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Baxter Partnering Update

14 June 2010

Announcement of Positive Results and Expansion of Collaboration

Lipoxen plc (AIM: LPX), a bio-pharmaceutical company specialising in the development of high-value differentiated biologicals, vaccines and siRNA delivery, is pleased to provide an update on its partnership with Baxter International Inc., ("Baxter"). This exclusive world-wide development and licence agreement is based on the PolyXen® PSA-Factor VIII project being developed with Baxter, a world leader in the treatment of haemophilia, for improved longer-acting forms of blood-clotting factors.

Lipoxen and Baxter continue to move forward on preclinical work using Lipoxen's PSA technology focused on linking Lipoxen's PolyXen® drug delivery technology with Baxter's proprietary proteins. In recent preclinical models positive results with PSA-Factor VIII have been shown. These early positive results provide both Baxter and Lipoxen with confidence in the programme's potential to transition into clinical development.

Importantly, and as first announced in December 2006, Lipoxen has the potential to receive up to $73 million in cash milestones plus royalties as the first candidate progresses through clinical development and commercialisation.

Baxter is also investigating the Lipoxen PSA technology for other potential factor replacement therapies in the treatment of haemophilia A, B and for patients with inhibitors. The Factor VIII global market size is approximately $5 billion whilst the Inhibitor and Factor IX markets were $1.2 billion and $600 million respectively (Sources: Jefferies International / Datamonitor).

Baxter is also investigating the Lipoxen PSA technology for other potential factor replacement therapies in the treatment of haemophilia A, B and for patients with inhibitors. The Factor VIII global market size is approximately $5 billion whilst the Inhibitor and Factor IX markets were $1.2 billion and $600 million respectively (Sources: Jefferies International / Datamonitor).

Lipoxen's PolyXen® is an enabling technology for protein drug delivery. It uses the natural polymer polysialic acid (PSA) to prolong the active life and improve the stability of therapeutic peptides and proteins. It can also be used for small molecule drugs.

Commenting on this announcement, Scott Maguire, CEO said:

"Baxter is one of Lipoxen's most important partners and the Company's third largest shareholder. We are extremely encouraged by the results seen to date. In light of the strong scientific progress that has been made over the last three years, there is clear potential for both the lead program PSA-Factor VIII but also for broadening this collaboration for other haemophilia drug therapies. Importantly, progressing this PSA-Factor-VIII programme alone through the clinic will trigger additional cash payments to the Company which would significantly advance our objective of reaching the pivotal cash inflection point in our Company's development to convert Lipoxen into a cash-generative enterprise. We look forward to providing a further update on this programme in due course."

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