DATA Globaldata Plc

RNS Number:0589D
Provalis PLC
17 September 2004

The following meetings will be held on the day of the results at Buchanan 
Communications 107 Cheapside EC2V.

Analysists at 10:15 am 

Press at 11.30 am

Running simultaneously to the briefing at 10:15 am there will be a live 
webcast of the results presentation.  

To connect to the webcast facilities please go to the following internet address
approximately 10 mins (10.05 am) before the start of the briefing.

www.provalis.com

This presentation will also be available on the Provalis webcast later today.


For Immediate Release                                       17th September 2004

                                  Provalis Plc

                                    Placing

       Provalis raises #2.6 million to help support US demand for in2it(TM)

Provalis plc ("Provalis" or "the Company") (LSE: PRO; NASDAQ: PVLS), the Medical
Diagnostics and Pharmaceuticals Group, has today raised #2.6 million (before
expenses of #0.1 million) through a placing for cash of 33,066,000 new ordinary
shares of 1 pence each (" New Ordinary Shares"), predominantly with
institutional investors and at a placing price of 8p ("the Placing"). The
Placing was undertaken to provide additional working capital for the Group to
help satisfy the exceptional and unexpectedly high demand from US customers for
its new "point of care" diabetes diagnostic product in2it(TM) A1c.

All five directors of Provalis plc, together with the three members of Provalis'
Executive Management Committee who are not directors, have agreed to subscribe
for an aggregate of 471,473 New Ordinary Shares. The directors of Provalis have
agreed to subscribe as follows:

  Director       Number of New     Resulting interest in           % holding  
                 Ordinary Shares       Ordinary Shares        following purchase
                   purchased 

Dr P L Gould       114,762                  350,689                 0.10
P E Bream           46,462                  121,462                 0.03
F A Harding        125,000                  266,058                 0.07
C H Soden           37,500                   54,780                 0.02
D P Bloxham         25,000                  101,700                 0.03

Commenting on the Placing and on unexpectedly high early demand for in2it(TM) Dr
Phil Gould, Chief Executive Officer of Provalis plc, said: "The Company is
delighted to announce such high levels of interest in in2it(TM) A1c, our new
diabetes diagnostic product which was recently cleared for sale in the US by the
FDA and granted CLIA waiver. To date we have received firm and indicative orders
for in excess of 1,700 instruments for shipment before June 2005 and having an
aggregate sales value in excess of $3.5 million. The new monies raised will help
to ensure that we have sufficient supply capacity and working capital to satisfy
increasing customer demand and take advantage of the significant growth
potential of the product."

The New Ordinary Shares, which represent 9.99 per cent of the Company's issued
share capital prior to the Placing, have been placed predominantly with
institutional investors by Evolution Beeson Gregory at a placing price of 8
pence per New Ordinary Share. The Placing price represents a discount of 3 per
cent. to the closing middle market price per ordinary share on 16 September
2004. The Placing was undertaken pursuant to a resolution of the shareholders at
the Company's Annual General Meeting in October 2003 which approved the
disapplication of shareholders' pre-emption rights and authorised the directors
to issue ordinary shares for cash in relation to approximately 10 per cent. of
the then issued share capital of the Company.

Application will be made for the New Ordinary Shares to be admitted to the
Official List and to trading on the London Stock Exchange. The Placing is
conditional, inter alia, on admission, which is expected to become effective on
23 September 2004. When issued, the New Ordinary Shares will rank pari passu in
all respects with the existing ordinary shares. Following the Placing, Provalis
will have a total of 363,726,929 ordinary shares in issue.

                                      END

Provalis' Internet Website ; http://www.provalis.com

"Safe Harbor" Statement under the US Private Securities Litigation Reform Act of
1995: Statements in this announcement that relate to future plans, expectations,
events, performances and the like are forward-looking statements as defined in
the US Private Securities Litigation Reform Act of 1995. Actual results of
events could differ materially from those described in the forward-looking
statements due to a variety of factors. Such factors include, among others: the
viability of the Group's products, which are at various stages of development;
the generation of sufficient operating cash flow by the Group's pharmaceutical
and medical diagnostic businesses to finance the ongoing development of these
businesses as well as the Group's research and development activities; the
success of the Group's research and development strategy and activities;
uncertainties related to future clinical trial results and the associated
regulatory process; the execution and success of collaborative agreements with
third parties; availability and level of reimbursement for the Group's products
from government health administration authorities or other third-party payors;
the rate of net cash utilisation within the Group and, hence, the Group's
possible need for additional capital in the short, medium and/or long term; the
Group's intellectual property position and the success of patent applications
for its products and technologies; the Group's dependence on key personnel;
general business and economic conditions; the impact of future laws, regulations
and policies; stock market trends in the Group's sector; and other factors
beyond the Group's control that may cause the Group's available capital
resources to be used more quickly than expected. These and other factors that
could affect the Company's future results are more fully described in its
filings with the US Securities and Exchange Commission, in particular the latest
20-F filing, copies of which are available from the Company Secretary at the
Company's registered address.

For further information:-

Dr Phil Gould, Chief Executive Officer, Provalis plc, Tel: 01244 833463
Mr Peter Bream, Finance Director, Provalis plc, Tel: 01244 833552
Mr Lee Greenbury, Company Secretary, Provalis plc, Tel: 01244 833402
Lisa Baderoon, Buchanan Communications, Tel: 020 7466 5000

Notes to Editors

Provalis plc (LSE: PRO; NASDAQ: PVLS) is a diversified healthcare group with two
operating businesses:-

* Medical Diagnostics - develops medical diagnostic products for
  chronic disease management for sale to world markets. The business' principal
  products are currently Glycosal(R) and Osteosal(R) in the areas of diabetes 
  and osteoporosis respectively, with in2it(TM) A1c, the business' next 
  generation diabetes management system, on schedule for supply to the US in 
  autumn 2004.

* Pharmaceuticals - sells and markets its own, and third party,
  branded, prescription medicines in the UK and Ireland to GPs and hospitals
  through its own regionally managed sales force. The business' principal product
  is Diclomax(R), a medicine for use in the treatment of musculo-skeletal 
  disorders, and it also sells products in the areas of gastroenterology, 
  osteoporosis, migraine and dermatology.






                      This information is provided by RNS
            The company news service from the London Stock Exchange

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