Navigation
Hair Loss News Archives
January 2006
Intercytex seeks £15m on AIM to combat baldness
Jan 2006
A Cambridge biotech with potential cures for baldness, wrinkles and chronic
wounds all in clinical trials, is to raise £15 million through a float on the
London Stock Exchange’s AIM list at the beginning of February.
Based at St John’s Innovation Centre,
Intercytex will attempt to raise the money through a subscription of
approximately £4.2m from existing shareholders and a placing of approximately
£10.8m with new shareholders.
The company will use the funds to progress its pipeline of woundcare and
aesthetic products through clinical trials and into the commercial arena.
The shares due to be issued have been set at a price of 108 pence per share,
which would give the firm, on admission, a market capitalisation of
approximately £60.2m and values it at £45m currently.
Piper Jaffray Ltd is acting as nominated adviser and sole broker to the firm.
An aggregate of 13,888,889 shares will be issued in two stages. The first is
expected on 1 February 2006 and relates to dealings in the existing ordinary
shares, the shares issued in the subscription, and the 1,064,814 ordinary shares
that are being placed with certain VCTs.
It is expected that dealings in the remaining ordinary shares to be issued, the
second admission, will commence on AIM on 2 February 2006.
Intercytex works on the development of cell therapy products for the
woundcare and aesthetic medicine markets. Its proprietary expertise is in cell
therapy, which is being applied to create products that harness the innate
ability of human cells to regenerate and repair the body.
The firm has three products in clinical development and a fourth product in
pre-clinical studies. These products are:
• ICX-PRO, the lead product for the treatment of leg ulcers, currently in a
multi-centre Phase III trial in the US, UK and Canada and expected to be
completed in the first half of 2007. The results of the Phase II trial indicated
good efficacy and beneficial performance characteristics;
• ICX-TRC, for hair regeneration in male-pattern baldness, has completed a Phase
I safety trial and applications are being prepared to commence a Phase II
efficacy trial in mid-2006;
• ICX-RHY, for the treatment of wrinkles, is currently in a Phase I trial in the
UK and it is expected that a Phase II trial will commence here in mid-2006.
• ICX-SKN, in development as a living skin substitute, is expected to commence a
Phase I trial in the second half of 2006.
Nick Higgins, chief executive of Intercytex, said: “We are pleased by the
demonstration of strong support for the company by both existing and new
investors. The woundcare and aesthetic medicine markets are underserved and
there is a real need for new products with high levels of efficacy which are
simple to manufacture and store, and easy to use.
“We believe that the products being developed within
Intercytex can satisfy these market needs and we plan to use the funds
raised in the IPO to develop and commercialise our pipeline products, to create
a broad-based, novel woundcare and aesthetic medicine business.”
Intercytex was incorporated in 2000, employs around 65 staff and also has
offices in Manchester and Boston, USA. It has raised £28m since its original
seed funding of £1.4m, invested by Avlar BioVentures and Johnson & Johnson
Development.
Other existing investors include: Merlin Biosciences, Cambridge Gateway, 3i,
Temasek V Sciences Investments, NIF Ventures and Scottish Equity Partners.