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HOME arrow Life Sciences arrow R&D costs multiply losses for cell regeneration firm arrow Registration
R&D costs multiply losses for cell regeneration firm
Written by Sam Fountain   
Tuesday, 18 March 2008
ImageCambridge cell therapy specialist, Intercytex has posted widened losses for the year to December, after expanded clinical trials took R&D costs up by 12 per cent.

The Cambridge based developer of regenerative medicine products to restore skin and hair said that pre-tax loss had widened to £11.6m, up from a restated £9.2m last year, driven by increased research and development costs which rose to £9.62m.

It said that the year had been a successful one, despite the widened loss, and featured a £12m placing in May, along with a comprehensive supply agreement signed with Baxter Healthcare for use of Tisseel in Intercytex's ICX-PRO and ICX-SKN products.

The year also saw a $200k (£100k) milestone payment from Bosley under its ICX-TRC option, and the company posted cash and equivalents of £12.5m at the end of December.

"We now have a maturing portfolio of assets focused on skin and hair all demonstrating exciting clinical efficacy in large and growing markets," said CEO, Nick Higgins.

"Regenerative medicine, the restoration and repair of human tissues and organs, has the potential to revolutionise the treatment of patients, and as the data continues to be reported for each of our products with highly encouraging results, it underscores the potential of our technology and the value of Intercytex in the rapidly developing field of regenerative medicine."

Shares in the firm remained static at 51p.
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