With its stock tanking on the news that a late-stage trial of its lead drug had failed, the UK's Intercytex got a boost this morning with its announcement that it is reviewing all of its options.
Intercytex's shares had sunk to 4.5 pence on the failure of Cyzact. Some analysts quickly noted that Renovo could be a buyer for some assets, but that company swiftly told the wire services that it hadn't made a bid and wasn't planning on one. One analyst also highlighted some stem cell properties that could find a buyer.
Intercytex had enlisted 396 subjects with venous leg ulcers for its Phase III study of Cyzact. Researchers were hoping that the drug would close wounds faster than a compressed bandage, but failed to get the data to back it up.
Intercytex was already hurting before the Phase III debacle. The developer had laid off half of the 60 staffers at its Manchester facility but noted that the cuts would leave it with enough cash to operate through the year. An attempt to raise new funds to meet the cash crunch proved futile.
- read the report from Crain's Manchester Business