Update on strategic review
1st July 2009
Intercytex Group plc (LSE: ICX) ("Intercytex") today provides an update on the progress of its strategic review.
Whilst the Company continues to be in detailed discussions with a number of parties, and has received offers to acquire certain parts of the business, the Directors do not currently expect that an offer to acquire the whole business in a single transaction will be forthcoming from any of the parties currently engaged in the process. On this basis, the Company has received confirmation that they are no longer in an Offer Period for the Purposes of the City Code on Takeovers and Mergers.
Discussions for the acquisition of certain parts of the business of Intercytex are progressing, although the sum total of indicative offers received to date is significantly lower than the current market capitalisation of the Company.
As part of the strategic review, and to further control costs and preserve the Company's cash resources, the Company will shortly commence a 30 day consultation period with employee representatives to propose a further reduction in headcount at the Company's facilities in Manchester and Cambridge UK. The Company may also need to reduce headcount at its Boston facility in the US.
|For more information, contact:|
|Intercytex Group plc|
|Nick Higgins, Chief Executive Officer||Tel: 0161 904 4500|
|Max Herrmann, Chief Financial Officer|
|Jonathan Birt||Tel: 0207 269 7205|
|Emma Thompson||Tel: 0207 269 7267|
|Piper Jaffray Ltd|
|Will Carnwath||Tel: 0203 142 8700|
Notes for Editors
Intercytex is a 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:
- VAVELTA®, a skin repair and rejuvenation product intended to improve the feel, function and appearance of skin damaged by scarring and the aging process, and available from a number of accredited centres in the UK
- SHEF-1, development of a stem cell line suitable for differentiation into RPE cells, being carried out in collaboration with the London Project to Cure Blindness
- ICX-TRC, a hair regeneration product. Phase II trial completed
- ICX-SKN, being developed as a skin graft replacement for burns and acute wounds, Phase I trials completed
Intercytex commenced operations in 2000 and currently employs around 40 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 and Sheffield, UK.
Intercytex' shares trade on the Alternative Investment Market of the London Stock Exchange under the ticker symbol ICX.L.
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 forwardlooking 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.