Executive Summary
The stated principal goal and investment strategy of the Company was to bring into European markets, technology-driven business ventures, with a particular focus on life science, environmental technology and internet related technologies. In response to the changes to the AIM Rules relating to investment strategies, at the Extraordinary General Meeting held on 2 June 2005, the Company's new investment strategy was fully reaffirmed by its shareholders. One of the main features of the strategy was to seek to invest in a company (or companies) whose business was in the natural resources, financial or healthcare sectors. Investee companies were likely to be located in the UK, the Eurozone, Australasia and/or North America and there was a clear preference to find a single primary investment in one of the sectors outlined above. The current directors believe that in Lipoxen Technologies Limited (\Lipoxen\), they have identified an acquisition opportunity that satisfies their investment criteria and provides significant prospects to grow shareholder value. As such, the Company has conditionally agreed to acquire the entire issued share capital of Lipoxen for a consideration to be satisfied by the issue of 66,666,665 million new Ordinary Shares to the shareholders of Lipoxen. The Consideration Shares are to be issued on the following basis: 1.3565787 Greenchip ordinary share for every 1 Lipoxen ordinary share held. Lipoxen is a company engaged in the development of drug delivery systems and proprietary products in the fields protein drugs, vaccines and oncology. Lipoxen is exploiting its proprietary delivery technologies to create a new generation of drug and vaccine products with improved performance. In pre-clinical studies for protein drug delivery, Lipoxen's PolyXen technology has shown to impart protection from degradation and improve active lifetime in circulation. In pre-clinical studies relating to vaccine delivery, Lipoxen's ImuXen technology is being used to develop products that have shown increased immune responses and protection against infection. In pre-clinical studies for oncology drug delivery , Lipoxen's VesicAll technology is being used to develop products with reduced toxicity and greater convenience of use. Lipoxen is engaged in the out-licensing of these technologies to biopharmaceutical companies that have strong manufacturing and marketing capabilities. These companies are incorporating Lipoxen's technologies into human theraputic product candidates. Lipoxen's market strategy is to focus on product development, in collaboration with major biotech and pharmaceutical company partners, for the protein, vaccine and oncology drug markets.
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