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PROCYTE CORP. REPORTS SECOND QUARTER FINANCIALS

    KIRKLAND, Wash., Aug. 13 /PRNewswire/ -- ProCyte Corp. (NASDAQ-NMS: PRCY) today announced revenue of $474,270 and $917,257 for the three- and six-month periods ending June 30, 1993, respectively. This includes $317,485 and $629,157 for the three- and six-month periods respectively, in research and development fees earned from Kaken Pharmaceutical Co. Ltd.  Kaken is ProCyte's partner for the development of its hair growth technology in Asia.
    At quarter end, the company reported cash and cash equivalents of approximately $24.0 million, and working capital of approximately $23.3 million.
    ProCyte reported a net loss for the second quarter of 1993 of $1,788,346 compared to a loss of $1,359,683 for the same three-month period in 1992.  For the six-month period ending June 30, the net loss was $3,018,531 in 1993 compared to a loss of $2,726,253 in 1992.
    The net loss per common share for the three months ended June 30, 1993, was 18 cents, compared to a 21 cent loss for the same quarter in 1992.  The net loss per common share for the six-month period ended June 30 was 33 cents in 1993 compared to a 43 cent loss in 1992. The company reports a printing error in the recently mailed second quarter shareholder report which incorrectly lists the net loss per share data for the three- and six-month periods reported.
    According to ProCyte spokesperson Karen Hedine, expenditures for the three- and six-month periods ending June 30, 1993, related primarily to the company's continuing research and development activities for its drug candidates to treat diabetic plantar ulcers, inflammatory bowel disease and promote hair growth.  These expenditures include staff additions, drug supplies and costs related to the clinical trials, particularly for the Phase III studies now in progress for the company's Iamin wound healing gel.  In addition, the company has incurred increased expenses due to the expansion of its licensing and corporate communications efforts.
    ProCyte Corp. is a development stage pharmaceutical company located in Kirkland.  The company is pursuing commercialization of its unique copper therapeutic compounds for wound healing, tissue repair and related indications.
                         PROCYTE CORP.
                    SELECTED FINANCIAL DATA
                 STATEMENTS OF OPERATIONS DATA
                    Three Months           Six Months          Dec. 31,
                    Ended June 30,        Ended June 30,         1992
                  1993        1992       1993        1992
      Revenues
    Contract
      R&D    $  317,485         ---  $  629,157         ---         ---
    Interest
      income    156,785   $  55,533     288,100  $  106,265  $  240,769
    Total
      revenues  474,270      55,533     917,257     106,265     240,769
      Costs and
         expenses
    Research and
      develop-
      ment    1,756,820   1,053,190   3,053,446   2,173,910   4,015,090
    General and
      adminis-
      trative    505,796    362,026     882,342     658,608   1,656,052
    Total costs
      and ex-
      penses  2,262,616   1,415,216   3,935,788   2,832,518   5,671,142
    Net loss($1,788,346)($1,359,683)($3,018,531)($2,726,253)($5,430,373)
    Net loss
      per common
      share      ($0.18)     ($0.21)     ($0.33)     ($0.43)     ($0.79)
    Weighted average
      number of
      common shares
      outstand-
      ing     9,820,769   6,553,808   9,250,353   6,276,477   6,871,263
                          BALANCE SHEET DATA
                               Three Months Ended            Dec. 31,
                                 June 30, 1993                 1992
    Current assets                 $24,179,217            $ 8,154,725
    Property and equipment, net      1,486,990              1,389,333
    Patents                            351,306                333,422
    Other assets                       150,000                199,375
    Total assets                   $26,167,513            $10,076,855
    Current liabilities            $   852,459            $   771,548
    Long-term liabilities              169,811                163,882
    Stockholders' equity            25,145,243              9,141,425
    Total liabilities and
      stockholders' equity         $26,167,513            $10,076,855
    -0-             08/13/93
    CONTACT: Karen L. Hedine, vice president, ProCyte, 206-820-4548
    (PRCY) CO:  PROCYTE CORP. IN:  MTC SU:  ERN ST:  WA


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Date:Aug 13, 1993
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