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Biotech / Medical : PRCY - ANY BODY HAS ANY NEWS ON THESE
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To: Vip who wrote (287)12/9/1997 11:41:00 PM
From: Coha  Read Replies (1) of 670
 
Scherer and Derma attempted a proxy takeover of Procyte in 1995 which was rejected by the board and I think the shareholders. It was a thinly veiled attempt at Procyte's cash. It was at that time they created the poison pill. But there *have* been efforts made to takeover the company.

Yea - there *was* a problem with entrenched management. Was. That changed when Clifford took the helm last year. I think I can safely say he didn't take the job to be the last captain of a sinking ship. He has had 15 months to turn this company around from one bent on finishing a phase III on an rx product (to what would have been the ultimate demise of the company; read: cost) to one selling product, offering partnerships (at a price), and cutting expenses significantly. Unfortunately he doesn't have the reputation of Chainsaw Al (yet)so the stock didn't quadruple on his hiring. Probably should have.

Ashley's blatant, public disrespect for Clifford is outrageous. But his waste of critical months in defining a viable strategy for the company, prior to Clifford's arrival, is worse. I was heartened by last qtr's narrowing of the losses. I think the company quite possibly is poised to turn the corner. It will probably be a tight squeeze if they make it, and they may have to seek some other financing. But I think a turnaround is quite viable, and, as noted previously, I think the stock is amazingly cheap for it's potential.

All the best,

Coha
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