Failure of Phase III venous leg ulcers candidate represented final straw for regenerative medicines company.
Intercytex has sold part of its stem cell therapeutics subsidiary, Axordia, to Pfizer for $750,000 in cash, £75,000 ($124,613) of the total payment will be held in escrow until 2010. The company has also closed its offices in the U.K. and U.S., and is now being run by its three executive directors, who are also on notice.
Intercytex started to implement cash-saving measures in January 2009, less than a month before the company announced that its lead venous leg ulcers product candidate, Cyzact®, failed in Phase III trials. Since then the company has been looking for a merger option or to sell off its assets piecemeal. Intercytex shares stopped trading on the U.K.’s Alternative Investment Market in September.