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Lipoxen PLC (XEN)

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Thursday 06 November, 2008

Lipoxen PLC

Lipoxen to Investigate Long-A

RNS Number : 5455H
Lipoxen PLC
06 November 2008

Lipoxen PLC

('Lipoxen' or 'the Company') 

Lipoxen to Investigate the Development of Long-Acting GCSF

Lipoxen enters into Material Transfer Agreement with Angel Biotechnology Holdings PLC

London, UK, 6 November 2008 - Lipoxen PLC (AIM:LPX), a bio-pharmaceutical company specialising in the development of high value differentiated biologicals, vaccines and oncology drugs, announces today it has entered into a Materials Transfer Agreement ('MTA') with Angel Biotechnology Holdings PLC ('Angel'), a contract biomanufacturing company. The agreement will see Angel provide Lipoxen with granulocyte colony-stimulating factor ('GCSF') which Lipoxen will evaluate and explore the potential for its incorporation into the Company's proprietary PolyXen technology for the development of a long-acting GCSF. 

This evaluation under MTA is the first step in the Company's intention to develop a polysialic GCSF formulation that will potentially offer patients and treating physicians a formulation with a superior performance to the current GCSF biosimilar products which are already marketed worldwide as treatments for neutropenia and have a market value of $3.9 billion.

Lipoxen has already demonstrated that this approach is successful as they are currently developing StimuXen[TM], a biodegradable, non-immunogenic and non-toxic GCSF formulated using polysialic acid ('PSA'), which in preclinical proof-of-concept studies has shown to be as long lasting as that of PEGylated forms.  

The agreement with Angel highlights Lipoxen's continued progress in the field of protein drug delivery. The delivery platform is being evaluated by a number of the world's leading biopharmaceutical companies. 

M. Scott Maguire, CEO of Lipoxen, said:

'We are delighted to have the opportunity to evaluate Angel's GCSF for this exciting opportunity and we look forward to working with them as we advance this research programme.

This agreement aligns perfectly with our strategy to develop a proprietary drug portfolio along with our outlicense agreements that have the potential to take the products of our research and development to a new level and, with the safety and efficacy of Lipoxen's PolyXen technology already validated in our insulin and erythropoietin ('EPO') candidates, we are confident in creating a best-in-class long-lasting GCSF product with significant commerial potential.'

- ENDS -


Lipoxen PLC

M. Scott Maguire, Chief Executive Officer

+44 (0)20 7691 3583 

Teathers (nominated adviser)

Shaun Dobson / Claes Spång 

+44 (0)20 7426 9000

Citigate Dewe Rogerson

+44 (0)20 7638 9571

David Dible / Heather Keohane

Notes to Editors

Lipoxen PLC (AIM:LPX) is a biopharmaceutical company specializing in the development of high value differentiated biologicals, vaccines and oncology drugs. Products currently under development include improved formulations of important biologicals such as erythropoietin (EPO), G-CSF, insulin and Interferon-alpha. Lipoxen has two products in clinical development SuliXen, a long acting insulin and long-acting EPO. These novel products, which are based on Lipoxen's proprietary PolyXen[R] technology, each address markets in excess of US$1 billion. 

Lipoxen's 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 a multivalent Hepatitis B-E 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 currently co-developing products with the Serum Institute of India Limited (one of the world's leading vaccine companies, India's largest biotech company and a major shareholder in Lipoxen) and has license agreements in place with Baxter International and InterVet, a leading animal health company.

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.

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