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PROCYTE CORP. REPORTS THIRD QUARTER FINANCIALS; CLINICAL PROGRAMS PROGRESSING ON SCHEDULE

 KIRKLAND, Wash., Oct. 29 /PRNewswire/ -- ProCyte Corp. (NASDAQ-NMS: PRCY) reported revenues of $398,503, and a net loss of $2,214,562, or 23 cents per share, for the third quarter ended Sept. 30, 1993.
 These results compared with revenues of $76,354, and net loss of $1,271,594, or 17 cents per share, for the third quarter ended Sept. 30, 1992.
 At quarter end, the company reported cash and cash equivalents of approximately $22.3 million, and working capital of approximately $21.1 million.
 "We are working within our established budget for 1993 and proceeding on schedule in the clinical testing of our two lead drug candidates," said Joseph Ashley, ProCyte's president and chief executive officer. "While we continue to expand our proprietary technology pipeline, we are also tightly controlling expenses."
 "We are well on our way to becoming a fully integrated pharmaceutical company," said Ashley. "ProCyte's Phase III clinical study of its investigational wound healing drug, Iamin(R) gel, is on target for patient enrollment. The company plans to test approximately 500 diabetic patients with non-healing plantar ulcers in the study. We plan to initiate human testing of this cost effective wound healing drug for other chronic dermal wound indications, such as pressures sores, in the near future."
 "We also have a treatment for inflammatory bowel disease, the Iamin-IB(TM) compound, in Phase I/II studies. In addition to these clinical developments, the company has commenced construction of its drug substance manufacturing plant, which we hope to have on line for our first product launch."
 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.
 (A DEVELOPMENT STAGE COMPANY)
 SELECTED FINANCIAL DATA
 Three months ended Nine months ended
 Sept. 30 1993 1992 1993 1992
 Statements of
 operations data
 Revenues:
 R&D revenues under
 collaborative
 agreements $ 247,055 -- $ 876,212 --
 Interest income 151,448 $ 76,354 439,548 $ 182,619
 Total revenue 398,503 76,354 1,315,760 182,619
 Costs and expenses:
 Research and
 development 2,177,243 1,060,274 5,230,689 3,234,184
 General and
 administrative 435,822 287,674 1,318,164 946,282
 Total costs and
 expenses 2,613,065 1,347,948 6,548,853 4,180,466
 Net loss $(2,214,562) $(1,271,594) $(5,233,093) $(3,997,847)
 Net loss per
 common share $ (0.23) $ (0.17) $ (0.55) $ (0.60)
 Weighted average
 number of
 common shares
 outstanding 9,826,224 7,457,733 9,444,419 6,673,092
 Dec. 31, 1992
 Statements of
 operations data
 Revenues:
 R&D revenues under
 collaborative
 agreements $ 240,769
 Interest income 240,769
 Total revenue
 Costs and expenses:
 Research and
 development 4,015,090
 General and
 administrative 1,656,052
 Total costs and
 expenses 5,671,142
 Net loss $(5,430,373)
 Net loss per
 common share $ (0.79)
 Weighted average
 number of
 common shares
 outstanding 6,871,263
 BALANCE SHEET DATA
 Three months ended Dec. 31, 1992
 Sept. 30, 1993
 Current assets $22,349,647 $ 8,154,725
 Property and equipment, net 1,584,291 1,389,333
 Patents 373,486 333,422
 Other assets 150,000 199,375
 Total assets $24,457,424 $10,076,855
 Current liabilities $ 1,261,234 $ 771,548
 Long term liabilities 172,775 163,882
 Stockholders' equity 23,023,415 9,141,425
 Total liabilities and
 stockholders' equity $24,457,424 $10,076,855
 -0- 10/29/93
 /CONTACT: Karen L. Hedine, vice president of ProCyte, 206-820-4548/
 (PRCY)


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

RB-JH -- SE006 -- 8344 10/29/93 08:32 EDT
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Publication:PR Newswire
Date:Oct 29, 1993
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