February 2009 the company announced the launch by a license partner (Multiple Marketing Limited) of the Sirco pure juice brand, containing the Fruitlow® product.
Business Model
Products/Services
The company discovers, develops and licenses scientifically proven technologies for the global functional food, medical food and dietary supplement sectors. The company has five specific cores of interest:
- To liaise and…
