Cambridge-based Intercytex, which in May was rumored to be in discussions with Pfizer regarding a buyout, has had its shares suspended. The regenerative medicine developer said the suspension was only temporary and trading would resume once the company publishes its financial report for the first half of the year. But Intercytex is still in talks with potential buyers for its assets, preventing the company from issuing its report.
Although Intercytex had been seeking a buyer, in July, the company announced it would not be able to sell the entire company to a single buyer and would begin entertaining offers for certain parts of the company.
Intercytex has struggled to stay afloat over the past year. After failing to raise much-needed cash, the company cut half its staff in January. With that, the developer said it would have enough money to fund operations through the end of 2009. But the following month, Intercytex's stock plunged after the company revealed that its lead drug candidate Cyzact, a wound treatment, failed a late-stage trial. Since then, the group has not been able to raise capital.