Press Release: Lipoxen Announces $75M Agreement With Baxter

Lipoxen Announces $75M Agreement With Baxter to Develop New Blood Clotting Factors LONDON, December 15 -- Lipoxen PLC (LSE: LPX - News) today announced that the company has entered into an exclusive worldwide development and licence agreement with a subsidiary of Baxter International Inc. to develop improved, longer-acting forms of blood-clotting factors. The signing of this agreement by Baxter triggers a $1 million payment to Lipoxen, and the agreement includes further clinical and regulatory milestone payments to Lipoxen potentially worth up to a total of $75 million, plus royalties on future product sales. This announcement follows a 12-month research evaluation announced 15 August, 2005, that focused on linking Lipoxen's PolyXen® drug delivery technology with Baxter's proprietary proteins. Lipoxen's PolyXen® protein drug delivery technology links therapeutic proteins, or peptides, to the naturally occurring polymer polysialic acid to prolong protein stability and biological half-life, and to improve solubility and immunological characteristics while maintaining biological activity and minimizing toxicity. Conjugating PolyXen® to therapeutic blood-clotting factors aims to improve pharmacokinetic profile and extend active life in order to reduce the frequency of injections required to treat blood-clotting disorders such as haemophilia A. M. Scott Maguire, CEO of Lipoxen, said: "We are very excited to sign this significant agreement with Baxter, our second major development agreement in the past year. Over the course of the 12-month evaluation period, our PolyXen® technology has indicated its potential for improving the delivery and effectiveness of Baxter's proprietary proteins and thereby represents an important validation of this protein drug delivery technology." "Our agreement with Lipoxen furthers Baxter's legacy of scientific innovation and leveraging partnerships in the area of blood-free recombinant protein processing," said Hartmut J. Ehrlich, MD., Vice President, global research and development, for Baxter's BioScience business. "Extending the duration of a blood-clotting treatment in the body is important for both patients and physicians when evaluating haemophilia therapy." Earlier this week at the American Society of Hematology 48th annual meeting, Baxter presented preclinical data from ongoing research studies aimed at developing a novel, longer-acting form of factor VIII, a protein essential for the normal clotting of blood. Baxter will continue to conduct preclinical research before moving these programs forward to clinical trials. Notes to Editor Lipoxen PLC (LSE:LPX - News) is a biopharmaceutical company specializing in the development of high value differentiated biologicals, vaccines and oncology drugs. Potential products, which address markets in excess of US$1 billion, currently under development include improved formulations of important biologicals including EPO, G-CSF, insulin and Interferon-alpha based on Lipoxen's proprietary PolyXen® technology. 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® 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 already co-developing products with The Serum Institute of India, one of the world's leading vaccine companies. In addition, its technologies are being currently evaluated by leading biotechnology companies such as Baxter, Amgen, Genzyme and Genentech. 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.

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