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Interim Results for the six months ended 30 June 2009

30 September 2009

London, UK - Lipoxen PLC (AIM:LPX), a bio-pharmaceutical company specialising in the development of high value differentiated biologicals, vaccines and siRNA delivery, is pleased to announce its interim results for the six months ended 30 June 2009.

Key Operational Highlights:

• ErepoXen - a long-acting erythropoietin (EPO):
  • Successful completion of Phase I trials
  • Candidate to be fast tracked to a full Phase II program
• SuliXen - a long acting insulin:
  • Successful completion of Phase I trials
  • Phase II trials now expected to commence in Russia in early Q4-09
• ImuXen - platform liposomal technology
  • Preclinical feasibility project agreement signed with the PATH Malaria Vaccine Initiative and the US National Institute of Allergy and Infectious Diseases to stimulate enhanced immune responses against malaria protein
  • Commencement of ImuXen HIV vaccine formulation project funded by the Bill and Melinda Gates International Aids Vaccine Initiative in Q2-09
  • New Co-Delivery DNA Vaccine Patent granted in EU and US
• siRNAblate - gene silencing platform technology:
  • New Technology Evaluation Agreement signed with leading global pharmaceutical company
• Appointed lead member of the grant consortium for its controlled-release nanoparticle vaccine program, which includes the Company's H1N1 influenza project, by the UK Government's Technology Strategy Board on 29 September 2009
• Dr David Moss appointed as Director of Project Management in September 2009 to drive forward Lipoxen's projects

Key Financial Highlights:

• Placing completed in May 2009 raising £2.9m before expenses, led by cornerstone investor and partner, Baxter International Inc.
• Turnover of £0.41 m (2008: £0.42 m)
• Pre-tax loss of £1.43 m (2008: £1.96 m)
• Non-cash component of total pre-tax loss £0.22 m (2008: £0.89 m)
• Net cash at period end of £2.8 m (2008: £1.21 m)
• Net asset value £4.3 m (2008: £4.6m)
• Loss per share basic and fully diluted of 1.14 p (2008: 1.51 p)
• Net asset value per share - basic 2.78 p (2008: 3.84 p)
• Net asset value per share - fully diluted 2.69 p (2008: 3.65 p)

Commenting on the results, M. Scott Maguire, CEO of Lipoxen, said:

"Against a backdrop of very difficult economic conditions, we are delighted that Lipoxen was able to complete a significant fundraising of £2.9m before expenses. The fundraising, which was led by our cornerstone investor, Baxter International Inc., demonstrates the confidence that our partners have in our core technologies and their applications. Lipoxen has continued to work successfully with, and sign new partnerships with, a number of world class organisations, including PATH Malaria Vaccine Initiative, the US National Institute of Allergy and Infectious Diseases and the Bill and Melinda Gates International Aids Vaccine Initiative.

"We look forward to delivering further tangible progress on all of our projects and the Board remains confident that its corporate goals remain achievable in time frames consistent with the nature of the business."

For the full report, please download it here

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