Intercytex to de-list, sell assets and close

MANCHESTER-based Intercytex, which has had its shares suspended since September, is to de-list from AIM and sell its remaining assets, before being wound-up.

The company, which specialises in regenerative medicine for skin and hair, also said it is to change its name to Regenerative Medicine Assets Limited.

Having failed to find a buyer for the business in July, it has been in negotiations to sell off various assets – the most recent being the sale of the stem cell assets of its subsidiary Axordia to Pfizer for $750,000 last month.

“The directors have also explored the possibility of raising further funds to continue development of Intercytex’ remaining development programmes. However, against the background of the current financial market, this has not been feasible,” it said in a statement.

It said the disposal of its hair regeneration assets, certain wound healing assets including ICX-SKN and Cyzact, and the company’s wholly-owned subsidiary Intercytex Limited, which includes the Vavelta assets, should be completed within the next three months.

But the company warned that the sale of remaining group assets would not necessarily result in any return for shareholders.

“Even if all of the disposals are completed and all anticipated sale proceeds received, the group will still have significant liabilities to be settled,” it added.

The company’s withdrawal from AIM would make it easier for it to complete the disposal of remaining assets and reduce operational costs, it said.

Job cuts have been made across the group and the only remaining employees will be three executive directors. Following completion of the disposals the company will be wound up.

The shares will be cancelled from January 8, subject to shareholder approval at a meeting later this month.