Monday, May 12, 2008

Intercytex: Preliminary results for the year ended 31 December 2007

18th March 2008

Intercytex Group plc
Positive clinical data continues to be generated across product portfolio

Intercytex Group plc (LSE: ICX) today announces its results for the year ended 31 December 2007. The Company also reports new clinical data on all of its regenerative medicine products; VAVELTA®, ICX-PRO, ICX-SKN and ICX-TRC.

Intercytex is the leading developer of regenerative medicine products to restore skin and hair. The Company uses its fully integrated cell technology platform to develop living, human cell-based products, at commercially viable scale in attractive markets.

PRODUCT HIGHLIGHTS

VAVELTA® - facial rejuvenation and skin damage

Positive responses with some exceptional results being generated from field trials of VAVELTA conducted by the Clinical Practice Group
High clinician and patient satisfaction scores from three/six month data in facial rejuvenation and acne scarring Phase II trials - underlines potential of VAVELTA in rapidly growing markets
First revenues mid-2008 with commercial roll-out in UK during H2 2008
Phase II trial in burns contractures open to recruitment

ICX-PRO (cyzact®) - chronic wounds

Phase II data from diabetic foot ulcer trial of ICX-PRO shows very high healing rates
Recruitment in Phase III trial in venous leg ulcers on track for completion in Q2 with over 350 patients randomised to date, in line with previous guidance.

ICX-SKN - skin grafts for acute wounds

Data announced in June 2007 highlighted first artificial living skin graft to demonstrate full, consistent wound integration and persistence - a landmark in regenerative medicine
Follow up Phase I extension study shows continued integration of ICX-SKN at 3 months in all 6 subjects, with no evidence of rejection or wound breakdown
Phase II trial in basal-cell skin carcinoma excisions to commence in H2 2008

ICX-TRC - hair regeneration

Three and six month data from Phase II trial shows increase in hair count
Larger data set available in H2 2008

CORPORATE AND FINANCIAL HIGHLIGHTS

Placing of new shares in May 2007 raised £12m gross
Comprehensive supply agreement signed with Baxter Healthcare for use of Tisseel® in ICX-PRO and ICX-SKN
Milestone payment of US$200,000 received from Bosley under ICX-TRC option
Loss before tax for the year of £11.63m (2006: £9.23m)
Cash and cash equivalents and liquid investments at 31 December 2007 of £12.50m (2006: £10.99m)

Nick Higgins, CEO of Intercytex, commented: “Regenerative medicine, the restoration and repair of human tissues and organs, has the potential to revolutionise the treatment of patients. We now have a maturing portfolio of assets focused on skin and hair all demonstrating exciting clinical efficacy in large and growing markets. As the data continues to be reported for each of our products with highly encouraging results, it underscores the potential of our technology and the value of Intercytex in the rapidly developing field of regenerative medicine.”

There will be an analyst meeting to discuss the results today at 9.30am at the offices of Financial Dynamics at Holborn Gate, 26 Southampton Buildings, WC2A 1PB. For those unable to attend, there will be a live audio conference call, please call Claire Rowell on 0207 269 7285 for details.

Published: 18th Mar 2008 - 07:41:10
Modified: 18th Mar 2008 - 07:41:55