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Lipoxen PLC (XEN)

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Thursday 03 August, 2006

Lipoxen PLC

Issue of Equity

Lipoxen PLC
03 August 2006

FOR IMMEDIATE RELEASE                                              3 August 2006

                                  LIPOXEN PLC
                          ('Lipoxen' or 'the Company')

Lipoxen raises £2.6 million through Strategic Placing and Warrant Agreement with
                        Serum Institute of India Limited

London, UK, 3rd August 2006 - Lipoxen PLC (AIM: LPX), a biopharmaceutical
company specialising in the development of differentiated biologicals, vaccines
and oncology drugs, today announced that it had raised £2.6 million in new funds
from the Serum Institute of India Limited ('SIIL') through a subscription
agreement and associated warrant agreement.

Pursuant to the subscription agreement, the Company has agreed to issue to SIIL
10,000,000 ordinary shares in the Company at a subscription price of 26 pence
per share ('Subscription Shares'). The completion of the subscription is
conditional upon, inter alia, the admission of the Subscription Shares to
trading on AIM. The Subscription Shares, once issued, will rank pari passu in
all respects with the existing issued ordinary share capital of the Company.
Application will be made to the London Stock Exchange plc for these shares to be
admitted to trading on AIM.

SIIL is a beneficial holder of 4.10% in the current issued share capital of the
Company. Following the issue of the Subscription Shares, SIIL will hold
approximately 12% of the enlarged issued share capital in the Company.

The Company has also entered into a warrant agreement with SIIL pursuant to
which the Company has granted SIIL the right to subscribe for up to 2.7 million
ordinary shares in the Company for a period of two years from 3 August 2006 at a
subscription price of 35 pence per share.

Following the issue of the Subscription Shares to SIIL and assuming the exercise
of SIIL's rights under the warrant agreement, SIIL will hold approximately 14%
of the enlarged issued share capital of the Company.

As part of these agreements, SIIL has also been granted the right to appoint a
non-executive director to the board of the Company.  This right may only be
exercised in the event SIIL holds no less than 12% of the total issued share
capital of the Company.

The funds raised through the subscription will allow the Company to drive
clinical development of its pipeline of potential protein drugs and vaccines
into clinical trials and appoint a leading biologic Contract Research
Organisation.  It will also allow Lipoxen to recruit additional laboratory staff
in order to capitalize on the potential to broaden the Company's revenue
generating collaborations.

M. Scott Maguire, Chief Executive Officer of Lipoxen stated, 'Serum Institute of
India is one of the worlds largest manufacturer of vaccines and is committing
large sums to become a leading player in biologics.  This combination makes
Serum an ideal fit for Lipoxen's twin novel technologies in the field of
vaccines and biologics. The coupling of Serum's vast manufacturing
infrastructure with Lipoxen's novel technologies make for a powerful partnership
that positions our companies as potential key players in the world of vaccines
and protein drugs.'

Dr Cyrus Poonawalla, Chairman and Managing Director of Serum Institute of India
added,  'We are excited about our strategic investment in Lipoxen and feel their
technology is a key component to our strategy to create high value
differentiated biologics and vaccines.  Our investment and increased strategic
collaboration was prompted by Serum's desire to become a large contributor in
the biopharmaceutical world and by the very positive preliminary scientific


Lipoxen PLC
Scott Maguire, CEO                                           +44 (0)207 691 2153

Citigate Dewe Rogerson                                       +44 (0)20 7638 9571
David Dible/Yvonne Alexander

Notes to Editor

Lipoxen PLC (AIM: LPX) is a biopharmaceutical company specialising in the
development of high value differentiated biologicals, vaccines and oncology
drugs. Potential products, which address markets in excess of US$1 billion,
currently under development include improved formulations of important
biologicals including EPO, G-CSF, insulin and Interferon-alpha based on
Lipoxen's proprietary PolyXen(R) technology. This 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 Hepatitis B 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 already co-developing products with Serum
Institute of India, one of the world's leading vaccine companies. In addition,
its technologies are being currently evaluated by leading biotechnology
companies such as Baxter, Amgen, Genzyme and Genentech.

Lipoxen was admitted to trading on the AIM Market of the London Stock Exchange
on 17 January 2006 at which time the Company raised £3.78 million (before
expenses) at a price of 13.5 pence per share.  The Placing with SIIL has been
made at a significant premium to the prevailing market price.

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.

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

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