Intercytex to raise £12m
Cambridge cell therapy specialist, Intercytex has announced its intention to raise almost £12m through a placing to fund the continuing clinical trials of its product pipeline and the launch of its facial rejuvenation product, Vavelta, in the UK market.
The placing price of 52p per share, which represents a 13 per cent discount on the closing mid-market price of 6 p as at May 2, is expected to generate £11.4m for the firm to continue trials for its baldness cure and skin graft replacement technology.
The placing will also fund the launch of Vavelta, a facial rejuvenation product designed to enhance the skin’s collagen support matrix, on the UK market at the end of 2007.
Shares in Intercytex have seen a marginal three per cent gain, growing 2p to 62p.