Provexis (LON:PXS) released a trading update today for March 2009 to March 2010, highlighting the delivery of Fruitflow to the market, a product with the anti-thrombotic effects of asprin which reduces platelet aggregation, therefore inducing a healthy blood flow.
Over the past 11 months, Provexis’ focus has been the Fruitflow product - a water-soluble tomato concentrate, now developed into a syrup format which has been proven to reduce platelet aggregation in 97% of subjects. The company has made several significant over the period regarding the testing, results, efficacy and potential market demand of the product. The most recent human trials show Fruitflow giving benefits for up to 18 hours, making it ideal for daily dosage in functional foods in dietary supplements, the report said.
In December the company broke new ground by attaining approval under Article 13, where the European Commission authorised the claim that the drug helps reduce platelet aggregation and ‘contributes to a healthy blood flow’. In February 2010, Provexis announced that it had entered into a Letter of Intent with DSM Nutritional Products - the world’s leading supplier of vitamins, carotenoids and other fine chemicals - for the Company's Fruitflow technology. The Letter, which provides a framework for the parties to develop a long-term Alliance Agreement giving DSM the exclusive global rights to Fruitflow , is progressing as expected and the Company looks forward to announcing details soon.
Other advancements for the company include a new plantain extract, NSP£3G, which is being currently tested at the University of Liverpool for its efficacy in treating Crohn’s disease and Clostridium difficile. Provexis has also invested in an extract thought to reduce cardiovascular inflammation, the details of which will be provided in the full year results, the report said.
Financially, Provexis raised £7.1 million in 2009 via a subscription in September and an open offer in December 2009, totalling a net cash of £7 million at the year end. This cash will be used to fund development of its functional and medical food technology projects. Stephen Moon, CEO of Provexis, commented:
"We anticipate continuing news relating to the DSM alliance in the coming financial year, but more than this, with our pipeline of new technologies developing well, we plan to move additional products rapidly…
