Intercytex gets green light to leave AIM

SHAREHOLDERS at Manchester-based medical firm Intercytex have approved its plans to sell off its assets and leave the Alternative Investment Market (AIM).

The shares will be cancelled on January 8 and the company’s name will be changed to Regenerative Medicine Assets.

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

The company, which specialises in regenerative medicine for skin and hair, said it would, “review all strategic options” in February after its main product, leg ulcer treatment Cyzact, failed a clinical trial.

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

But the company has 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,” said the company in a statement earlier this month.