Kenneth: I would hang in and hope for a dead-cat bounce on any favorable news report. This is the type of company that could come up with something out of the blue. The following is a report I received from Mercury Mail.
08:00 AM ET 04/30/97
ProCyte Reports First Quarter Results
Company Reduces Net Loss and Increases Product Introductions
KIRKLAND, Wash., April 30 /PRNewswire/ -- ProCyte Corporation
(Nasdaq: PRCY) today reported a net loss of $1,927,275, or $0.15 per share, for the quarter ended March 31, 1997, which compares with a net loss of $3,588,262, or $0.27 per share for the previous quarter.
Revenue for the quarter just ended, from the company's contract
manufacturing services and introductory sales of its first two wound care products, totaled $409,095 -- a 40% increase over the same period a year ago. As expected, interest income and license fees decreased over the same period as a result of less cash available for investment and corporate partners satisfying their payment obligations.
"ProCyte has now launched two highly differentiated wound care products into the competitive, managed care market. Two more products were introduced at the recent Annual Symposium on Advances in Wound Care, and promotion of these products is expected to begin shortly," said Jack Clifford, ProCyte's president and chief executive officer. "Additionally, we are planning to introduce two new wound care products, in the GraftCyte(TM) product line, for use in hair transplant surgery."
ProCyte ended the quarter with cash, cash equivalents and short-term investments of approximately $18.5 million. Research and development expenses decreased to $1,265,106 for the quarter ended March 31, 1997, compared to $1,747,339 for the year-ago period. During the quarter, ProCyte reported results of its Phase II clinical study of PC1358, tradenamed Tricomin(R) solution, for treatment of androgenetic alopecia.
General and administrative expenses also decreased to $1,323,081 from $1,364,086 for the three month periods ended March 31, 1997 and 1996, respectively. This financial report contains forward-looking statements with regard to planned product introductions. The company's results of operations may vary significantly from quarter to quarter and will depend, among other factors, on the progress of the company's development and product introduction efforts, sales and market acceptance of newly introduced products, such as the GraftCyte(TM) product line, and new or repeat manufacturing contracts. There can be no assurance that the company will successfully introduce products into the marketplace in the planned timeframe, or, if released, that the products will be accepted by the market.
ProCyte Corporation is a development-stage heathcare company seeking to discover, develop and commercialize technology for tissue repair, hair loss, wound healing and related applications. The company presently markets two patented and innovative wound care products and has applications pending at the FDA for additional products.
Vip |
