TIDMPXS
RNS Number : 0738S
Provexis PLC
03 July 2015
3 July 2015
Provexis plc
Placing of shares via Primarybid.com
Provexis plc ("Provexis" or the "Company"), the business that
develops and licenses the proprietary, scientifically-proven
Fruitflow(R) heart-health functional food ingredient, announced on
4 June 2015 that it had joined PrimaryBid.com (www.primarybid.com),
the online platform dedicated to equity crowdfunding for AIM-listed
companies.
The Company is now pleased to announce that it has raised a
gross GBP280,000 via the placing (the "Placing"), conditional on
admission to trading on AIM, of 62,222,223 new ordinary shares of
0.1p each (the "New Provexis Shares") with investors using the
Primarybid.com platform. The New Provexis Shares have been issued
at a gross 0.45p per share and rank pari passu in all respects with
the existing ordinary shares of 0.1p each in Provexis.
The Placing represents a gross discount of 22.4 per cent to the
closing mid-market price per Ordinary Share on 2 July 2015, being
the latest practicable date prior to this announcement.
The Company will receive GBP267,400 net of costs, which will be
used to provide the Company with additional working capital over
the coming year, to include funding the second stage of the
Company's blood pressure lowering collaboration work with the
University of Oslo. The Company announced on 29 June 2015 that the
first stage of the blood pressure collaboration had been completed
with some very encouraging key results: there is strong evidence
from the laboratory based work that a standard 150mg dose of
Fruitflow(R) in powder format has the potential to give a
clinically relevant reduction in systolic blood pressure.
Application will be made to the London Stock Exchange for the
62,222,223 New Provexis Shares to be admitted to trading on AIM. It
is expected that the admission will become effective and that
trading in the New Provexis Shares will commence on 9 July 2015
("Admission").
Following Admission, the Company's enlarged issued share capital
will comprise 1,647,068,167 ordinary shares with voting rights. The
Company does not hold any shares in treasury. This figure of
1,647,068,167 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 and Transparency Rules.
Dawson Buck, Chairman of Provexis, commented:
"The Board is pleased with the outcome of the Primarybid.com
placing, which has resulted in relatively little dilution to
shareholders.
The Company is keen to minimise further dilution to
shareholders, and its cost base and resources continue to be very
tightly managed. The Company remains focussed on moving into
profitability as Fruitflow(R) revenues increase.
The Board is pleased that investors were able to engage with the
Company directly using the Primarybid.com platform. The funds
raised will be used to provide the Company with additional working
capital over the coming year, to include funding the second stage
of the Company's blood pressure lowering collaboration work, and
they will further strengthen the Company's balance sheet."
- ends -
For further information please contact:
Provexis plc Tel: 07917 670260
Dawson Buck, Chairman enquiries@provexis.com
Ian Ford, Finance Director
Cenkos Securities plc Tel: 020 7397 8900
Bobbie Hilliam
Notes for editors
About Provexis plc
AIM-listed Provexis is focused on the development and licensing
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 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), and in June 2015 the Company confirmed
that it had agreed significantly enhanced financial terms for its
Alliance Agreement with DSM for Fruitflow(R).
The Company's Alliance partner DSM Nutritional Products has
developed the market actively for the Company's novel, patented
Fruitflow(R) heart-health ingredient in all global markets, with
over 35 regional consumer healthcare brands now having been
launched by DSM customers. DSM's total revenues for Fruitflow(R)
for the year ended 31 March 2015 grew strongly by more than 73%
year on year, reflecting strong interest in Fruitflow(R) and the
success of the powder format which is being used in an increasing
number of new product launches.
An increasing number of further commercial projects have been
initiated by DSM with prospective customers, including some
prospective customers which are part of global businesses, with
good prospects for these projects to be launched as consumer
products. Interest in the technology exists in all major global
markets.
The Company is engaged in a collaboration agreement with the
University of Oslo ('the University') to undertake further research
into the relationship between Fruitflow(R) and blood pressure
regulation. Recent work undertaken by the University has shown that
the Company's Fruitflow(R) technology has a potential new
bioactivity leading to blood pressure lowering effects, and in
November 2014 the Company signed a two stage collaboration
agreement with the University to undertake further research into
the relationship between Fruitflow(R) and blood pressure
regulation.
On 29 June 2015 the Company announced that the first stage of
the collaboration work with the University of Oslo had been
completed, with some very encouraging key results: there is strong
evidence from the laboratory based work that a standard 150mg dose
of Fruitflow(R) in powder format has the potential to give a
clinically relevant reduction in systolic blood pressure. The
Company and the University will now proceed with the second stage
of the collaboration work, which will see the parties conduct a
small clinical trial by way of a proof of principle study.
On 4 June 2015 the Company announced that it had joined
PrimaryBid.com (www.primarybid.com), the online platform dedicated
to equity crowdfunding for AIM-listed companies.
PrimaryBid.com provides a new channel for the Company to raise
equity from investors, allowing investors to bid directly for new
shares in the Company at prices of their choosing, subject to
certain limited restrictions. Full details can be found on
www.primarybid.com.
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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