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news.Intercytex Group, a developer of regenerative medicine products, has announced that it plans to reduce headcount at the company's facilities in Manchester, UK and Boston, US of around 50% from the current level of 76 employees.
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The reduction in workforce will extend the company’s existing cash resources to fund operations until around the end of 2009. The measures are expected to be implemented with effect from March 2009.
The recent completion of the Phase III trial of Intercytex’s lead product for the treatment of chronic wounds, Cyzact, formerly known as ICX-PRO, has resulted in a requirement for significantly fewer employees.
The results of the Phase III Cyzact trial are still expected towards the end of the current quarter. The board has also taken the view that it is inappropriate for the company to be commencing new projects in the present climate.
Nick Higgins, CEO of Intercytex, said: Despite the very positive progress being made on each of our clinical programs, with the markets in their current state it has become all too evident that these restructuring actions now need to be undertaken. We look forward to announcing the Phase III Cyzact trial results within the near future and, with positive clinical results, concluding our partnering discussions.