Intercytex phase III trials for leg ulcer treatment fail; says pipeline remains robust but flags merger, sale as options
Intercytex Group plc said the Phase III study of Cyzact for the treatment of venous leg ulcers has failed show a statistically significant increase in complete wound closure at up to 12 weeks compared to four layer compression bandaging alone.
As a result, the Board will review all strategic options for the Company. It said options under review include a possible merger or sale of the business.
CEO Nick Higgins said: "The results are disappointing, given the encouraging results of earlier studies.
"Based on these results we have decided to end further development work on Cyzact.
"However, our pipeline of other products remains robust. Feedback from clinicians using Vavelta gives us increasing confidence in its potential in aesthetics and regenerative medicine.
"In addition, final Phase II results of ICX-TRC in hair regeneration are expected by the end of Q1 2009.
"The recent acquisition of Axordia also provides us with world class stem cell technology and a leading collaboration with the London Project to Cure Blindness.
"With ICX-SKN, our skin graft replacement for burns and acute wounds, fully funded by the US Armed Forces Institute of Regenerative Medicine, we have an exciting portfolio of regenerative medicine products."
The stock market did not take kindly to the news and sold Intercytex down to new lows. The Cambride-based firm has a market capitalisation now of around £4.22m.
