LPX Lipoxen

TIDMLPX

RNS Number : 4527N

Lipoxen PLC

01 September 2011

Lipoxen plc

('Lipoxen' or the 'Company')

Result of General Meeting

Lipoxen (AIM: LPX.L), the bio-pharmaceutical company specialising in the development of high-value differentiated biologic drugs and vaccines, announces that at the General Meeting held today , all resolutions were duly passed.

The passing of the resolutions will allow the proposals set out in the shareholder circular despatched to shareholders on 4 August 2011 to progress. A summary of the proposals is set out below, full details of which can be found in the shareholder circular and can be downloaded from the Company's website: www.lipoxen.com

The Proposals

- Funds of up to GBP14.4m (before expenses) to be raised via a placing with SynBio LLC, a subscription for shares by Serum Institute of India Limited ("SIIL") and (conditional on completion of the placing) an open offer to existing shareholders at 11 pence per share;

- Acquisition of SymbioTec GmbH for GBP8.8m settled entirely in Lipoxen ordinary shares (at 11 pence per share). This is the acquisition of a complementary natural platform technology with two lead product candidates focused on orphan drug applications. The platform has the potential to be applied across a broad spectrum of cancer therapies;

- Co-development agreement with SynBio to license into Russia six product candidates;

- Master Agreement to consolidate and refine Lipoxen's commercial arrangements with SIIL; and

- Change of Company name to Xenetic Biosciences plc.

All parties are working to enable completion of the acquisition of SymbioTec and the placing with SynBio to take place by 30 September 2011.

The Company has resolved to change its name to Xenetic Biosciences plc and the Company's ticker will be changed to XEN. The Company's website will change to www.xeneticbioscience.com.

Enquiries:

 
 Lipoxen plc                                    +44 (0)20 7389 5015 
 M. Scott Maguire, Chief Executive 
  Officer 
 
 Singer Capital Markets (NOMAD 
  & Broker)                                     +44 (0)20 3205 7500 
 Jeff Keating / Claes Spang 
 
 Walbrook PR                                    +44 (0)20 7933 8780 
  Paul McManus                          paul.mcmanus@walbrookpr.com 
 
 Paul Cornelius                       paul.cornelius@walbrookir.com 
 

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

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 vaccines against HIV, multiple sclerosis and influenza and an exclusive license deal with Baxter Healthcare for blood coagulation drugs.

The Company has a low-risk business model and out-licenses 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, the Serum Institute of India Limited, Genentech, and Genzyme.

Lipoxen, which was founded in 1997, trades on the AIM Market of the London Stock Exchange under the ticker symbol LPX. More information can be found at the Company's website: www.lipoxen.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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