Intercytex says ‘made excellent progress’ in 1H08
Intercytex Group plc , the regenerative medicine firm developing innovative products to restore skin and hair, said its loss before tax for the six months ended 30 June 2008 widened to £6.59m from £6.04m in 1H07.
CEO Nick Higgins said the Cambridge-based company had continued to "make excellent progress in becoming a significant player in the rapidly expanding field of regenerative medicine.
"During the period, the Company continued to achieve its milestones and has broadened the applications of its products under development.
"With a rich, late-stage pipeline, a marketed product and backing from the US Department of Defence, we are very confident of our future prospects."
Intercytex share price was unchanged after the results were released. It is now valued at just over £40m.
The company had cash and liquid investments at 30 June of £6.36m (H1 2007: £17.55m). Since then - ten days ago - it has raised £2.75m in a share placing.
Intercytex said that it was the only non-US participant in a group awarded, in 1H08, substantial funding to establish US Armed Forces Institute of Regenerative Medicine, with initial funding available to support development of ICX-SKN for burns in the US
It reported the following progress on products in the pipeline:
Cyzact (ICX-PRO) - healing chronic wounds
• Phase III trial in venous leg ulcers fully recruited; data expected to be announced around the end of Q1/2009 with filing of the BLA in the second half of that year
VAVELTA - natural repair for damaged skin
• First commercial sales in June; rollout of distribution network underway with over 15 clinics now accredited
• Treatment commenced in a third Phase II trial for burns scars (including contractures); trial extended to up to 30 patients with additional centres being enrolled
ICX-SKN - skin grafts for acute wounds
• Phase I study showed integration of graft in all 12 patients persisting for up to 6 months
• Product being reformulated for trauma and burns applications for US Phase II clinical trial as part of the AFIRM award
ICX-TRC - hair regeneration
• Data from the Phase II trial shows increase in hair count in 11 out of 14 (79%) evaluable subjects at 24 weeks
