TIDMPXS
RNS Number : 9714V
Provexis PLC
12 April 2019
12 April 2019
Provexis plc
("Provexis" or the "Company")
Board changes
Provexis, the business that develops, licenses and sells the
proprietary, scientifically-proven Fruitflow(R) heart-health
functional food ingredient, is pleased to announce the appointment
of Dr Niamh O'Kennedy as an Executive Director of the Company, and
as Chief Scientific Officer, with immediate effect.
Niamh is a research chemist, specialising in the field of
natural products chemistry, who has been working with Provexis
since 2000. Niamh's experience in isolating and characterising
plant-derived compounds and understanding the roles these play in
complex biological systems has been pivotal in the development of
Provexis' lead product, Fruitflow(R), and the health claim for
Fruitflow(R) which was adopted by the European Food Safety
Authority ('EFSA').
In conjunction with Niamh's appointment, Ian Ford's role has
been expanded to Chief Financial Officer and Chief Operating
Officer and Dawson Buck's role has changed from Executive Chairman
to Non-executive Chairman. These changes, which are effective
immediately, have taken place to reflect the revised board
composition and roles of the directors, and they will result in a
net reduction to the total cash remuneration payable to these three
individuals.
The Company's financial year ended on 31 March 2019 and the
board expects to provide an update on trading before the end of the
current quarter to 30 June 2019.
The following information is provided in accordance with rule 17
and paragraph (g) of Schedule Two of the AIM Rules for
Companies:
Dr Niamh Ann O'Kennedy BSc MSc PhD, an Irish national, is aged
45 and does not hold any directorships or partnerships currently
and has not held any within the last five years. Niamh holds an
honorary position at The University of Aberdeen.
Niamh holds options over 13,000,000 ordinary shares of 0.1p
each, equivalent to 0.66 per cent. of the Company's issued share
capital.
Dawson Buck, Non-executive Chairman of Provexis, commented:
'I am delighted that Niamh is joining the board as an executive
director.
The Company remains well placed to maximise the numerous
commercial opportunities which the Company and DSM have been
pursuing for Fruitflow(R), to include the Company's planned
collaboration with By-health in the vast Chinese market, and Niamh
is expected to play an important role for the business as these
opportunities are progressed.'
For further information please contact:
Provexis plc Tel: 07490 391888
Dawson Buck, Chairman enquiries@provexis.com
Ian Ford, CFO & COO
Allenby Capital Limited Tel: 020 3328 5656
Nick Naylor / Liz Kirchner
Notes for editors
About Provexis plc
AIM-listed Provexis is focused on the development, licensing and
sales of its proprietary, scientifically-proven Fruitflow(R)
heart-health functional food ingredient.
In May 2009, the Company's Fruitflow(R) technology was the first
to be substantiated by the European Food Safety Authority ('EFSA')
under the then new Article 13(5) for proprietary and emerging
science. In December 2009 the European Commission authorised the
health claim 'Helps maintain normal platelet aggregation, which
contributes to healthy blood flow', which was the first wording to
be authorised under Article 13(5).
In June 2010 it was announced that the Company had entered into
a long-term Alliance Agreement with DSM Nutritional Products to
commercialise Fruitflow(R), through sales as an ingredient to brand
owners in the food, beverage and dietary supplement categories. The
Alliance is seeing the partners collaborate to develop Fruitflow(R)
in all major global markets.
More than 90 regional consumer healthcare brands have now been
launched by direct customers of DSM, and a number of further
regional brands have been launched through DSM's distributor
channels.
The Company and DSM have seen an encouraging increase in brand
awareness and customer interest in Fruitflow(R) over the last three
years, with an increasing number of further commercial projects
being initiated with prospective customers, including some
prospective customers which are part of global businesses.
In December 2018 the Company announced that the total projected
annual sales value of the prospective sales pipeline for Fruitflow
then stood at a substantial multiple of existing annual sales.
In June 2016 the Company launched a high quality dietary
supplement product containing Fruitflow(R) and Omega-3 which is
being sold from a separate, dedicated website www.fruitflowplus.com
on a mail order basis. The product is also available to purchase
from Amazon.co.uk, and from more than 660 Holland & Barrett
stores across the UK and Ireland, together with Holland &
Barrett Online.
Fruitflow(R)+ Omega-3 will be promoted at the MegsMenopause
conference in London on 18 May 2019.
