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PROCYTE CORP. REPORTS FIRST-QUARTER FINANCIALS

 KIRKLAND, Wash., May 14 /PRNewswire/ -- ProCyte Corp. (NASDAQ-NMS: PRCY) today announced revenue of $442,987 for the three months ended March 31, 1993. At quarter end, the company reported cash and cash equivalents of approximately $26 million.
 ProCyte reported a net loss for the first quarter of 1993 of $1,230,185, compared to a loss of $1,366,570 for the same three-month period in 1992. The net loss per common share for the three months ended March 31, 1993, was 14 cents, compared to a 23-cent loss for the same quarter in 1992.
 According to ProCyte spokesperson Karen Hedine, planned expenditures for the three months ended March 31, 1993, related primarily to continuing research and development of ProCyte's drug candidates for hair growth and chronic dermal wounds, including the company's start-up costs for its Phase III clinical trial of ProCyte's flagship drug candidate, Iamin, for treatment of diabetic plantar ulcers. Additional expenses were incurred for the company's continuing Phase I/II study of Iamin-IB for treatment of inflammatory bowel disease.
 ProCyte Corp. is a development stage pharmaceutical company located in Kirkland. The company is pursuing commercialization of its unique copper therapeutics for wound healing, tissue repair and related indications.
 PROCYTE CORP.
 SELECTED FINANCIAL DATA
 STATEMENTS OF OPERATIONS DATA
 Three Months Ended
 March 31, Dec. 31,
 1993 1992 1992
 Revenues:
 Contract R&D $ 311,672 -- --
 Interest income $ 131,315 $ 50,732 $ 240,769
 Total revenues 442,987 50,732 240,769
 Costs and Expenses:
 Research and Development 1,296,626 1,120,720 4,015,090
 General and administrative 376,546 296,582 1,656,052
 Total costs and expenses 1,673,172 1,417,302 5,671,142
 Net loss $(1,230,185) $(1,366,570) $(5,430,373)
 Net loss per common share $ (0.14) $ (0.23) $ (0.79)
 Weighted average number of
 common shares outstanding 8,673,394 6,005,157 6,871,263
 BALANCE SHEET DATA
 March 31, 1993 Dec. 31, 1992
 Current assets $26,119,437 $ 8,154,725
 Property and equipment, net 1,431,112 1,389,333
 Patents 343,037 333,422
 Other assets 150,000 199,375
 Total assets $28,043,586 $10,076,855
 Current liabilities $ 972,375 $ 771,548
 Long-term liabilities 166,846 163,882
 Stockholders' equity 26,904,365 9,141,425
 Total liabilities and
 stockholders' equity $28,043,586 $10,076,855
 -0- 5/14/93
 /CONTACT: David Fulle, director of finance, of ProCyte, 206-820-4548/
 (PRCY)


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

LM-SW -- SE001 -- 8457 05/14/93 08:31 EDT
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Publication:PR Newswire
Date:May 14, 1993
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