Sheffield Stem Cell Company Axordia Sold To Intercytex Group

White Rose Technology Seedcorn Fund and Fusions IP plc have announced the sale of Sheffield-based stem cell company Axordia to Intercytex Group plc.

Axordia is a spin-out company from the University of Sheffield and is now one of the UK 's leading human embryonic stem cell (HESC) companies. Human embryonic stem cells offer substantial opportunities in the drug discovery and toxicology arenas as well as the potential to cure chronic and degenerative diseases.

David Milroy of Aberdeen Asset Managers who manage the White Rose Technology Seedcorn Fund said: “Axordia is a first-class example of how a relatively young university spin-off company, with the right level of business support and financial backing, can make important technological advancements. Its sale to Intercytex will bring about a major development in stem cell applications which will have positive implications for people across the world.”

Intercytex is a healthcare company using its proprietary cell therapy technology to develop innovative regenerative medicine products to restore skin and hair. Intercytex commenced operations in 2000 and currently employs around 75 staff. In addition to its head office in Cambridge , it has its own clinical production facility plus research and development laboratories in Manchester . Additional laboratories are located in Boston , USA .

Commenting on the announcement, David Baynes, CEO of Fusion IP, the university IP commercialisation company that turns world class university research into business, said: “We are very pleased to announce this transaction which combines the Axordia operation with Intercytex and gives Axordia a better opportunity to realise its maximum potential. We recognise that Intercytex offers exciting prospects ahead in the stem cell medical arena and therefore believe that the structure of this deal increases the long-term potential for value creation for our shareholders.”

Nicholas Sleep, CEO of Axordia said: “Having Intercytex, a leader in regenerative medicine, recognise the potential of Axordia and take forward our research, enables the company to move to the next stage of its development. We look forward to working with Intercytex's world-leading scientific team.”