Provexis

AIM-listed Provexis hopes to soon conclude negotiations with a host of ‘global players’ over deals for its Fruitflow food supplement, which boosts blood circulation.

The Windsor-based company, floated by former GlaxoSmithKline strategist Stephen Moon as Nutrinnovator in 2004, before acquiring Provexis in 2005, has developed Fruitflow from a tomato extract that was first discovered by scientists at Aberdeen University, who were studying the health-giving properties of the Mediterranean diet.

Last year, Fruitflow was one of the first products to be approved under new European Union rules governing healthcare claims on foods. This EU approval allows Fruitflow to be marketed with the words ‘contributes to healthy bloodflow’, which will make it attractive to those at risk from strokes. Moon claims Fruitflow ‘works on virtually everyone’, unlike some current blood-thinning treatments such as asprin, and does not create unwanted side effects, as those other treatments do.  

Fruitflow has been proved, through rigorous human clinical trials, to take effect within three hours of consumption and last for eighteen hours, and Provexis has developed suitable syrups or powders to enable the supplement to be taken daily via ‘functional foods’ or dietary supplements. ‘Significant interest has been received from food and drinks companies as well as ingredients makers,’ says Moon, ‘and we’re in dialogue to see how we can craft a deal.’

Provexis, which added £7m, thanks to a December placing and open offer, to the £2.3m cash it had in the bank in September, is developing other products derived from foods, including an extract from plantain bananas that helps alleviate Crohn's disease, and treatments for peptic ulcers and the C Difficile superbug. Moon says ‘now we’ve got to use the funds and look for new applications and technologies’, either already revenue-generating or at an early-stage.

Floated at 53p as Nutrinnovator, the shares reached a four-year high of 14.88p last year and offer speculators the potential for further gains.