Intercytex drops failed leg ulcer treatment

INTERCYTEX, the regenerative medicine firm, has announced that trials of its leg ulcer treatment have failed.

The phase III trial of Cyzact, conducted in the US, the UK and Canada, failed to show a significant increase in complete wound closure at up to 12 weeks compared to the standard treatment of a four layer compression bandage.

The Manchester-based company said in a statement to the stock market that no further work on Cyzact is planned and that it will “review all strategic options”.

“Our pipeline of other products remains robust,” said chief executive Nick Higgins.

He told TheBusinessDesk the company would be looking for licensing for some existing projects and at different collaborations but added that it would be starting no new projects and making no acquisitions.

In December the company bought stem cell therapy company Axordia for £1.68m.

Intercytex employs 40 staff, with 32 based in Manchester, following a restructuring of the company in January that resulted in the axing of half its workforce.

Its preliminary results are expected in mid-March.