Re Agreement
September 24 2007 - 3:02AM
UK Regulatory
RNS Number:3169E
Lipoxen PLC
24 September 2007
For Immediate Release 24 September 2007
Lipoxen PLC
("Lipoxen" or "the Company")
Lipoxen and Intervet, a leading Animal Health company, Announce a Collaboration
Agreement to Develop Sustained-Release Insulin
- Collaboration to utilise Lipoxen's PolyXen(R) Protein Drug Delivery Technology -
London, UK, 24 September, 2007 - Lipoxen PLC (AIM: LPX) and Intervet, a leading
animal health company, today announced that the companies have entered into an
exclusive worldwide development and licence agreement to develop a sustained-release
insulin for the veterinary health market.
The signing of this agreement by Intervet triggers an upfront payment to
Lipoxen. The agreement also provides for further clinical, regulatory and sales
milestone payments to Lipoxen. In addition, Lipoxen will receive royalties on
future product sales.
Intervet has signed this agreement in order to access Lipoxen's unique PolyXen
(R) drug delivery technology. This technology has been developed to improve the
pharmacokinetic profile of protein drugs including extending their therapeutic
half life, thereby reducing the frequency of administration. PolyXen(R) is based
on linking the therapeutic proteins, or peptides, of interest to the naturally
occurring polymer polysialic acid. It improves the stability and the therapeutic
half-life of protein drugs and improves their solubility and immunological
characteristics, while maintaining biological activity and minimizing toxicity.
Scott Maguire, CEO of Lipoxen, said: "We are delighted that Intervet has decided
to enter into this collaboration with Lipoxen to apply PolyXen(R) to develop a
sustained release insulin formulation for veterinary use. This is the third
exclusive license agreement that we have put in place with large biopharmaceutical
companies granting access to our proprietary protein delivery technology and we
believe that we are well positioned to leverage our technology further through
additional agreements in the pharmaceutical space."
He added "Intervet is the 3rd largest animal health company globally, by sales,
and is targeting a veterinary market worth $40 million globally with this product.
Importantly this collaboration reinforces our own view that our technology can
deliver a sustained-insulin formulation. Lipoxen is currently developing a human
sustained-release insulin which is expected to enter clinical development prior
to the end of 2007."
Ellen de Brabander, Vice President Research and Development of Intervet International
stated: "It is Intervet's ambition to develop innovative new animal health products.
Therefore we are very open for collaborations with partners who have unique expertise
that complements our in house strengths. This collaboration agreement with Lipoxen
opens up new opportunities for our insulin products."
Enquiries
Lipoxen PLC
M. Scott Maguire, CEO +44 (0)20 7691 3583
Citigate Dewe Rogerson +44 (0)20 7638 9571
David Dible/Yvonne Alexander
Grant Thornton Corporate Finance +44 (0)20 7383 5100
Philip Secrett/Maureen Tai
Notes to Editor
Lipoxen PLC (AiM:LPX) is a biopharmaceutical company specializing in the
development of high value differentiated biologicals, vaccines and oncology
drugs. Potential products, currently under development include improved
formulations of important biologicals such as EPO, G-CSF, insulin and
Interferon-alpha. These novel products which are based on Lipoxen's proprietary
PolyXen(R) technology address markets in excess of US$1 billion. 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 currently co-developing products with Baxter
and The Serum Institute of India, one of the world's leading vaccine companies.
Lipoxen was admitted to trading on the AIM Market of the London Stock Exchange
in January 2006.
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 strategies and the
environment in which the Company will operate in the future. Among the important
factors that could cause the Company's actual results, performance or
achievements to differ materially from those in forward-looking statements
include those relating to The Company's funding requirements, regulatory
approvals, clinical trials, reliance on third parties, intellectual property,
key personnel and other factors. These forward-looking statements speak only as
at the date of this announcement. The Company expressly disclaims any obligation
or undertaking to disseminate any updates or revisions to any forward-looking
statements contained in this announcement to reflect any change in the Company's
expectations with regard thereto or any change in events, conditions or
circumstances on which any such statements are based. As a result of these
factors, readers are cautioned not to rely on any forward-looking statement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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