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Lipoxen PLC (XEN)

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Friday 15 December, 2006

Lipoxen PLC

Research Update

Lipoxen PLC
15 December 2006

For Immediate Release                                           15 December 2006

                                  Lipoxen PLC

                          ('Lipoxen' or 'the Company')

   Lipoxen Announces $75M Agreement with Baxter to Develop New Blood Clotting

London, UK, 15 December, 2006 - Lipoxen PLC (AIM: LPX) today announced that the
company has entered into an exclusive worldwide development and licence
agreement with a subsidiary of Baxter International Inc. to develop improved,
longer-acting forms of blood-clotting factors.

The signing of this agreement by Baxter triggers a $1 million payment to
Lipoxen, and the agreement includes further clinical and regulatory milestone
payments to Lipoxen potentially worth up to a total of $75 million, plus
royalties on future product sales.

This announcement follows a 12-month research evaluation announced 15 August,
2005, that focused on linking Lipoxen's PolyXen(R) drug delivery technology with
Baxter's proprietary proteins.

Lipoxen's PolyXen(R) protein drug delivery technology links therapeutic
proteins, or peptides, to the naturally occurring polymer polysialic acid to
prolong protein stability and biological half-life, and to improve solubility
and immunological characteristics while maintaining biological activity and
minimizing toxicity. Conjugating PolyXen(R) to therapeutic blood-clotting
factors aims to improve pharmacokinetic profile and extend active life in order
to reduce the frequency of injections required to treat blood-clotting disorders
such as haemophilia A.

M. Scott Maguire, CEO of Lipoxen, said: 'We are very excited to sign this
significant agreement with Baxter, our second major development agreement in the
past year. Over the course of the 12-month evaluation period, our PolyXen(R)
technology has indicated its potential for improving the delivery and
effectiveness of Baxter's proprietary proteins and thereby represents an
important validation of this protein drug delivery technology.'

'Our agreement with Lipoxen furthers Baxter's legacy of scientific innovation
and leveraging partnerships in the area of blood-free recombinant protein
processing,' said Hartmut J. Ehrlich, MD., Vice President, global research and
development, for Baxter's BioScience business.  'Extending the duration of a
blood-clotting treatment in the body is important for both patients and
physicians when evaluating haemophilia therapy.'

Earlier this week at the American Society of Hematology 48th annual meeting,
Baxter presented preclinical data from ongoing research studies aimed at
developing a novel, longer-acting form of factor VIII, a protein essential for
the normal clotting of blood.  Baxter will continue to conduct preclinical
research before moving these programs forward to clinical trials.


Lipoxen PLC
M. Scott Maguire, CEO                                  +44 (0)20 7691 3583

Citigate Dewe Rogerson                                 +44 (0)20 7638 9571
David Dible/Yvonne Alexander

Grant Thornton Corporate Finance                       +44 (0)20 7383 5100
Graeme Thom

Notes to Editor

Lipoxen PLC (LSE:LPX) is a biopharmaceutical company specializing in the
development of high value differentiated biologicals, vaccines and oncology
drugs. Potential products, which address markets in excess of US$1 billion,
currently under development include improved formulations of important
biologicals including EPO, G-CSF, insulin and Interferon-alpha based on
Lipoxen's proprietary PolyXen(R) technology. This technology is designed to
improve the stability, biological half-life and immunologic characteristics of
therapeutic proteins naturally. Lipoxen has two further naturally-derived
proprietary delivery technologies ImuXen(R) and a related liposomal technology
for the formulation of cytotoxic oncology drugs, which are being developed to
enhance the efficacy and safety of various vaccines such as Hepatitis B and
pneumococcal vaccines, as well as a number of anti-cancer agents like
paclitaxel. The Company's proprietary delivery technologies are attracting
significant interest and Lipoxen is already co-developing products with The
Serum Institute of India, one of the world's leading vaccine companies. In
addition, its technologies are being currently evaluated by leading
biotechnology companies such as Baxter, Amgen, Genzyme and Genentech.

Lipoxen was admitted to trading on the AIM Market of the London Stock Exchange
in January 2006.

This announcement includes 'forward-looking statements' which include all
statements other than statements of historical facts, including, without
limitation, those regarding the Company's financial position, business strategy,
plans and objectives of management for future operations (including development
plans and objectives relating to the Company's products and services), and any
statements preceded by, followed by or that include forward-looking terminology
such as the words 'targets', 'believes', 'estimates', 'expects', 'aims',
'intends', 'will', 'can', 'may', 'anticipates', 'would', 'should', 'could' or
similar expressions or the negative thereof. Such forward-looking statements
involve known and unknown risks, uncertainties and other important factors
beyond the Company's control that could cause the actual results, performance or
achievements of the Company to be materially different from future results,
performance or achievements expressed or implied by such forward-looking
statements. Such forward-looking statements are based on numerous assumptions
regarding the Company's present and future business strategies and the
environment in which the Company will operate in the future. Among the important
factors that could cause the Company's actual results, performance or
achievements to differ materially from those in forward-looking statements
include those relating to The Company's funding requirements, regulatory
approvals, clinical trials, reliance on third parties, intellectual property,
key personnel and other factors. These forward-looking statements speak only as
at the date of this announcement. The Company expressly disclaims any obligation
or undertaking to disseminate any updates or revisions to any forward-looking
statements contained in this announcement to reflect any change in the Company's
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statements are based. As a result of these
factors, readers are cautioned not to rely on any forward-looking statement.

                      This information is provided by RNS
            The company news service from the London Stock Exchange