Intercytex bosses confident as losses widen

A PIONEERING medical firm, which is helping in the fight to treat soldiers injured in battle, has revealed a hike in losses as it steps up its clinical trials of regenerative medicines.

Intercytex, which employs around 60 people at its Manchester lab and a further 20 in Boston, US, has developed a range of products from human cells that restore skin and hair. Its products harness the innate ability of human cells to regenerate and repair the body.

The company, which raised a further £2.75m earlier this month through a share placing, currently has four products in development including ICX-SKN – a skin replacement product to teat extensive burns and loss of skin.

Earlier this year, Intercytex announced it was the only non-American firm to have been selected to help set up the United States Armed Forces Institute of Regenerative Medicine (AFIRM) to develop treatment for critically injured troops, particularly those that have been fighting in Iraq and Afghanistan.

Intercytex, whose other products are used to treat wrinkles and baldness, said in the six months to June 30, losses were up from £6.04m to £6.59m.

Intercytex chief executive officer Nigel Higgins said the firm continues to make excellent progress in becoming a significant player in the rapidly expanding field of regenerative medicine.

He said: “During the period, the company continued to achieve its milestone and has broadened the applications of its products under the development. With a rich, late pipeline, a marketed product and backing from the Us Department of Defence, we are very confident of our future prospects.