30th Sep 2013 12:02
LONDON (Alliance News) - Provexis PLC, a company that develops and licenses scientifically-proven functional food, saw shares drop 15% Monday morning after it said it had cut costs and refocused its model.
Shares in Provexis were trading down 15% at 0.801 pence. In a statement ahead of its annual general meeting, the company said that it had undergone major changes during the past year, including spinning off its Science in Sport business as AIM-list Science in Sport PLC earlier this month. Provexis said its cost base had been significantly reduced as a result.
Because of its lower costs, the company said it had sufficient cash to fund operations until early 2016.
The company said that its Fruitflow heart-health ingredient was now used in over 20 regional consumer healthcare and dietary supplement brands. However it warned that the market was highly competitive and highly regulated. The company is developing a concentrated powder form of Fruitflow, and it warned that manufacturing set up costs would adversely affect cost of goods this year.
At midday Monday, Provexis shares were quoted at 0.900 pence, down 4.3%.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2013 Alliance News Limited. All Rights Reserved.
Related Shares:
Provexis