Strategic Update

 

TIDMICX 
 
RNS Number : 8700U 
Intercytex Group plc 
01 July 2009 
 

1 July 2009 
 
 
Intercytex Group plc - update on strategic review 
 
 
Intercytex Group plc (LSE: ICX) ("Intercytex") today provides an update on the 
progress of its strategic review. 
 
 
Whilst the Company continues to be in detailed discussions with a number of 
parties, and has received offers to acquire certain parts of the business, the 
Directors do not currently expect that an offer to acquire the whole business in 
a single transaction will be forthcoming from any of the parties currently 
engaged in the process. On this basis, the Company has received confirmation 
that they are no longer in an Offer Period for the Purposes of the City Code on 
Takeovers and Mergers. 
 
 
Discussions for the acquisition of certain parts of the business of Intercytex 
are progressing, although the sum total of indicative offers received to date is 
significantly lower than the current market capitalisation of the Company. 
 
 
As part of the strategic review, and to further control costs and preserve the 
Company's cash resources, the Company will shortly commence a 30 day 
consultation period with employee representatives to propose a further reduction 
in headcount at the Company's facilities in Manchester and Cambridge UK. The 
Company may also need to reduce headcount at its Boston facility in the US. 
 
 
 
 
Enquiries 
 
 
For more information, contact: 
 
 
+--------------------------------------------+--------------------------------------------+ 
| Intercytex Group plc                       |                                            | 
+--------------------------------------------+--------------------------------------------+ 
| Nick Higgins, Chief Executive Officer      | Tel: [phone]                         | 
+--------------------------------------------+--------------------------------------------+ 
| Max Herrmann, Chief Financial Officer      |                                            | 
+--------------------------------------------+--------------------------------------------+ 
|                                            |                                            | 
+--------------------------------------------+--------------------------------------------+ 
| Financial Dynamics                         |                                            | 
+--------------------------------------------+--------------------------------------------+ 
| Jonathan Birt                              | Tel: [phone]                         | 
+--------------------------------------------+--------------------------------------------+ 
| Emma Thompson                              | Tel: [phone]                         | 
+--------------------------------------------+--------------------------------------------+ 
|                                            |                                            | 
+--------------------------------------------+--------------------------------------------+ 
| Piper Jaffray Ltd                          |                                            | 
+--------------------------------------------+--------------------------------------------+ 
| Will Carnwath                              | Tel: [phone]                         | 
+--------------------------------------------+--------------------------------------------+ 
 
 
 
 
Notes for Editors 
 
 
Intercytex is a regenerative medicine company developing innovative products to 
restore skin and hair. Intercytex is using its fully integrated cell technology 
platform to develop products that harness the innate ability of human cells to 
regenerate and repair the body. 
 
 
Intercytex has four products in development: 
 
 
  *  VAVELTA , a skin repair and rejuvenation product intended to improve the feel, 
  function and appearance of skin damaged by scarring and the aging process, and 
  available from a number of accredited centres in the UK 
  *  SHEF-1, development of a stem cell line suitable for differentiation into RPE 
  cells, being carried out in collaboration with the London Project to Cure 
  Blindness 
  *  ICX-TRC, a hair regeneration product. Phase II trial completed 
  *  ICX-SKN, being developed as a skin graft replacement for burns and acute wounds, 
  Phase I trials completed 
 
 
 
Intercytex commenced operations in 2000 and currently employs around 40 staff. 
In addition to its head office in Cambridge, UK, it has GMP compliant clinical 
production facility plus research and development laboratories in Manchester, 
UK. Additional laboratories are located in Boston, US and Sheffield, UK. 
 
 
Intercytex' shares trade on the Alternative Investment Market of the London 
Stock Exchange under the ticker symbol ICX.L. 
 
 
Additional information on the Company can be found at www.intercytex.com 
 
 
Statements contained within this press release may contain forward-looking 
information or statements with respect to the financial condition, results of 
operations and business achievements/performance of Intercytex and certain of 
the plans and objectives of management of Intercytex with respect thereto. By 
their nature, forward-looking statements involve risks and uncertainties that 
may cause actual results to vary from those contained in the forward-looking 
statements. In some cases, you can identify such forward-looking statements by 
terminology such as 'may', 'will', 'could', 'forecasts', 'expects', 'plans', 
'anticipates', 'believes', 'estimates', 'predicts', 'potential', 'continue' or 
similar expressions.  A number of factors, including the satisfactory progress 
of research and development, could cause Intercytex' actual financial condition, 
results of operations and business achievements/performance to differ materially 
from the estimates made or implied in such forward-looking statements and, 
accordingly, reliance should not be placed on such statements. Forward 
projections reflect management's best estimates based on information available 
at the time of issue and are not a guarantee of future performance. Other than 
as required by applicable law, Intercytex does not undertake any obligation to 
update or revise any forward-looking information or statements to reflect events 
or circumstances after the date of this release. 
 
 
The term "Intercytex" refers to Intercytex Group plc and its subsidiary 
undertakings. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
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