www.lipoxen.co.uk
Xenetic Biosciences (formally Lipoxen) is a leading biopharmaceutical company operating from the UK that develops high-value, differentiated pharmaceutical products in the fields of protein drugs, vaccines and anti-cancer drugs.
The company has developed a range of proprietary patented technologies that are being used to create a new generation of drug and vaccine products with improved performance. Xenetic Biosciences 's technologies include: PolyXen® - Protein drug delivery, ImuXen® - DNA, protein and polysaccharide vaccines and VesicALL® - Anti-cancer drugs using liposomal entrapment.
Xenetic threatens to scrap SymbioTec acquisition
Bio-pharma Xenetic (LON:XEN) today threatened to scrap the acquisition of German firm SymbioTec unless it receives warranties over technology promised by the vendors within the next two weeks.
Xenetic, formerly known as Lipoxen, said today that it has informed SymbioTec’s owners that if it has not received satisfactory terms by 16 January it will terminate the deal.
The £8.8 million purchase was first announced in August last year and should have completed by the end of October, but uncertainty over entitlements from future revenue streams at SymbioTec has pushed the timetable back and now threatens to scupper the whole deal.
Germany-based SymbioTec is a developer of technology that uses highly-alkaline proteins to treat a broad spectrum of cancers.
Xenetic said today it was working to achieve a commercially acceptable solution, but added, ”A result that satisfies the company has not been achieved”.
“While the company is hopeful that a satisfactory outcome can be achieved it will maintain a robust stance on the matter and reserves all of its rights under the sale and purchase agreement,” it added.
Xenetic added that it expects to conclude an agreement with the Serum Institute of India (SIIL) by 20 January that will see the development rights of up to 14 drug candidates return to the company.
SIIL will be issued with 9 million shares under that agreement and will also subscribe for a further 2.5m shares at 11p per share.
An open offer that was expected to raise £1.95 million following the completion of the SymbioTec acquisition is on hold until a final decision on the deal is made and will also depend on market conditions at the time, Xenetic said.
