Collaboration partner announces Moscow IPO

TIDMLPX

Lipoxen PLC

29 November 2010

Lipoxen plc

('Lipoxen' or the 'Company')

Collaboration partner announces Moscow IPO

Lipoxen (AIM: LPX.L), a bio-pharmaceutical company specialising in the development of high-value differentiated biologicals, announces that its collaboration partner, Pharmsynthez, a leading Russian research-based pharmaceutical company, has successfully listed on the Moscow Central Stock Exchange (MICEX).

Shares in Pharmsynthez began trading on the MICEX on Thursday 25 November following an IPO which raised over 528m RUB (c. GBP10.7m), giving Pharmsynthez a market capitalisation of 1716m RUB (c. GBP34.8m) on admission. Pharmsynthez becomes only the second biotech company to be listed on the MICEX. The capital raised will assist in funding clinical development of Lipoxen licensed candidates.

Lipoxen have six projects, three PolyXen and three ImuXen candidates, currently in pre--clinical co--development with Pharmsynthez. The programme is aimed at delivering human proof of concept data in early course and Lipoxen remains hopeful that a number of the potential candidates will deliver results that justify them being advanced into the clinic.

Commenting, M. Scott Maguire, Chief Executive Officer of Lipoxen, said:

"We're delighted that our partner Pharmsynthez has successfully listed on the Moscow exchange and we offer them our warmest congratulations. The funds raised by Pharmsynthez will be used to deliver their ambitious investment programme which will accelerate their growth and enable them to introduce their unique pharmaceuticals to Russian as well as International markets.

"We have encouraging pre-clinical data on the Multiple Sclerosis vaccine candidate and we are still confident that this will be the first of the projects to reach the clinical trial stage early in 2011."

For further information, please contact:

 
 Lipoxen plc                                       [phone] 
 M. Scott Maguire, Chief Executive 
  Officer 
 
 Singer Capital Markets (nominated 
  adviser)                                         [phone] 
 Jeff Keating / Claes Spang 
 
 Walbrook PR Ltd                                   [phone] 
 Paul McManus (Media Relations)                     Mob: [phone] 
                                           [e-mail] 
 Paul Cornelius (Investor Relations)                Mob: [phone] 
                                         [e-mail] 
 
 

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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