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 Biosciences suspends open offer part of fundraising
Biopharmaceutical firm Xenetic Biosciences (LON:XEN) has decided not to pursue an open offer fundraising at this time.
The offer was first proposed to coincide with the acquisition of German firm SymbioTec, which was first agreed in August last year. That deal took longer to close than initially expected.
Xenetic now believes it is in the company's best interests to drop the open offer at this time.
The Symbio completion proved to be a protracted process, it said. And in the months leading up to the completion, market uncertainties saw its share price fall to an eventual low of 6.5 pence on November 22.
“Against this background, and in spite of the completion (on January 16), the 9 pence share price at close of business on January 31 2012 remains below the open offer price of 11 pence per share.
"The directors have therefore determined that in these circumstances it is not in the best interests of the company to implement the open offer at this time,” the group said.
Xenetic bought SymbioTec with the help of Russian firm Synbio, which invested £12.2 million through the purchase of 110.8 million shares at a price of 11 pence each.
The proposed open-offer was intended to offer existing shareholders the opportunity to also invest on the same terms.
