Press Releases

Intercytex Group plc - Preliminary results for the year ended 31 December 2005

Intercytex Group plc (LSE: ICX) announces its preliminary results for the year ended 31 December 2005.

Intercytex is an emerging healthcare company developing cell therapy products for the wound care and aesthetic medicine markets.  It uses its proprietary expertise in cell therapy to develop products that harness the innate ability of human cells to regenerate and repair the body.

Highlights

Products

• Positive Phase II trial results announced for ICX-PRO for chronic wounds.
• Commencement of Phase III trial for ICX-PRO for chronic wounds.
• Completion of Phase I trial for ICX-TRC for male pattern baldness.

Corporate

• Nick Higgins appointed Chief Executive Officer in January 2005.
• John Aston and Alan Suggett appointed as non-executive directors.
• Manchester facility passed MHRA GMP inspection.

Financial

• Financing round completed in July 2005 raising £7.9 million (net of expenses).
• Loss before tax for the year ended 31 December 2005 of £7.2m (2004: £5.1m).
• Cash and liquid resources at 31 December 2005 of £5.7 million (2004: £1.8m).

Post year end highlights

• Successful listing on AIM in February 2006, raising £13.7 million (net of expenses).
• Commencement of Phase I trial of ICX-RHY for facial rejuvenation.

Nick Higgins, CEO commented:  “During 2005 Intercytex achieved major advances in its product development programmes which laid the foundations for our successful AIM listing in February this year. We now have a well-funded company with experienced management and a robust pipeline of cell therapy products.” 

Enquiries

For more information, contact:

Notes for Editors

Intercytex is an emerging healthcare company developing and commercialising cell therapy products for the woundcare and aesthetic medicine markets.  Intercytex is using its proprietary expertise in cell therapy to develop products that harness the innate ability of human cells to regenerate and repair the body.

Intercytex has four products in development in two business areas:

• Woundcare
  • ICX-PRO, designed to stimulate active repair in chronic wounds - in a Phase III trial.
  • ICX-SKN,being developed as a durable and robust skin replacement - due to start a Phase I trial during 2006.

• Aesthetic medicine
  • ICX-TRC, a hair regeneration product - due to commence Phase II trials in mid-2006.
  • ICX-RHY, a facial rejuvenation product - in a Phase I trial.

All Intercytex’ products are derived from unmodified, human cells.

Intercytex commenced operations in 2000 and currently employs around 65 staff.  Prior to flotation it raised over £27 million in four private equity financing rounds.  In addition to its head office in Cambridge, UK, it has a GMP clinical production facility with research and development laboratories in Manchester, UK.  Additional laboratories are located in Boston, USA.

Intercytex’ shares were admitted for trading on the Alternative Investment Market of the London Stock Exchange on 1 February 2006 under the ticker symbol ICX.L.

Statements contained within this press release may contain forward-looking information or statements with respect to the financial condition, results of operations and business achievements/performance of Intercytex and certain of the plans and objectives of management of Intercytex with respect thereto. By their nature, forward-looking statements involve risks and uncertainties that may cause actual results to vary from those contained in the forward-looking statements. In some cases, you can identify such forward-looking statements by terminology such as ‘may’, ‘will’, ‘could’, ‘forecasts’, ‘expects’, ‘plans’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’, ‘continue’ or similar expressions.  A number of factors, including the satisfactory progress of research and development, could cause Intercytex' actual financial condition, results of operations and business achievements/performance to differ materially from the estimates made or implied in such forward-looking statements and, accordingly, reliance should not be placed on such statements. Forward projections reflect management’s best estimates based on information available at the time of issue and are not a guarantee of future performance. Other than as required by applicable law, Intercytex does not undertake any obligation to update or revise any forward-looking information or statements to reflect events or circumstances after the date of this release.

The term "Intercytex" refers to Intercytex Group plc and its subsidiary undertakings.

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