Intercytex winds down with sale of skin care and hair restoration brands
The company is looking for a buyer for its ICX-TRC hair regeneration brand, together with its ICX-SKn and Cyzact wound healing brands.
In parallel the company will be re-registered as a private business under the name Regenerative Medicine Assets, which is a prelude to winding down operations as no buyer was found during the course of the year.
The de-listing is expected to take place in the second week of January, following a December 23rd board meeting, when the board of directors will resign, leaving four non-executive directors.
Jump from laboratory to market proved difficult
Although the company had garnered significant interest from its research and development work, making the jump from the laboratories to marketing the products was more problematic.
The company says that the main reason for the failure of the business was that it was unable to secure a buyer for the whole business.
Back in July it announced that it had been able to sell off part of its assets, and a deal was confirmed to sell its Axordia subsidiary to Pfizer for $750,000 (£460,000).
Axordia evolved primarily to focus on the development of stem cell therapies for human diseases and served in the development of one of Intercytex’s four principle brands, SHEF-1, which treats retinal disorders.
Brands may still live on
The other three brands include Valveta, a skin rejuvenation product aimed at treating scarring and wrinkles; together with the ICX-SKN and Cyzact brands and the ICX-TRC brand.
The sale of the Axordia division is expected to enable the company to sustain ongoing operational costs, but are not sufficient to continue with the development its brands.
The company added that it is close to selling off its ICX-TRC hair rejuvenation brand, together with its ICX-SKN wound healing brand and that any excess funds resulting from the sale will be returned to share holders.
