News

Preliminary Results for the Year Ended 31 December 2005

29 June 2006

CHAIRMAN’S STATEMENT

It gives me great pleasure to write to Lipoxen’s shareholders for the first time in my capacity as Chairman of the Company. In the first six months of 2006 we have made significant changes to the Company which I believe have created a strong platform for the development of a dynamic value creating biopharmaceutical organisation. This platform is based on our novel drug and vaccine delivery system technologies, which have the potential to improve greatly the performance of high value differentiated biologicals, vaccines, and anti-cancer therapeutics drugs. These are all significant markets.

To capture the clear potential that our technologies offer we are adopting a two-pronged strategy.  We are developing our own product portfolio based on our proprietary PolyXen® and ImuXen® and a related liposomal technology.  In addition, we are working with a range of partners in order to assist them in developing new products as well as optimising the performance and patent-life of their current drugs.  This partnership strategy is central to Lipoxen’s near term development and we are very encouraged that our technologies are being currently evaluated by some of world’s leading biotechnology and pharmaceutical companies such as Amgen, Baxter, Genentech, Genzyme, Teva and the Serum Institute of India, a leading global vaccine producer.

Lipoxen’s drug delivery technologies include PolyXen®, which is designed to improve the stability, biological half-life, water solubility and immunologic characteristics of therapeutic proteins and is seen as a potential alternative to PEGylation. In addition, ImuXen® and a related liposomal technology, for the formulation of cytotoxic anti-cancer therapeutics drugs, 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.

Based on this two-pronged strategy we have put in place a development and clinical product pipeline of 13 candidates which I believe places us in a strong position to enhance shareholder value. 

We expect 2006 to be a landmark year in the life of the Company as a number of our product candidates move through preclinical trials and approach the clinic.  We also anticipate material decisions regarding a number of our collaborations which could validate our approach and place us on the biopharmaceutical map.  Although the capital raise that we made earlier in the year was modest, our collaborative partners are allocating significant human and capital resources to realize the potential of our two proprietary technologies in a number of drug and vaccine product candidates. We look forward to the remainder of 2006 and plan to keep our shareholders fully informed as these key value-creating events unfold.

Download Full Document.