Intercytex Reports Further Progress

In March 2008, Intercytex reported the latest results on its progress in the phase II clinical study of ICX-TRC. ICX-TRC is a suspension of a patient's own dermal papilla cells that is injected into the patient scalp to stimulate new hair growth. Intercytex is a frontrunner in the development of hair multiplication. The latest results are consistent with the earlier data reported last September and the hypothesis that new hair production is improved by pre-stimulation of the scalp, leading to an interaction between the injected cells and the resident hair producing cells. A couple of years back, Intercytex awarded Bosley, the largest chain of hair transplant clinics in the US, an option to negotiate an exclusive distribution agreement for ICX-TRC. This option can be exercised upon completion of the phase II clinical trial. Bosley has already transferred a small sum of US$200,000 to Intercytex as the first milestone payment, which is a sign of good progress. The next report on the phase II clinical trial, including 24-week data on all subjects in the trial, will be available in September 2008.

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