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Intercytex Preliminary results for the year ended 31 December 2006

Preliminary results for the year ended 31 December 2006
23rd March 2007

Intercytex Group plc (LSE: ICX) announces its unaudited preliminary results for the year ended 31 December 2006.

Intercytex is the leading cell therapy company focused on high impact treatments to restore and regenerate skin and hair. Intercytex uses its fully integrated cell technology platform to develop living, human cell-based products, at commercially viable scale in attractive markets.

Highlights

Products

Good recruitment progress in Phase III trial of ICX-PRO for venous leg ulcers
Commencement of Phase II trial of ICX-PRO in diabetic foot ulcers
Successful completion of Phase I trial of ICX-RHY for facial rejuvenation
Commencement of Phase II trial of ICX-TRC for male pattern baldness
£1.85m grant to automate production of ICX-TRC
MHRA confirmation that ICX-RHY can currently be sold in the UK without a marketing authorisation

Corporate

Successful listing on AIM in February 2006, raising £13.7 million (net of expenses)
Successful GCP inspection by MHRA
Senior management strengthened with appointment of Jan Benschop to Vice President Commercial Development

Financial

Loss before tax for the year ended 31 December 2006 of £9.2m (2005: £7.2m) resulting from an increase in R&D expenditure to advance the product portfolio
Cash and liquid resources at 31 December 2006 of £11.0 million (2005: £5.7m)

Post year end highlights

Start of Phase II trial of ICX-RHY for facial rejuvenation
Start of Phase I trial of ICX-SKN for autograft replacement
Completion of recruitment and biopsies for first cohort in Phase II trial of ICX-TRC
Data & Safety Monitoring Board recommendation to continue ICX-PRO Phase III trial and increase sample size, based on a review of data from the first 50% of patients

Nick Higgins, CEO commented: "Over the past 12 months we have completed a considerable amount of commercial and clinical preparatory work. In particular I am pleased to report today that the DSMB has now reviewed the data from over 100 patients in the Phase III trial of our lead product, ICX-PRO for venous leg ulcers, and it has recommended the continuation of the study. The foundations have been laid for a series of value generating events in 2007 as clinical trial data is reported on all four of our products and the first sales of our facial rejuvenation product, Vavelta, are achieved.”

Enquiries

For more information, contact:

Intercytex Group plc
Nick Higgins, Chief Executive	Tel: 0161 904 4500
Richard Moulson, Chief Financial Officer	Tel: 0161 904 4523


Financial Dynamics
David Yates	Tel: 0207 269 7156
Anna Keeble	Tel: 0207 269 7182

Published: 23rd Mar 2007 - 14:34:21
Modified: 23rd Mar 2007 - 14:35:15