Provexis, the nutraceutical company that develops scientifically-proven functional and medical foods, announces that it has entered into an exclusivity agreement for a period of 12 months with a major global branded food business (“Partner”), who, for reasons of confidentiality, cannot be named, for the joint development and use of its patented Fruitflow™ heart-health technology. Fruitflow™ is a bioactive food ingredient that reduces blood platelet aggregation, a significant contributing factor to thrombosis, which can cause heart attack or stroke.
Under the terms of the agreement, Provexis and its Partner will develop a second-generation concentrated format of the Fruitflow™ product. The new format will increase its applicability across all food, beverage, supplement and medical formats. During the 12 month exclusivity period, the companies intend to ensure technical and economic targets for the new format are met, and to negotiate a global licence and supply arrangement for the Fruitflow™ technology.
According to Leatherhead Food International the market for heart benefit foods is worth $4bn globally.
The scope of the exclusivity agreement covers all food and beverage formats globally, with some specific exemptions. Provexis retains the right to commercialise the Fruitflow™ technology on a global basis in the areas of fruit juice and juice drinks, products marketed for deep vein thrombosis (DVT), dietary supplements and prescribed medical products.
Commenting on the signing of the exclusivity agreement, Dawson Buck, Chairman of Provexis said: “This is an important milestone for Provexis. This agreement with a major global brand owner will accelerate the development of our second generation Fruitflow™ technology. If all goes well, we expect to move to a long-term, global licensing deal with our partner within 12 months. In addition, we will have a new technology platform to facilitate entry into the substantial consumer and medical categories that fall outside of the agreement, and to this end, we continue discussions with further potential licence partners.”