Printer Friendly

PROCYTE ANNOUNCES CONSTRUCTION HAS BEGUN ON REDMOND PLANT

 KIRKLAND, Wash., Oct. 19 /PRNewswire/ -- During a presentation before the Medical Investments Northwest Conference here today, ProCyte president and chief executive officer Joseph Ashley announced that ProCyte has begun construction of its drug substance manufacturing plant in Redmond. The company is expecting to invest about $4.5 million in the new plant.
 "Commencing construction of our new plant marks an important step in ProCyte's progress toward becoming a fully integrated pharmaceutical company," said Ashley. "We are committed to bringing this plant on line so that we can be prepared to ship drug substance as soon as our first product is approved."
 ProCyte Corp. (NASDAQ-NMS: PRCY) specializes in the development of copper therapeutic compounds, such as Iamin(R) gel, which is now in Phase III clinical studies for the treatment of diabetic neuropathic plantar ulcers. The clinical studies are expected to be completed in mid-1994, and the company plans to submit its new drug application by the end of that year.
 The 6,600-square-foot manufacturing plant is expected to be completed in first quarter next year. The plant and manufacturing processes will then require certification by the Food and Drug Administration in order for ProCyte to eventually be able to ship drug substance manufactured in the facility.
 Said Ashley, "We believe that ProCyte will be poised to be responsive to international pricing concerns for new drugs because the cost to manufacture our compounds is a fraction of that for most competitive or bioengineered technologies."
 ProCyte was established in 1986 and currently employs 54 people in its research and development facility. The company is focused on the discovery, delivery and development of copper therapeutic compounds. Ionic copper is an essential element to all living systems and the company is targeting delivery of this technology to enable the body to heal in several critical medical indications, such as wound healing and inflammatory bowel disease.
 -0- 10/19/93
 /CONTACT: Karen Hedine of ProCyte, 206-820-4548/
 (PRCY)


CO: ProCyte Corp. ST: Washington IN: MTC SU:

AL-JH -- SE011 -- 4034 10/19/93 13:50 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 19, 1993
Words:339
Previous Article:CITIZENS FIRST BANCORP, INC. REPORTS 111 PERCENT INCREASE IN THIRD QUARTER EARNINGS; FIVE-FOLD IMPROVEMENT FOR NINE MONTHS
Next Article:TIME WARNER TRADE PUBLISHING ANNOUNCES COMPUSERVE ALLIANCE
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters