Provexis (LON:PXS), the life-science business behind the development of scientifically-proven functional food, medical food and dietary supplement technologies, has entered into a long-term alliance agreement with DSM Nutritional Products to commercialise its flagship Fruitflow heart-health technology. The agreement follows the signing of a Letter of Intent between the two sides back in February. Shares in Provexis rose by 1% to 4.75p on today’s news.

Fruitflow is a scientifically-proven and patented anti-thrombotic extract for use in functional foods and dietary supplements. In December 2009 it was granted the first, and currently the only, Article 13(5) health claim approval by the European Commission. The alliance will give DSM exclusive global rights to Fruitflow and will see the partners collaborate to develop Fruitflow in all major global markets, through an effective commercialisation of current formats and “pioneering new and significant applications”. DSM will be responsible for: manufacturing; marketing; and selling via its global sales force. Provexis will be responsible for contributing scientific expertise necessary for successful commercialisation.

Profits from the alliance will be shared by the parties on an agreed basis, linked to various performance milestones. All other commercial terms of the alliance remain confidential between the two parties. The partners are currently developing a launch plan to market Fruitflow worldwide for application in both food and dietary supplement formats.

Stephen Moon, the chief executive of Provexis, said: “We are delighted to announce this long-term alliance to commercialise Fruitflow in line with the time frame and terms set out in the Letter of Intent as announced in February 2010. We believe the technical, marketing and selling expertise and resource of DSM in all major global markets will be a key factor in the success of our lead technology.”

Today’s news came as Provexis announced its annual results for the year to March 31, during which it raised £7.1m from two share placings and agreed a £25m Equity Financing Facility with Evolution Securities. Overall, the company posted a loss of £1.6m, down from £4.5m last year.

Mr Moon said the coming year would see the company focus on a successful commercial launch of Fruitflow, as well as progressing its NSP#3G technology through clinical trial and exploratory commercial discussions. “We see the future of Provexis as being a leader in our target sectors of functional foods, medical foods and dietary supplements and…

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