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Lipoxen PLC (XEN)

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Thursday 01 September, 2011

Lipoxen PLC

Result of General Meeting

RNS Number : 4527N
Lipoxen PLC
01 September 2011
 



Lipoxen plc

('Lipoxen' or the 'Company')

 

Result of General Meeting

 

Lipoxen (AIM: LPX.L), the bio-pharmaceutical company specialising in the development of high-value differentiated biologic drugs and vaccines, announces that at the General Meeting held today , all resolutions were duly passed.

 

The passing of the resolutions will allow the proposals set out in the shareholder circular despatched to shareholders on 4 August 2011 to progress. A summary of the proposals is set out below, full details of which can be found in the shareholder circular and can be downloaded from the Company's website: www.lipoxen.com

 

The Proposals

-      Funds of up to £14.4m (before expenses) to be raised via a placing with SynBio LLC, a subscription for shares by Serum Institute of India Limited ("SIIL") and (conditional on completion of the placing) an open offer to existing shareholders at 11 pence per share;

-      Acquisition of SymbioTec GmbH for £8.8m settled entirely in Lipoxen ordinary shares (at 11 pence per share). This is the acquisition of a complementary natural platform technology with two lead product candidates focused on orphan drug applications.  The platform has the potential to be applied across a broad spectrum of cancer therapies;

-      Co-development agreement with SynBio to license into Russia six product candidates;

-      Master Agreement to consolidate and refine Lipoxen's commercial arrangements with SIIL; and

-      Change of Company name to Xenetic Biosciences plc.

 

All parties are working to enable completion of the acquisition of SymbioTec and the placing with SynBio to take place by 30 September 2011.

 

The Company has resolved to change its name to Xenetic Biosciences plc and the Company's ticker will be changed to XEN. The Company's website will change to www.xeneticbioscience.com.

 

Enquiries:

Lipoxen plc

+44 (0)20 7389 5015

M. Scott Maguire, Chief Executive Officer




Singer Capital Markets (NOMAD & Broker)

+44 (0)20 3205 7500

Jeff Keating / Claes Spång




Walbrook PR

Paul McManus

+44 (0)20 7933 8780

paul.mcmanus@walbrookpr.com

 

Paul Cornelius

paul.cornelius@walbrookir.com

 

 



 

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

 

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, multiple sclerosis and influenza 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.

 

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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