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Results for the year ended 31 December 2007
18th March 2008
Intercytex Group plc
Positive clinical data continues to be generated across product portfolio
Intercytex Group plc (LSE: ICX) today announces its results for the year ended 31 December 2007. The Company also reports new clinical data on all of its regenerative medicine products; VAVELTA®, ICX-PRO, ICX-SKN and ICX-TRC.
Intercytex is the leading developer of regenerative medicine products to restore skin and hair. The Company uses its fully integrated cell technology platform to develop living, human cell-based products, at commercially viable scale in attractive markets.
VAVELTA® - facial rejuvenation and skin damage
Positive responses with some exceptional results being generated from field trials of VAVELTA conducted by the Clinical Practice Group
High clinician and patient satisfaction scores from three/six month data in facial rejuvenation and acne scarring Phase II trials - underlines potential of VAVELTA in rapidly growing markets
First revenues mid-2008 with commercial roll-out in UK during H2 2008
Phase II trial in burns contractures open to recruitment
ICX-PRO (cyzact®) - chronic wounds
Phase II data from diabetic foot ulcer trial of ICX-PRO shows very high healing rates
Recruitment in Phase III trial in venous leg ulcers on track for completion in Q2 with over 350 patients randomised to date, in line with previous guidance.
ICX-SKN - skin grafts for acute wounds
Data announced in June 2007 highlighted first artificial living skin graft to demonstrate full, consistent wound integration and persistence - a landmark in regenerative medicine
Follow up Phase I extension study shows continued integration of ICX-SKN at 3 months in all 6 subjects, with no evidence of rejection or wound breakdown
Phase II trial in basal-cell skin carcinoma excisions to commence in H2 2008
ICX-TRC - hair regeneration
Three and six month data from Phase II trial shows increase in hair count
Larger data set available in H2 2008
CORPORATE AND FINANCIAL HIGHLIGHTS
Placing of new shares in May 2007 raised £12m gross
Comprehensive supply agreement signed with Baxter Healthcare for use of Tisseel® in ICX-PRO and ICX-SKN
Milestone payment of US$200,000 received from Bosley under ICX-TRC option
Loss before tax for the year of £11.63m (2006: £9.23m)
Cash and cash equivalents and liquid investments at 31 December 2007 of £12.50m (2006: £10.99m)
Nick Higgins, CEO of Intercytex, commented: “Regenerative medicine, the restoration and repair of human tissues and organs, has the potential to revolutionise the treatment of patients. We now have a maturing portfolio of assets focused on skin and hair all demonstrating exciting clinical efficacy in large and growing markets. As the data continues to be reported for each of our products with highly encouraging results, it underscores the potential of our technology and the value of Intercytex in the rapidly developing field of regenerative medicine.”
There will be an analyst meeting to discuss the results today at 9.30am at the offices of Financial Dynamics at Holborn Gate, 26 Southampton Buildings, WC2A 1PB. For those unable to attend, there will be a live audio conference call, please call Claire Rowell on 0207 269 7285 for details.
For more information, contact:
Intercytex Group plc
Nick Higgins, Chief Executive Tel: 0161 904 4500
Richard Moulson, Chief Financial Officer Tel: 0161 904 4500
David Yates Tel: 0207 269 7156
Lara Mott Tel: 0207 269 7182
Piper Jaffray Ltd
Will Carnwath Tel: 0203 142 8700
Notes for Editors
Intercytex is a leading regenerative medicine company developing innovative products to restore skin and hair. Intercytex is using its fully integrated cell technology platform to develop products that harness the innate ability of human cells to regenerate and repair the body.
Intercytex has four products in development:
ICX-PRO, designed to stimulate active repair in chronic wounds - in a Phase III trial for VLUs and a Phase II trial for DFUs
ICX-SKN, being developed as a durable and robust skin replacement – in a Phase I extension trial
VAVELTA®, a facial rejuvenation product already introduced to the UK market
ICX-TRC, a hair regeneration product – in a Phase II trial
All Intercytex’ products are derived from unmodified human cells.
Intercytex commenced operations in 2000 and currently employs around 80 staff. In addition to its head office in Cambridge, UK, it has GMP compliant clinical production facility plus research and development laboratories in Manchester, UK. Additional laboratories are located in Boston, US.
Intercytex’ shares trade on the Alternative Investment Market of the London Stock Exchange under the ticker symbol ICX.L and on the Open Market and the Xetra trading platform of the Frankfurt Stock Exchange under the symbol IGJ.F.
Additional information on the Company can be found at www.intercytex.com
Statements contained within this press release may contain forward-looking information or statements with respect to the financial condition, results of operations and business achievements/performance of Intercytex and certain of the plans and objectives of management of Intercytex with respect thereto. By their nature, forward-looking statements involve risks and uncertainties that may cause actual results to vary from those contained in the forward-looking statements. In some cases, you can identify such forward-looking statements by terminology such as ‘may’, ‘will’, ‘could’, ‘forecasts’, ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’, ‘continue’ or similar expressions. A number of factors, including the satisfactory progress of research and development, could cause Intercytex’ actual financial condition, results of operations and business achievements/performance to differ materially from the estimates made or implied in such forward-looking statements and, accordingly, reliance should not be placed on such statements. Forward projections reflect management’s best estimates based on information available at the time of issue and are not a guarantee of future performance. Other than as required by applicable law, Intercytex does not undertake any obligation to update or revise any forward-looking information or statements to reflect events or circumstances after the date of this release.
The term “Intercytex” refers to Intercytex Group plc and its subsidiary undertakings.
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