In December 2016 the Company announced that the pilot study
conducted as part of the Company's collaboration agreement with the
University of Oslo for blood pressure regulation indicated that a
150mg dose of Fruitflow(R) in powder format significantly lowered
the average 24-hour systolic blood pressure compared to placebo.
When the monitoring time was split into waking and sleeping
periods, both systolic and diastolic blood pressure were
significantly lower after 150mg Fruitflow(R) treatment than after
placebo treatment during the waking period; systolic pressure was
also significantly lower during the sleeping period.
In September 2017 the results from the blood pressure
collaboration were published in the International Journal of Food
Sciences and Nutrition, and the study is available to view on the
Company's website at:
www.provexis.org/wp-content/uploads/2017/09/IJFSN-Fruitflow-blood-pressure-study-Sep-17.pdf
In December 2017 the Company announced the filing of a patent
application relating to the use of Fruitflow(R) in protecting
against the adverse effects of air pollution on the body's
cardiovascular system. Recent laboratory work has shown that
Fruitflow(R) can reduce the platelet activation caused by airborne
particulate matter, such as that from diesel emissions, by
approximately one third. The beneficial effects of this reduction
can be observed in laboratory models representing healthy subjects
as well as in models representing subjects with an underlying
cardiovascular problem.
The Company is working with DSM and By-health Co., Ltd, a
GBP3.5bn listed Chinese dietary supplement business, to support the
planned launch of some Fruitflow(R) based products in the Chinese
market.
In December 2018 the Company confirmed that the planned launch
by By-health of a number of Fruitflow(R) based products in the
Chinese market, with potentially substantial volumes, is
progressing well, with activities driven at present by the need to
obtain 'blue cap' health claim status for Fruitflow(R) as a dietary
supplement with the State Administration for Market Regulation
(SAMR).
Clinical studies conducted in China are typically required to
obtain blue cap health claim status, and a significant investment
in six separate studies, in support of the Fruitflow(R) based
products which By-health plans to launch in China, is being
undertaken at By-health's expense.
Two studies have been successfully completed in China, one study
is currently ongoing at a Chinese clinical site and three further
planned human studies in 2019 have been confirmed by By-health.
The two completed studies (a human study and an animal study)
showed excellent results in use for Fruitflow(R).
By-health has launched a Fruitflow(R) sports nutrition product
in China under its GymMax brand, for the exclusive use of Chinese
national athletes.
In April 2017 the Company announced it had entered into a
memorandum of understanding with By-health, intended to result in a
research and collaboration agreement with By-health for
Fruitflow(R) focussing on By-health's research programme into the
development of new products that contribute to cardiovascular
health, particularly in the field of blood pressure regulation.
The proposed research and collaboration agreement is intended to
include a clinical trial which will be conducted in China, with the
bulk of the research programme to be completed in 2019. This will
effectively be By-health's seventh clinical study for
Fruitflow(R).
It is envisaged that the Company will provide scientific and
technical support for Fruitflow(R) to By-health throughout the
collaboration, with further potential research projects for
Fruitflow(R) between the Company and By-health now under active
discussion.
There are more than 230m people in China who are currently
thought to have cardiovascular disease, and a significant increase
in cardiovascular events is expected in China over the course of
the next decade based on population aging and growth alone (source:
World Health Organisation - Cardiovascular diseases, China). China
is now the world's second-largest pharmaceuticals market, measured
by how much patients and the state spend on drugs (source:
health-care information company IQVIA). The Company believes that
Fruitflow(R) has the potential to play an important role in the
Chinese cardiovascular health market.
The Company is progressing the formulation and launch of a
Fruitflow(R)+ nitrates dietary supplement product, which will be
supported by the Company's strong patent position in this area,
with the involvement now of third-party manufacturers and with some
interest already generated from brand owners. The product is
expected to have anti-inflammatory and circulation benefits for
athletes seeking to recover after exercise, properties which would
also be potentially beneficial to a wide range of other consumers
to include people who are less active and people who are suffering
from the symptoms of basic ageing.
Further interest in the role of Fruitflow(R) in exercise was
generated by Team Sunweb Pro Cycling's use of Fruitflow(R) in the
2018 Tour de France.
Provexis was founded in 1999 and is headquartered in Reading,
Berkshire.
Provexis shares are traded on the AIM market of the London Stock
Exchange under the ticker symbol PXS.
For further information, please visit www.provexis.com and
www.fruitflowplus.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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