Baxter Partnering Update

 

TIDMLPX 
 
RNS Number : 5162N 
Lipoxen PLC 
14 June 2010 
 

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| FOR IMMEDIATE RELEASE           |                    14 JUNE 2010 | 
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                                  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 
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| Lipoxen plc                              |     [phone] | 
|                                          |               5015 | 
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| M. Scott Maguire, Chief Executive        |                    | 
| Officer                                  |                    | 
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|                                          |                    | 
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| Singer Capital Markets (nominated        |     [phone] | 
| adviser)                                 |               7500 | 
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| Jeff Keating / Claes Spång               |                    | 
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|                                          |                    | 
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| Buchanan Communications                  |     [phone] | 
|                                          |               5000 | 
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| Lisa Baderoon, Catherine Breen           |                    | 
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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 GBP2.9 million fundraising that the Company announced in May 
2009. This fundraising was followed up by a GBP1.2 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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