Provexis PLC Collaboration with the University of Oslo (2686X)
November 18 2014 - 2:01AM
UK Regulatory
TIDMPXS
RNS Number : 2686X
Provexis PLC
18 November 2014
18 November 2014
Provexis plc
Collaboration with University of Oslo - Fruitflow(R) and Blood
Pressure
Issue of share options
Provexis plc ('Provexis' or the 'Company'), the business that
develops and licenses the proprietary, scientifically-proven
Fruitflow(R) heart-health functional food ingredient, is pleased to
announce it has signed a collaboration agreement with the
University of Oslo to undertake further research into the
relationship between Fruitflow(R) and blood pressure
regulation.
The University of Oslo's research team will be led by Professor
Asim Duttaroy, Group Leader of Chronic Disease at the Faculty of
Medicine, who was the original inventor of Fruitflow(R). Provexis'
work under the collaboration will be led by Dr Niamh O'Kennedy, a
research chemist specialising in the field of natural products
chemistry who played a key role in the development of Fruitflow(R),
and the health claim for Fruitflow(R) which was adopted by the
European Food Safety Authority ('EFSA').
Provexis has also signed a related option agreement with Inven2
AS ('Inven2'), the technology transfer office at the University of
Oslo ('the University') which is responsible for commercialising
the University's research.
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 which would be of
relevance to a large number of consumers and patients with a wide
range of cardiovascular conditions.
The collaboration agreement will see the parties undertake a two
stage work plan, with the first stage to be laboratory based and
focused on developing the science, with major areas including
fractionation, testing, dosage and further IP development. Subject
to the results of the first stage of the work plan it is envisaged
that the second stage will see the parties conduct a small clinical
trial by way of a proof of principle study.
The Company will provide primary funding for the collaboration
work and the associated patent filings on a tightly managed budget,
with the results from the collaboration being jointly owned by the
Company and the University. The option agreement between the
Company and Inven2 gives the Company an exclusive option to license
the University's existing background intellectual property, and any
new joint intellectual property developed as part of the
collaboration.
The Company has on 17 November 2014 granted a total of
10,000,000 new options over Ordinary Shares ("Options") under the
Provexis 2005 share option scheme to Professor Asim Duttaroy and Dr
Niamh O'Kennedy, with an exercise price of 0.67 pence, being the
closing mid-market price on 17 November 2014. The Options are
exercisable between 3 and 10 years from date of grant and are
subject to performance criteria, including share price
appreciation. The Company believes the grant of these new Options
will closely align the interests of the option holders with those
of shareholders.
Following the issue of the new Options the total number of
Ordinary Shares under option which could be issued if all of the
performance criteria are met are 120,640,510 Ordinary Shares.
Dawson Buck, Chairman of Provexis, commented:
"We are delighted to be working on this collaboration with
Professor Asim Duttaroy and the University of Oslo. The
collaboration will seek to build on the work undertaken by the
University with the company's Fruitflow technology, which has shown
that Fruitflow has potential blood pressure lowering effects which
would be of relevance to a large number of consumers and patients
with a wide range of cardiovascular conditions.
The company is ideally positioned to develop technologies
designed to extend the product claims of our core Fruitflow
product, on a carefully managed and costed basis, and this new
collaboration is an important step in maximising the opportunities
available to commercialise Fruitflow, to the benefit of long term
shareholder value."
- 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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