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Intercytex Group plc – Acquisition of stem cell company Axordia Limited


#1

Intercytex Group plc – Acquisition of stem cell company Axordia Limited
22nd December 2008

Intercytex Group plc (LSE: ICX) (“Intercytex”), the regenerative medicine company developing innovative products to restore skin and hair, announces today that it has acquired Axordia Limited (“Axordia”), a privately-held UK company focused on the development of stem cell therapies. Under the terms of the acquisition, Intercytex will issue 7,000,000 new ordinary shares of 1 pence each as consideration for the purchase of the entire issued share capital of Axordia, formerly a Fusion IP portfolio company. Based on Intercytex’ closing share price of 24p on 19th December 2008, this values Axordia at £1.68m.

Following completion of the acquisition, Intercytex will have 93,862,798 Ordinary Shares of 1 pence each in issue. The substantive selling shareholders of Axordia will be subject to a one year lock-up period followed by orderly market trading for a further year.

The acquisition of Axordia gives Intercytex access to a world-leading group focused on the development of embryonic stem cell therapies and significantly broadens Intercytex’ capabilities in regenerative medicine. Axordia, in collaboration with The London Project to Cure Blindness, is developing a novel stem cell therapy to treat age-related macular degeneration, the leading cause of blindness in the elderly. This programme, which also involves the Moorfields Eye Hospital in London, is currently in late-stage preclinical development. In addition, through Axordia, Intercytex gains exclusive rights to commercialise discoveries in the area of stem cell research derived from The Centre for Stem Cell Biology (CSCB) at the University of Sheffield. Axordia was founded in 2001 by Professor Peter Andrews and Professor Harry Moore.

The acquisition is not expected to increase Intercytex’ funding requirements in the short to medium term, as Axordia already benefits from significant external grant and project funding.

Nick Higgins, Intercytex’ CEO, commented: “Recent developments in the area of stem cell research give us increased confidence in its ability to provide a highly effective source of therapies for use in future regenerative medicine products. Axordia’s leading position in stem cell research, combined with our know-how in producing cell-based therapies to pharmaceutical industry standards, provides a strong platform from which to develop future cell-based therapies. The acquisition also provides us with a rich source of future potential pipeline candidates.”

http://www.intercytex.com/icx/news/releases/2008/2008-12-22/


#2

Yeah I got the email update today…what’s everyones thought on this?


#3

» Yeah I got the email update today…what’s everyones thought on this?

Dude they got something good working…we normal common people will not know what these companies are doing or when they will release info or products…people come on here with their speculations and we think they actualy spoke to the CEO or lab manager of these companies…just let them do their work adn we will find out…


#4

» » Yeah I got the email update today…what’s everyones thought on this?
»
»
» Dude they got something good working…we normal common people will not
» know what these companies are doing or when they will release info or
» products…people come on here with their speculations and we think they
» actualy spoke to the CEO or lab manager of these companies…just let them
» do their work adn we will find out…

i dont know where they got the money for this takeover! Problem is they have several operations going at once and i am not sure which one this is meant to benefit if it not all! I hope this means good things for them but i am affraid we will just have to wait and see on that!


#5

intercytex wont tell us anything


#6

Yeah, a company that is primarily interested in money. The fools…

Seriously, they don’t owe you a thing.


#7

i don’t know if they have something serious about hair research… but sure it’s too strange that they are studyng hair regeneration since 2001, and 8 years later nobody nowhere have see pictures or read serious report about the study… so… don’t give too much hope to them…


#8

They may surprise us yet.


#9

» Yeah, a company that is primarily interested in money. The fools…
»
» Seriously, they don’t owe you a thing.

They don’t owe us anything, but look at their stock price now, down to 24p - the lowest I’ve ever seen. so it would beneficial to them if they actually were more transparent about their results and future plans because right now no one is confident in TRC at all.


#10

I agree, there is nothing wrong if they want to make money, they are a public company, their fudiciary duty is to give their shareholders a good return on their investment, they never claim to be a charitable organization, Acell, Aderans are all out to make a buck, why can’t Intercytex.

in fact, I think it’s the profit motive that will give them the incentive to look for a solution for us. It’s a good thing they want to make money


#11

Nothing wrong with profit motive,

heres what i think happened :

  1. some bloke in there came up with the HM idea. unfort, his idea doesnt produce cosmetic results

  2. They went ahead to buy out this stem cell company in the hope that new research could help them stabilise the process and actually make some good looking hair

» I agree, there is nothing wrong if they want to make money, they are a
» public company, their fudiciary duty is to give their shareholders a good
» return on their investment, they never claim to be a charitable
» organization, Acell, Aderans are all out to make a buck, why can’t
» Intercytex.
»
» in fact, I think it’s the profit motive that will give them the incentive
» to look for a solution for us. It’s a good thing they want to make money