Tissue therapy specialist raises £12 million

Institutional placement

Intercytex Group plc, a specialist in aesthetic medicine and tissue repair, is raising £12 million in a placing with institutional investors in the UK and continental Europe. The Manchester-based company is placing 23.1 million shares at 52 pence each, a discount of 13.3 per cent.

The funds will allow Intercytex intends to launch of its anti-wrinkle product, Vavelta, in the UK; complete the Phase III trial for ICX-PRO in treating diabetic ulcers and file for US approval; continue the Phase II programmes for Vavelta and ICX-TRC, a treatment for male pattern baldness; and conduct further trials for ICX-SKN, a skin graft replacement.

Nick Higgins, chief executive of Intercytex, said, “The funds raised will allow us to complete a number of key value-driving steps, including the market launch of our first product, Vavelta, and the completion of the Phase III trial for ICX-PRO.”