Protein drug delivery specialist Lipoxen plc has raised £2.9 million before expenses through a placing with institutional investors, and a subscription by its development partner Baxter International Inc.
Baxter has a license agreement with London-based Lipoxen worth up to a total of $75 million to develop improved, longer-acting forms of blood-clotting factors.
The proceeds of the fundraising will be used to fund pre-clinical R&D and feasibility studies on potential new products.
M. Scott Maguire, CEO of Lipoxen, said, “We are very pleased with the support shown in this fundraising from both our partner, Baxter, and leading UK and European institutional investors. We believe that, together with the recent positive announcements surrounding our influenza and malaria initiatives, this [...] demonstrates that Lipoxen has a valuable pipeline, a low risk partnered business strategy and is well positioned for future growth and generation of shareholder value.”