News

Regenerative medicine developer Intercytex has appointed Max Herrmann as chief financial officer with effect from 19 September 2008.

Herrmann joins Intercytex from Fusion IP plc, the university IP commercialisation company, where he has held an independent consulting role for the last 12 months. Prior to that, he spent over 10 years as a sell-side equity analyst and before that was a financial controller at Onyx Pharmaceuticals.

"We are delighted to welcome Max to the Intercytex team. His strong financial background and experience in the City combined with his deep scientific understanding of our sector brings a wealth of knowledge and expertise to Intercytex, and I am certain that he will make a major contribution to the company's future growth and development," said chief executive officer Nick Higgins.

GMO Limited, an AIM-listed, said revenue was considerably lower in the first half due to the challenging operating environment for wireless service providers in Chine.

"Nonetheless, our businesses have gradually stabilized during the second quarter. We remain committed to seeking the best possible opportunities and outcomes for the benefit of our shareholders, including the pursuit of potential strategic investments and synergistic collaborations," it said.

First half revenue fell to $1.81m from $5.39m before which resulted in a pre-tax loss of $1.69m from the $569m profit in the same period last year.

Shares in Azure Dynamics jumped after the hybrid electric powertrains developer said is to raise C$25 (Canadian dollars) through a private placement.

The group said it is offering up to 100,000 shares at a price of C$0.25p each to finance its product development and the commercialisation of its products.

The Local Radio Company has sold its 64% holding in Central FM for £575,000 in cash to John Quinn, chairman of Central FM, who already owns 11% of the station.