Intercytex Share Discussion Threads

[whibbled] 15/8/2011 23:18

Paul Kemp, Intercytex chief executive, said the company "nearly disappeared" as the recession and disappointing trial results with another product forced it to sell all its assets. But, a business angel – Regenerative Solutions – stepped in and the business relaunched last November.




Gosh! A business angel! Who would have thought that?

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"Fibroblasts also make elastin, a protein that allows the skin to snap back to its original shape after being pulled or stretched like a rubber band, as well as hyaluronic acid, which locks moisture in the skin, keeping it supple and plump"
"Each vial costs approximately 750 pounds, or $1,000], according to the company spokesperson"

Rich pickings! Business angel and merchant banker then?

[whibbled] 27/5/2011 10:42

AIMing to de-list?




An interesting read, particularly towards the end of the article.

[buff 1314] 24/5/2011 12:57

Halifax just confirmed my regenerative medicine shares have no value.

[whibbled] 05/5/2011 11:22

INFORMATION from The London Gazette................

Date: 18 April 2011 Issue Number: 59760 Page number: 7418
Publication Date: Monday, 18 April 2011

Notice Code: 2431

Resolutions for Winding-up

REGENERATIVE MEDICINE ASSETS LTD

(Company Number 05340010)

Notice is hereby given, as required by Section 85(1) of the Insolvency Act 1986, that Resolutions to Wind Up the Company and to appoint a Liquidator have been passed.

The Resolutions were passed by the Members on 11 April 2011.

Special Resolution

1. That the Company be wound up voluntarily.

Ordinary Resolution

2. That David Sydney Merrygold and Stephen Paul Holgate of PKF (UK) LLP, Accountants and Business Advisers, be appointed as Joint Liquidators for the purpose of the voluntary winding up and are empowered to act jointly and severally.

David Sydney Merrygold (IP Number 6494) of PKF (UK) LLP, 16 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ and Stephen Paul Holgate (IP Number 7991) of PKF (UK) LLP, Farringdon Place, 20 Farringdon Road, London EC1M 3AP were appointed as Joint Liquidators of the Company on 11 April 2011. The Company's registered office is 16 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ and the Company's principal trading address is Innovation House, Oaks Business Park, Crewe Road, Manchester, M23 9QR.

Further information about this case is available from the offices of PKF (UK) LLP on 01473 320700.
(1344811)

[whibbled] 01/5/2011 21:37

And so life goes on at this nouveaux riche CAMBRIDGE company.

Now with a 3.5 million dollar grant from the British Government!











I assume that somebody has told our Government that they've moved!

[the_doctor] 28/4/2011 11:58

'I assume you knew about this?'

no. I dont really follow stem cells, but was aware of the long-standing views against embryonic. Is there not a general move to non-embryonic, or are embryonic still key?

[hyper al] 28/4/2011 11:34

the_doctor

Yep, I know, I'm just highlighting it, I assume you knew about this? I have only just seen it.

[the_doctor] 28/4/2011 11:32

EMBRYONIC stem cells

[hyper al] 28/4/2011 11:29

This is an absolute disgrace!

Could put a stop to Stem Cell research. Really annoyed!

[the_doctor] 19/4/2011 18:16

'Why the heck should we'

well hyper, since it's you that wants to find out more


'So why did the company restrain from releasing that news?'

perhaps because given the writing was on the wall, people like you would have argued afterwards that you were misled by them releasing positive news.

'Why did the company not use that positive development for fund raising?'

because there was no longer a business!


'Yes we all know it's high risk, but if you can't asses the risk because shareholders are kept in the dark'

you werent kept in the dark. Everything rested on a Phase III study. That failed and these were the consequences - sorry


'why did the company then sell their most valuable asset to Pfizer for just £750k and us share holders received NONE of it'

creditors

Like I said Hyper. If YOU want full answers to these questions, ask the people involved directly IMO.

[hyper al] 19/4/2011 18:11

the_doctor

Why the heck should we have to contact these people for info that they should have made available to shareholders. Yes anyone can phone the directors or whoever, but it is they, that should have informed their shareholders of what was happening prior to suspension. They did not.

The fact that Pfizer announced support for the London project, should have been a big positive for the company, they only announced that in an RNS after being pushed by shareholders when the news was reported in the press and sent the share price rocketing and continued up after the RNS. So why did the company restrain from releasing that news? Why did the company not use that positive development for fund raising? and then the big question, why did the company then sell their most valuable asset to Pfizer for just £750k and us share holders received NONE of it!

I have taken the loss, it's not a problem, but this company has done more damage to UK investment in Stem Cell research than any other UK company in this field. I see absolutely no benefits for UK investors in this sector. Yes we all know it's high risk, but if you can't asses the risk because shareholders are kept in the dark, then it is just money down the drain!

My last word on this matter.

Goodbye £7.5k or whatever it was, it's now gone from my screen!

[the_doctor] 24/3/2011 13:50

whibbled - I dont recall saying my advice was 'expert' here
I simply wanted to suggest something more constructive than most of the daft, paranoid 'they screwed us over' comments

[digger27] 24/3/2011 11:10

Orderly liquidation is best for the Board not us unruly shareholders! The only time they needed the likes of us was to keep the share price buoyant to ensure their salaries were being met.
Ten minutes in a locked room with a few of us is what they need and deserve.

Max is helping to set the SLN share price alight as well I see.

[whibbled] 23/3/2011 22:03

Following my emails to the Joint Liquidators (and whilst writing 2564 above)the following copy of a letter to shareholders was forwarded to me by Max Herrmann.......

