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Lipoxen PLC (XEN)

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Monday 14 June, 2010

Lipoxen PLC

Baxter Partnering Update

RNS Number : 5162N
Lipoxen PLC
14 June 2010
 



FOR IMMEDIATE RELEASE

14 JUNE 2010

 

 

 

Lipoxen plc

('Lipoxen' or 'the Company')

 

Baxter Partnering Update

 

Announcement of Positive Results and Expansion of Collaboration

 

Lipoxen plc (AIM: LPX), a bio-pharmaceutical company specialising in the development of high-value differentiated biologicals, vaccines and siRNA delivery, is pleased to provide an update on its partnership with Baxter International Inc., ("Baxter"). This exclusive world-wide development and licence agreement is based on the PolyXen® PSA-Factor VIII project being developed with Baxter, a world leader in the treatment of haemophilia, for improved longer-acting forms of blood-clotting factors.

 

Lipoxen and Baxter continue to move forward on preclinical work using Lipoxen's PSA technology focused on linking Lipoxen's PolyXen® drug delivery technology with Baxter's proprietary proteins. In recent preclinical models positive results with PSA-Factor VIII have been shown. These early positive results provide both Baxter and Lipoxen with confidence in the programme's potential to transition into clinical development.

 

Importantly, and as first announced in December 2006, Lipoxen has the potential to receive up to $73 million in cash milestones plus royalties as the first candidate progresses through clinical development and commercialisation.

 
Baxter is also investigating the Lipoxen PSA technology for other potential factor replacement therapies in the treatment of haemophilia A, B and for patients with inhibitors. The Factor VIII global market size is approximately $5 billion whilst the Inhibitor and Factor IX markets were $1.2 billion and $600 million respectively (Sources: Jefferies International / Datamonitor).

 

Lipoxen's PolyXen® is an enabling technology for protein drug delivery.  It uses the natural polymer polysialic acid (PSA) to prolong the active life and improve the stability of therapeutic peptides and proteins.  It can also be used for small molecule drugs.

 

Commenting on this announcement, Scott Maguire, CEO said: "Baxter is one of Lipoxen's most important partners and the Company's third largest shareholder.  We are extremely encouraged by the results seen to date. In light of the strong scientific progress that has been made over the last three years, there is clear potential for both the lead program PSA-Factor VIII but also for broadening this collaboration for other haemophilia drug therapies. Importantly, progressing this PSA-Factor-VIII programme alone through the clinic will trigger  additional cash payments to the Company which would significantly advance our objective of reaching the pivotal cash inflection point in our Company's development to convert Lipoxen into a cash-generative enterprise. We look forward to providing a further update on this programme in due course."



For further information, please contact:

Enquiries 

Lipoxen plc

+44 (0)20 7389 5015

M. Scott Maguire, Chief Executive Officer




Singer Capital Markets (nominated adviser)

+44 (0)20 3205 7500

Jeff Keating / Claes Spång




Buchanan Communications

+44 (0)20 7466 5000

Lisa Baderoon, Catherine Breen


 

About Lipoxen

Lipoxen plc is a biopharmaceutical company focused on the development of new and improved biologic drugs and vaccines.  Lipoxen has three proprietary patented technology platforms:

 

1) PolyXen - for extending the efficacy and half life of biologic drugs

2) ImuXen - for creating new vaccines and improving existing vaccines

3) SiRNAblate - for the delivery of siRNA

 

Lipoxen's technology is designed to improve the efficacy, safety, stability, biological half-life and immunologic characteristics of its products. 

 

Lipoxen has multiple drug and vaccine programmes in development.  Two products are in clinical development, SuliXen, a long acting insulin and ErepoXen, a long-acting erythropoietin (EPO). Lipoxen's preclinical pipeline includes vaccines against HIV, influenza and malaria and an exclusive license deal with Baxter Healthcare for blood coagulation drugs.

 

The Company has a low-risk business model and out-licenses its proprietary technologies to biopharmaceutical companies that have strong manufacturing and marketing capabilities.  Lipoxen currently has commercial agreements with some of the world's leading biotechnology and pharmaceutical companies including Baxter, Schering-Plough, the Serum Institute of India Limited, Genentech, and Genzyme. Furthermore, Baxter, the Company's third largest shareholder, and management led the £2.9 million fundraising that the Company announced in May 2009. This fundraising was followed up by a £1.2 million placing in April 2010 which was led by the Company's management team.

 

Lipoxen, which was founded in 1997, trades on the AIM Market of the London Stock Exchange under the ticker symbol LPX. More information can be found at the Company's website: www.lipoxen.com.

 

 


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