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Lipoxen in Russian collaboration
Private Russian group Pharmasynthez ZAO is to fund development of six of AIM-quoted Lipoxen’s drug and vaccine candidates.
Under the agreement, London–based Lipoxen will scientifically supervise ‘candidate optimisation’ and Pharmasynthez will fund proof-of-concept trials to validate the use of Lipoxen’s ImuXen technology to create three ‘enhanced’ vaccine candidates, for secondary progressive multiple sclerosis, HIV and non-Hodgkin’s lymphoma. The two companies will co-operate in the same way over applying Lipoxen’s PolyXen technology to create three pharmaceutical candidates to treat cystic fibrosis, acute myeloid leukaemia, non-Hodgkin’s lymphoma and type 2 diabetes.
The agreement will entitle Lipoxen to royalties of 10 per cent on all net sales made by Pharmasynthez if these products obtain approval to be marketed in the Russian Federation. Scott Maguire, Lipoxen’s chief executive officer, says the UK company has to commit only its scientific knowledge and will in return receive clinical data from the trials, which will put the company ‘in a strong position to decide whether to run European Medicines Agency and US Food & Drugs Administration trials on the candidates to receive worldwide marketing approval’.
After plunging from 75p six years ago to 4.75p within the past 12 months, Lipoxen shares have recently been showing some signs of life. Now 13.75p, they value the company at £21.2 million and could fare better than some sector peers.