Provexis interim revenues flat but losses widen
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.