Biopharmaceutical firm Lipoxen (LON:LPX) is looking ahead and says it is confident that its technology platforms - PolyXen in particular - will prove their potential through both clinical and commercial development this year.
The AIM-listed company, which uses technologies to discover new therapeutic candidates, released its results for the year to 31 December 2010, in which revenues were up and operating loss was down.
The company has many drug and vaccine programmes in development. SuliXen - a long acting insulin and ErepoXen - a long-acting erythropoietin (EPO) - are both in clinical development.
The company's pre-clinical pipeline includes vaccines against HIV, multiple sclerosis and influenza and an exclusive license deal with Baxter Healthcare for blood coagulation drugs.
The Serum Institute in India has successfully concluded a compliant Phase II trial for PSA-EPO (ErepoXen) and is planning all necessary trials before the product can be brought to market, said Lipoxen.
Market launch in India and its associated developing world territories are planned for late 2014, said Lipoxen.
For PSA-Insulin (SuliXen) the company said Russian clinical trials will shortly begin for a secondary indication as treatment for Alzheimers.
The planned Phase II trials for the diabetes indication (being the first clinical trial for SuliXen) are also expected to begin in H2-2011. Based on the outcome, the firm will fund Phase I EMA/FDA trials of SuliXen in full-year 2012, it said.
Revenues to 31 December 2010 increased 234 percent to £1.57million while operating loss was down for the year to £1.94million compared to a loss of £3.64million in 2009, said the company.
Loss before tax for 2010 stood at £1.93 million compared to a pre-tax loss of £3.63million in 2009. As at 31 December last year Lipoxen had cash of £0.85million (2009: £1.02 million).
Lipoxen also revealed that its HIV vaccine with the International AIDS Vaccine Initiative ("IAVI") had been extended until end September 2011 while the HIN1 influenza vaccine has had its funding approved for the next stage of studies.
The company hopes to secure funding to carry out pre-clinical toxicology studies before placing the candidate into Phase I clinical trials in Q4-2012/Q1-2013.
Regarding siRNA delivery - the liposomal entrapment technolgy - the board has placed its potential application on hold pending further technical developments.
"Although the siRNA holds a lot of promise, there are sufficient questions in the pharmaceutical world around its future to compel the company to focus its resources on established and market-proven products," said the company.
Lipoxen chairman Sir Brian Richards said today: "2010 has been a key year in the re-alignment of Lipoxen and for its notable achievements with its leading collaborative partners.
"The board is confident that the company's technology platforms, and PolyXen in particular, will prove their potential to further enhance shareholder value through both clinical and commercial development in 2011."