Intercytex posts £11.5m loss
INTERCYTEX, the regenerative medical firm that is considering a merger or sale, has posted an £11.5m loss.
The pre-tax figure for the year to December 31 is just a marginal improvement on 2007’s £11.6m loss and led to the inclusion of a “going concern” warning in the latest figures.
The group said it was likely that trading losses would continue for the “forseeable future” and existing cash resources of £4.86m were, “unlikely to enable the group to continue trading for a period of 12 months from the date of approval of these accounts”.
With limited possibilities of raising cash through the markets in the current environment the group is looking at a merger, a sale, or a “subtantial licencing deal”.
The group said it was, “now in discussions with a number of parties which may or may not lead to an offer being made for the company.”
During the year the group discontinued its chronic wound treatment product Cyzact after it failed to meet its primary trial targets in patients with venous leg ulcers.
Chief executive Nick Higgins, said: “Following the discontinuation of development of Cyzact, all our efforts are focused on maximising the value of the rest of our broad portfolio of highly innovative regenerative medicine products. Vavelta continues to gain patient and clinician acceptance with more than 120 people having now been treated in a commercial setting.”
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.
