Lipoxen Interim Results for the Six Months Ended 30 June 2010
Key Programme Highlights
• Successful progress with Baxter PSA-Factor VIII programme – update announced 16th September
• Lipoxen Receives US$2m License Fee Payment
• Baxter Issued Warrants to Subscribe for up to US$2m Equity
• Baxter Selects Lead Polymer Polysialic Acid (PSA)-Factor VIII Candidate
• Baxter Granted Right to Appoint NED to Lipoxen’s Board
• FDA/EMEA regulated Indian Phase II trial of ErepoXen® by Lipoxen’s partner Serum Institute progressing well – final trial report expected by end of 2010
• SuliXen (insulin) programme remains on track – Phase II to commence in Q4 2010
• Influenza vaccine viable candidate preparing to enter pre-clinical development in early 2011
• Intellectual Property
• Patents granted for Polysialylated G-CSF StimuXen™ Technology in six European territories, including the UK, Germany, France, Spain, Italy and Switzerland
• New US patent granted for PolyXen technology
Key Financial Highlights
• £1.23m Placing completed in April cornerstoned by management
• Management options plan implemented in June vesting substantially above market thus aligning interests with shareholders
• Turnover of £76k (2009: £0.4m)
• Pre-tax loss of £1.5m (2009: £1.4m)
• Net cash at period end of £0.9m (2009: £2.8m)
• Net asset value at 30 June 2010 £2.0m - net of £0.4m JSOP shares value (2009: £4.3m)
• Loss per share basic and fully diluted of 0.94p (2009: 1.14p)
• Net asset value per share – basic 1.12p (2009: 2.78p)
• Net asset value per share – fully diluted 1.11p (2009: 2.69p)
Commenting on the results, Sir Brian Richards, Chairman of Lipoxen, said:
“The Board remains excited about the prospects for the Company and has evidenced this confidence by subscribing material sums in the last two fundraisings. The prospects for value delivery are such that, of the total executive directors’ new equity incentives, 60% have vesting hurdle prices set in three equal tranches, of, respectively 20p, 40p and £1 . The executives’ interests are therefore truly aligned with those of all of the Company’s shareholders. “I look forward to updating shareholders when the Company reports upon its full FY2010 results.”
For further information, please contact:
Enquiries Lipoxen plc +44 (0)20 7389 5015 M. Scott Maguire, Chief Executive Officer
Singer Capital Markets (nominated adviser) +44 (0)20 3205 7500 Jeff Keating / Claes Spång
Buchanan Communications Lisa Baderoon +44 (0)20 7466 5000 Mobile: +44 7721 413496 Jessica Fontaine