Provexis upbeat on future
AIM-listed Provexis, the biotech firm developing medical food and dietary supplement technologies, today posted higher losses, but said prospects were good despite the downturn.
The company, which has its research and development base in Liverpool and is pioneering a healthy heart technology called Fruitflow, said it was continuing commercial discussions with “global license partners for the dairy sector” and was working too with drinks giant Coca-Cola.
Losses in the year to the end of March rose from £1.1m to £4.5m, swollen by a one off £3m non cash impairment charge relating ton an acquisition.
Chief executive Stephen Moon said: “While the very difficult economic climate is affecting us and all companies in our sector, we continue to make progress.
“We are at an advanced stage of license negotiations with a global ingredients manufacturer for the rights to our Fruitflow heart-health technology, as well as continuing to see interest from major brand owners.
“These talks have been positively influenced by the recent breakthrough health claim adoption by European Food Safety Authority. Our Crohn’s Disease technology will enter clinical trial in the near future and we continue to develop and explore other potential pipeline technologies.”
In August Provexis raised £2.7m of working capital. During the year overheads were cut 2% year-on-year to £967,000 and while R&D spend has increased 21% to £651,000.
During the year the company won a £100,000 grant by the North West Development Agency to conduct research and development in the control of gastric ulcers and cancers in collaboration with the University of Manchester.
