Lipoxen

UK smallcap opening - Lipoxen moves up on Baxter agreement

LONDON (AFX) - Lipoxen moved up 4 pence to 29-1/2 following news that the company has entered into an exclusive worldwide development and licence agreement with a subsidiary of Baxter International to develop improved,longer-acting forms of blood-clotting factors.

The signing of this agreement by Baxter triggers a 1 mln usd payment to Lipoxen, and the agreement includes further clinical and regulatory milestone payments to Lipoxen potentially worth up to a total of 75 mln usd, plus royalties on future product sales.

Sentiment was also given a lift by The Investors Chronicle, which rated the stock one of the best small biotech buys.