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Provexis (PXS)

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Provexis interim revenues flat but losses widen

29 Dec 17

LONDON (ShareCast) - (ShareCast News) - Provexis, the developer of a food additive to improve heart health, reported a larger loss for the first half of its financial year.
The AIM-listed company, which has developed the Fruitflow functional food ingredient, generated 124,000 of revenue in the six months to 30 September, up from 123,000 in the same period last year, of which 90,000 was from its profit-sharing distribution alliance with DSM.

More than 50 regional consumer healthcare brands containing Fruitflow are now on the market with DSM's customers.

Underlying operating losses, excluding share-based payments, grew to 153,000 from 128,000 a year ago, which reflected increased patent costs during the period.

In the second half the company has also lodged a patent application relating to the use of Fruitflow in protecting against the adverse effects of air pollution on the body's cardiovascular system.

Looking forward, the company hopes to sign a research and collaboration agreement for Fruitflow with China-listed, 2bn dietary supplement business By-Health, for which the pair have a memorandum of understanding to agree a deal focussed on the Chinese company developing new products that contribute to cardiovascular health and launching a number of Fruitflow-based products in the Chinese market.

Executive Chairman Dawson Buck also highlighted "encouraging progress" on a combination of Fruitflow with Omega-3 and a further planned nitrates supplement.

Cash stood at 0.48m at 30 September, after the company raised 0.67m through a placing in May and August.

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.


Market Data

Currency UK Pounds
Price 0.50p
Change Today 0.050p
52 Week High 0.55p
52 Week Low 0.22p
Volume 6,664,902
Shares Issued 1,983.99m
Market Cap 9.92m


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