13th Aug 2020 15:16
(Alliance News) - Provexis PLC on Thursday announced that it will purchase the antihypertensive intellectual property and patents from Inven2 AS and has seen increased demand for its product due Covid-19.
The Berkshire, England-based food technology company said it has agreed to buy the patents from Inven2 for 11.5 million shares in the company, at 0.69 pence each, totalling about GBP79,350.
Provexis shares were up 5.7% at 0.72 pence each on Thursday afternoon in London.
Inven2 is the University of Oslo's technology transfer office.
The intellectual property holds significant value to the Provexis as its main product, Fruitflow, which is a natural extract from tomatoes used to fight cardiovascular disease, was collaboratively researched between the University of Oslo and the company.
Provexis Chief Executive Ian Ford said: "We are delighted to have secured outright ownership of this important blood pressure lowering patent family, and would like to thank the University of Oslo for their support and assistance throughout the collaboration."
Provexis also said that it has experienced increased consumer interest for Fruitflow in light of the Covid-19 pandemic, as consumers look to nutritional interventions to help them fortify the circulatory system against the effects of Covid-19. Fruitflow helps with normal blood flow and circulation whilst Covid-19 can have an adverse effect on circulation.
The company hopes to maximise this increased consumer interest.
By Greg Roxburgh; [email protected]
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