December 22, 2008 / 8:27 AM / 11 years ago

Intercytex buys Axordia from Fusion IP

* All-share deal values Axordia at about 1.68 mln stg

* Axordia is developing stem cell blindness treatment

* Fusion IP owned 64.1 percent of Axordia

LONDON, Dec 22 (Reuters) - Intercytex ICX.L said on Monday it will issue 7 million new shares to buy stem cell specialist Axordia, which is developing a treatment for age-related blindness.

Based on Intercytex’s closing share price of 24p on Dec. 19, the deal values Axordia at about 1.68 million pounds ($2.51 million).

Axordia was previously 64.1 percent owned by Fusion IP FIP.L, the technology commercialisation company focused on the UK universities of Cardiff and Sheffield.

Cell-based product specialist Intercytex said that the acquisition would not increase its funding requirements in the short to medium term, as Axordia already benefits from significant external grant and project funding.

“Recent developments in the area of stem cell research give us increased confidence in its ability to provide a highly effective source of therapies for use in future regenerative medicine products,” said Nick Higgins, Intercytex’ CEO. (Reporting by Ben Deighton; Editing by Hans Peters)

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