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Lipoxen PLC (XEN)

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Thursday 16 September, 2010

Lipoxen PLC

Lipoxen & Baxter Agreement Up

RNS Number : 7835S
Lipoxen PLC
16 September 2010
 



For Immediate Release

 

16 September 2010

 

 

LIPOXEN & BAXTER AGREEMENT UPDATE

 

- Lipoxen Receives US$2m License Fee Payment -

- Baxter Issued Warrants to Subscribe for up to US$2m Equity -

- Baxter Selects Lead Polymer Polysialic Acid (PSA)-Factor VIII Candidate -

- Baxter Granted Right to Appoint NED to Lipoxen's Board -

 

Lipoxen plc (AIM: LPX), ('Lipoxen' or 'the Company') a bio-pharmaceutical company specialising in the development of high-value differentiated biologicals, vaccines and siRNA delivery, announces an important transaction with Baxter International Inc., ("Baxter") a global healthcare company and Lipoxen's third largest shareholder.

 

Background:

 

In August 2005, Lipoxen and Baxter signed a License Agreement with a potential value of up to US$75 million in cash milestones plus royalties.

 

The current Transaction has been concluded pursuant to both:

 

(a)  The signing of a License Amendment Agreement, and,

(b)  Baxter's selection of a lead PSA-FVIII candidate.  PSA-FVIII is a longer-acting form of a Factor VIII molecule using Lipoxen's PolyXen® drug delivery technology.

 

Pursuant to the foregoing:

 

(a)  Lipoxen will receive a US$2 million licence fee payment within 20 days of today's date, being an amount otherwise due at a later date in respect of an Investigational New Drug (IND) filing as per the original License Agreement of 2005, such current payment being offset against that IND fee, and,

(b)  Lipoxen issuing to Baxter warrant rights entitling Baxter, at their sole option to subscribe for up to US$2m of new equity in Lipoxen from the date authority to issue sufficient number of shares is available to 30 June 2015 at an Exercise Price being the Volume Weighted Average Price (VWAP) of Lipoxen's shares for the 5 trading days up to close of business on September 15th, 2010, being an Exercise Price of 9.02 pence.

 

With the selection of the lead candidate now completed and its progression into pre-clinical development, Lipoxen will continue to work with Baxter to achieve the remaining US$71 million in additional potential cash milestones payments due plus royalties.

 

Baxter has also has been granted the right to nominate a Non-Executive Director to Lipoxen's Board with such nomination to be made no later than 31 December 2010.

 

Commenting on the announcement, Scott Maguire, CEO said:

 

"The continued support from Baxter of Lipoxen is key to our efforts to commercialise our platform technologies. We are very pleased with the ongoing positive preclinical results for the lead PSA-Factor VIII molecule which we are working on with Baxter."

 

"As announced in June this year, through the investigational studies in process, Baxter is exploring other potential factor replacement therapies in the treatment of haemophilia A and B and for patients with inhibitors. We are delighted that our relationship with one of the world's leading biopharmaceutical companies continues to evolve and we look forward to leveraging the expertise and success of our Factor VIII for the new candidates under investigation.  The success of the Baxter partnership and its expansion to further molecules validates the Lipoxen business model where positive pre-clinical and clinical results lead to further partnering opportunities."

 

 

- Ends -

 

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, Jessica Fontaine

Lisa Baderoon

 

 Mobile:    +44 7721 413496



 

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
 
END
 
 
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