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Lipoxen (LPX.L): Final Results for the Year Ended 31 December 2008


5/6/2009 11:32:53 AM

London, UK, 6 May 2009 - Lipoxen PLC (AIM:LPX), a bio-pharmaceutical company specialising in the development of high value differentiated biologicals, vaccines and siRNA delivery, is pleased to announce its final results for the year ended 31 December, 2008.

Key Operational Highlights:

• Positive Phase I results for ErepoXen, Lipoxen’s long-acting erythropoietin candidate

• Successful Phase I results for Sulixen, Lipoxen’s long-acting insulin for the treatment of diabetes

• Positive pre-clinical studies supporting ImuXen, Lipoxen’s vaccine delivery technology

• Collaboration with Cambridge Biostability Limited to develop Lipoxen’s novel vaccine delivery technology

• Strengthened IP position with the granting of two key patents in the US relating to Lipoxen’s innovative DNA vaccine delivery technology

• Received a grant from IAVI – the leading International AIDS Vaccine Initiative to develop an HIV-AIDS vaccine

• Dr Peter Laing promoted to Chief Operating Officer in September

• Appointment of Mr Igor Nikolaev as a Non-Executive Director in October

Key Financial Highlights:

• Turnover of £1.1m (2007: £905k)

• Pre-tax loss of £3.8m (2007: £3.3m)

• Non-cash component of total pre-tax loss £2.1m (2007: £1.5m)

• Net cash at period end of £602k (2007: £2.4m)

• Net asset value at 31st December £3m (2007: 2007: £6.3m)

• Loss per share basic and fully diluted of 2.89p (2007: 2.78p)

• Net asset value per share – basic 2.48p (2007: 5.30p)

• Net asset value per share – fully diluted 2.38p (2007: 5.01p)

Post Period End Highlights:

• Positive Final Phase I data for ErepoXen, Lipoxen’s long-acting erythropoietin candidate (see separate announcement released today).

• Collaboration with Glide Pharma for the delivery of Lipoxen’s long-acting SuliXen (insulin) product using Glide’s Solid Dose Injector technology

• Collaboration with Cambridge Biostability and positive pre-clinical data on novel and enhanced influenza vaccine based on the combination of Lipoxen’s novel vaccine delivery system ‘ImuXen’ and CBL’s proprietary VitRIS stabilisation platform

Commenting on the results, M. Scott Maguire, CEO of Lipoxen, said: “We are extremely pleased with Lipoxen’s performance during 2008 and the first quarter of 2009. We have made good progress across all our technology platforms, signing several collaborations with key industry players, and Lipoxen’s current R&D portfolio now comprises five clinical and pre-clinical programmes across a range of biotherapeutics and vaccines.

“In addition to strengthening our IP position and receiving a grant from IAVI, a prestigious organisation and a fantastic endorsement of our technology, we look forward to announcing a further grant in the area of malaria in the near future. The Board believes Lipoxen is now in an exciting position to capitalise on future growth.”

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 Factor XIII and vaccines against HIV and influenza.

The Company has a low-risk business model and outlicenses 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, Sanofi-Aventis, the Serum Institute of India Limited, Genentech, Amgen and Genzyme.

Read at BioSpace.com

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