LETTER FROM THE DIRECTORS OF REGENERATIVE MEDICINE ASSETS LIMITED
(Incorporated and registered in England and Wales with registered number 5340010)
Directors:
Ian Kent, Non-Executive Chairman
John Aston, Non-Executive Director
Nick Higgins, Non-Executive Director
Max Herrmann, Non-Executive Director
Registered Office:
C/O PKF UK LLP Farringdon Place
20 Farringdon Road
London EC1M 3AP
14 March 2011
Dear Shareholder
Introduction
Regenerative Medicine Assets Limited (formerly Intercytex Group Plc) has now completed the sale of all
assets detailed in its circular to shareholders dated 7 December 2009 ('the Circular'). The Directors
appreciate that this has been a protracted process and wish to thank shareholders for their patience.
Disappointingly, consideration received for the sale of the Company's assets was low. In particular,
proceeds from the sale of ICX-TRC to Bosley were significantly below the initial indicative offer. In
addition, a major milestone related to the transfer of the Company's Armed Forces Institute of
Regenerative Medicine (AFIRM) grant to DFB Healthpoint was not achieved by 30th January 2011, the
date after which payment of the milestone no longer became due. Waiting for this milestone has been the
major issue in delaying the liquidation of the Company. As a result of the above factors, the Company has
been left with insufficient cash to settle all outstanding creditors. However, in order to achieve a solvent
liquidation of the Company, certain creditors have agreed to reduce their claims.
The Directors will therefore swear a declaration as to the Company's solvency and now recommend to
shareholders in the Company to place the Company into Members' Voluntary Liquidation ("MVL").
Whilst the MVL will not result in a distribution to shareholders, it will enable the Company to be
liquidated in an orderly process and allow shareholders to recognize their losses.
Members' Voluntary Liquidation
MVL is a voluntary winding up procedure that can be adopted by the Directors where they are able to
swear a declaration as to the Company's solvency and subsequently receive the required approval of
Shareholders by way of Special Resolution. In an MVL it is anticipated that all of a Company's creditors
will be paid in full.
An MVL should not be confused with an insolvent liquidation, which takes place where a company is
unable to pay its debts and is insolvent. The Directors have confirmed that the Company has sufficient
cash resources to pay all its creditors.
The Board proposes to appoint David Merrygold and Stephen Holgate of PKF (UK) LLP, 20 Farringdon
Road, London EC1M 3AP as joint liquidators (the "Joint Liquidators") of the Company.
Please note that share transfers following the commencement of the MVL are prohibited, save with the
express consent of the joint liquidators.
In the event that the Resolution for the MVL is not passed by the necessary majority at the General
Meeting ('GM'), the directors will have no option but to commence proceedings to place the Company
into either Compulsory Liquidation or Creditors Voluntary Liquidation, insolvent procedures.
General Meeting
The notice convening the GM to be held at the offices of PKF (UK) LLP, Farringdon Place, 20 Farringdon
Road, London, EC1M 3AP at 12.00 a.m. on 30 March 2011 is set out at the end of this document. The
purpose of GM is to authorise the following resolutions, by way of Special and Ordinary Resolutions:
• the voluntary winding up of the Company and appointment of David Merrygold and Stephen
Holgate of PKF (UK) LLP as joint liquidators (the "Joint Liquidators") of the Company for the purposes
of the MVL and to authorise them to act jointly and severally ;
• the Joint Liquidators be authorised to exercise such powers as may be necessary for the purposes of
the liquidation under the provisions of the Insolvency Act; and
• to determine the basis of the Joint Liquidators'remuneration.
Action to be taken
A Form of Proxy for use at the GM is enclosed. If you are a Shareholder you are advised to complete and
return the form in accordance with the instructions printed on it so as to arrive at the Company's registrars,
Capita Registrars, Proxies Department, PO Box 25, Beckenham, Kent BR3 4BR, UK as soon as possible,
but in any event no later than 12.00 a.m. on 28 March 2011.
The return of a Form of Proxy does not preclude you from attending and voting at the GM if you so wish.
Recommendations
The Board believes the MVL to be in the best interests of the Company and its Shareholders as a whole.
Accordingly, the Board unanimously recommends that the Shareholders vote in favour of the Resolutions
at the GM as they will be doing with all their own shares.
Yours faithfully
Ian Kent
Chairman

Contact email: [e-mail]

[whibbled] 23/3/2011 21:16

@ the_doctor

I see that you have popped in again to offer your 'expert advice'

Having been savvy enough to unload two thirds of my holding (albeit at a loss) in the two days before the shares were suspended, my loss on unsold shares only amounts to 9.5k and I have accepted this as a fact of life.

I have no doubt that the disposal of assets was carried out legally and after the BoD had taken advice from professional advisers.

My only need is for 'closure' of the matter, in a written format acceptable by HMRC as proof of loss for CGT purposes.

[jotoha2] 23/3/2011 20:12

The doctor ....you are clearly one of the brightest guys I have ever seen on these boards , wherever did you learn these amazing skills of yours.

[tonyknaggs] 23/3/2011 19:44

from Max herrman - unsolicited email received today.....

Dear Tony,

Regenerative Medicine Assets Limited (formerly Intercytex Group Plc) is expected to be liquidated by way of a members' voluntary liquidation. However, there are no assets left in the company and therefore there will not be a distribution to shareholders as a result of the liquidation. We ask shareholders to vote in favour of the liquidation only to avoid an otherwise insolvent liquidation.


Kind regards,


Max Herrmann
Director

[the_doctor] 23/3/2011 19:30

I'd suggest calling people where possible
You'll find out more.

You could even call the creditors
Why would they accept less than what they were owed if it was a scam?

What about any insts that held this, what do they say?

I also posted the name of one of the main investors in the new company. What about them?

IMO there was nothing untoward here, sorry.