RNS Number : 9673V
Xenetic Biosciences PLC
23 January 2012
Xenetic Biosciences plc
('Xenetic' or 'the Company')
Serum Institute of India ('Serum'/'SIIL') remains committed shareholder to Xenetic for the Long Term
Xenetic Biosciences plc (LSE: XEN.L), is a bio-pharmaceutical company specialising in the development of high-value differentiated biological and vaccines and novel cancer drugs. Its collaboration with the Serum Institute of India (its second largest shareholder holding a circa 12% equity interest in the Company) has thrived for many years and lies at the heart of a number of Xenetic's key development programmes.
Following a report published on Friday 20th January 2012 in The Economic Times (India), the boards of both Serum and Xenetic wish to clarify that there is absolutely no truth in the statements made in the article as they pertain to Xenetic Biosciences.
Adar Poonawalla, Executive Director of Serum (and son of the Founder, Dr Cyrus Poonawalla) commenting on the report said:
"The commitment to Xenetic will continue on a long-term basis, as Serum has already spent millions buying shares in Xenetic, set up specific facilities for manufacture of Polysialyic acid (PSA) and expended US$3.5 million on the clinical trials for PSA EPO. Recently, Serum has subscribed to shares at 11p to reinforce its long term commitment to Xenetic. We are also partnered with Xenetic on supplying PSA to Baxter for Factor VIII. At no time since 2007 has Serum Institute of India contemplated selling its interest in Xenetic Biosciences and this steadfastly remains the case."
Commenting alongside Adar Poonawalla, M. Scott Maguire, CEO of Xenetic, said: "The commitment from Serum on these important programs was never in doubt in my mind as I have the highest regard and respect for the level of scientific and clinical development effort that Serum has made over the years and will continue to do so. It is, of course, distressing when the press gets it so badly wrong, and I am therefore delighted that Adar Poonawalla has been both quick and forceful in making this fulsome statement of support for Xenetic.
ErepoXen™, our jointly owned PSA-EPO candidate, has already delivered excellent results in its recently completed Phase IIa clinical trials and will soon move into Phase IIb. This is a product which will address a $9B global market and both Serum and Xenetic have high expectations of its potential long-term commercial success. Serum is our sole current supplier of PSA, the naturally -occurring polymer at the core of our increasingly successful PolyXen™ platform technology that is being applied to such excellent clinical development effect in both the ErepoXen and Baxter programmes, along with a number of other promising PolyXen™ initiatives currently in pre-clinical development.
The relationship between the two companies has been, and will remain strong, bolstered by the extensive joint programs that are progressing towards commercial success."
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