TIDMPXS
RNS Number : 9285I
Provexis PLC
17 December 2020
Prior to publication, the information contained within this
announcement was deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 ('MAR'). With the publication of this announcement,
this information is now considered to be in the public domain.
17 December 2020
Provexis plc
('Provexis' or the 'Company')
Placing of new ordinary shares to raise GBP1.0 million
Extension of reporting deadline for Half Year results
Provexis, the business that develops, licenses and sells the
proprietary, scientifically-proven Fruitflow(R) heart-health
functional food ingredient, is pleased to announce it has raised a
gross GBP1.0 million via a placing (the 'Placing'), conditional on
admission to trading on AIM, of 133,333,349 new ordinary shares of
0.1p each (the 'New Provexis Shares') with new and existing
investors.
The New Provexis Shares will be issued at a price of 0.75p per
share (the 'Placing Price'), and rank pari passu in all respects
with the existing ordinary shares of 0.1p each in Provexis. No
commissions or expenses will be payable on the issue of the New
Provexis Shares.
The Placing Price represents a discount of 6.3 per cent. to the
closing mid-market price per Ordinary Share on 16 December 2020,
being the latest practicable date prior to this announcement.
Application will be made to the London Stock Exchange for the
New Provexis Shares to be admitted to trading on AIM. It is
expected that admission will become effective and that trading in
the New Provexis Shares will commence on or around 23 December 2020
('Admission').
Following Admission, the Company's enlarged issued share capital
will comprise 2,204,154,856 ordinary shares with voting rights. The
Company does not hold any shares in treasury. This figure of
2,204,154,856 ordinary shares may be used by shareholders in the
Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the FCA's Disclosure Guidance and Transparency Rules.
In light of the guidance published by AIM Regulation in "Inside
AIM" on 9 June 2020 in respect of the temporary measures for the
publication of half-yearly reports for AIM companies, pursuant to
AIM Rule 18 of the AIM Rules for Companies, the Company announces
that it now intends to release its unaudited interim results for
the six months ended 30 September 2020 in January 2021.
Ian Ford, CEO of Provexis, commented:
'The Board is delighted to announce this GBP1.0 million placing
and wishes to thank the new and existing investors who took part in
the placing for their strong support.
The funds raised will provide the Company with additional
working capital to support its international revenue growth plans
for Fruitflow+ Omega-3, particularly in terms of inventory, to
include the Chinese CBEC distribution agreement for Fruitflow+
Omega-3 which the Company announced on 16 November 2020.
The placing will also significantly strengthen the Company's
capital base and de-risk the business, to the benefit of all
shareholders.'
MAR
This Announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 ("MAR"). In addition, market
soundings (as defined in MAR) were taken in connection with the
Placing as a result of which certain persons became aware of inside
information (as defined in MAR), as permitted by MAR. This inside
information is set out in this Announcement. Therefore, those
persons that received such inside information in a market sounding
are no longer in possession of such inside information relating to
the Company and its securities.
For further information please contact:
Provexis plc Tel: 07490 391888
Ian Ford, CEO enquiries@provexis.com
Dawson Buck, Chairman
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.
Fruitflow is a natural, breakthrough ingredient that helps with
platelet aggregation. This helps promote normal blood flow and
circulation, which in turn benefits cardiovascular health.
Fruitflow helps the platelets to circulate freely and smoothly
throughout your blood, without sticking to one another or to the
blood vessels themselves. Freely flowing blood helps reduce stress
on your cardiovascular system.
Fruitflow is a highly concentrated form of bioactives which is
lycopene-free and contains over 30 known anti-platelet compounds.
Published clinical studies have shown that Fruitflow works to
maintain healthy blood flow in a similar way to 75mg aspirin but
with a milder and reversible action; Fruitflow has a similar
antiplatelet effect to a single dose of aspirin - but when taken
daily, it has none of aspirin's side effects.
The science behind Fruitflow has been validated by leading peer
review publications and regulatory authorities. Fruitflow is the
only natural antiplatelet to have a health claim approved by the
European Food Safety Authority, stating that 150mg of Fruitflow
'helps maintain normal platelet aggregation, which contributes to
healthy blood flow'.
Provexis plc entered into a long-term Alliance Agreement with
DSM Nutritional Products in 2010 to commercialise Fruitflow through
sales as an ingredient to brand owners in the food, beverage and
dietary supplement categories. 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.
Fruitflow has a number of other specific health benefits which
have been reflected in separate patent filings for the use of
Fruitflow in:
-- mitigating exercise-induced inflammation;
-- managing blood pressure; and
-- protecting against the adverse effects of air pollution on
the body's cardiovascular system. Laboratory work has shown that
Fruitflow can reduce the platelet activation caused by airborne
particulate matter, such as that from diesel emissions, by
approximately one third.
Provexis sells a high quality dietary supplement product
containing Fruitflow and Omega-3 from its separate website
www.fruitflowplus.com on a mail order basis. The product is also
available to purchase from Amazon.co.uk and from Holland &
Barrett.
The Company is working closely with By-Health Co., Ltd, a GBP5bn
listed Chinese dietary supplement business, to support the planned
launch of some Fruitflow based products in the Chinese market. The
planned launch is progressing well with potential sales volumes
remaining at a significant multiple of existing Fruitflow
sales.
By-Health has made a significant investment in nine separate
clinical studies in China, at its sole expense, in support of the
Fruitflow based products which it plans to launch in China. The
five studies which have been completed by By-Health showed
excellent results in use for Fruitflow, and provide strong evidence
for By-Health in its regulatory submissions for Fruitflow.
If a successful blue cap health claim is achieved for Fruitflow
in China it would currently be expected to result in some
significant recurring orders for Fruitflow, at a multiple of
current total sales values.
In November 2020 the Company announced it had entered into a
distribution agreement with a company which will act as the
distributor for Fruitflow+ Omega-3 in China, exclusively through
the Chinese Cross-Border e-commerce ('CBEC') channel. The
distribution agreement is separate but wholly complementary to the
Company's work with By-Health, with the CBEC regulations enabling
the distributor to sell Fruitflow+ Omega-3 in China now, prior to
the blue cap health claim which By-Health is seeking to secure.
COVID-19
The Company and DSM have experienced increased consumer interest
for Fruitflow in recent months, in light of the COVID-19 pandemic,
as consumers look to nutritional interventions to help them fortify
the circulatory system against the effects of COVID-19. The Company
and DSM will look to maximise the commercial opportunities arising
from this increased consumer interest in Fruitflow, and will
further promote the core blood circulatory and anti-inflammatory
benefits of the product.
In September 2020 Fruitflow was recognised in a review article
by the Frontiers in Nutrition journal
www.frontiersin.org/articles/10.3389/fnut.2020.583080/full which
stated that nutraceuticals such as Fruitflow may serve as:
'A safe antiplatelet prophylactic treatment for those at high
risk of COVID-19 who may also be at increased risk of thrombotic
complications and an alternative to pharmacological compounds that
may cause greater risk of bleeding.'
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 .
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END
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December 17, 2020 02:00 ET (07:00 GMT)
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