Intercytex shares suspended
SHARES in the medical firm Intercytex were temporarily suspended from trading because it will fail to hit a results deadline.
The Alternative Investment Market-listed company said it would not be able to release its interim figures by September 30 because of an, “ongoing divestment process”.
Manchester-based Intercytex, which specialises in regenerative medicine for skin and hair, has been talking to potential suitors for several months after failing to stem losses.
In a brief statement the group said it was now in “advanced discussions” with a number of parties over some of its assets.
It added it, “will continue to update shareholders on both the progress of the strategic review and the potential timing of release of interim financial results.”
The firm employs 40 staff, with 32 in Manchester, after axing half the workforce in January. In July it started a consultation period with employee representatives over another round of redundancies.
In March Intercytex posted an £11.5m loss and warned that trading losses would continue for the foreseeable future. It admitted that existing cash resources of £4.86m were unlikely to sustain the group for another 12 months.
