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ProCyte Acquires Dermatology Company; Strengthens Company's
Position In Dermatology and Cosmetic Surgery Markets
REDMOND, Wash., April 28 /PRNewswire/ -- ProCyte Corporation (Nasdaq: PRCY - news) today announced the
acquisition of HumaTech Laboratories, a private company that sells prescription and OTC topical drugs and skin care products
to dermatologists, plastic surgeons and cosmetic surgeons.
The transaction is valued at $3 million, which consists of $1.5 million in cash and 1.1 million shares of ProCyte stock valued at
$1.5 million. The acquisition also includes other incentives for attaining sales targets over the next 12 and 24 month periods.
HumaTech's management team will continue with ProCyte.
HumaTech, located in Boca Raton, FL, sells therapeutic skin care, dermatologic agents and anti-aging products as well as their
advanced sun protection line, TilSilc(TM), to physicians through its sales representatives. Most HumaTech products are
private-labeled or custom-packaged in the doctor's name, enabling it to participate in the fastest growing segment of the
cosmetic surgery market.
''We have been looking for a synergistic sales and marketing company to accelerate the launch of ProCyte's new dermatology
products such as Complex Cu3(TM) creme and gel, and Tricomin(R) hair care products,'' said Jack Clifford, president and
chief executive officer. ''The HumaTech customer base and marketing approach further meets our strategic plan of building
revenue rapidly.''
ProCyte has launched or has in development a series of skin and hair care products which are focused on the dermatology,
plastic surgery and cosmetic surgery markets. These include GraftCyte(R) shampoo, conditioner, moist dressings and hydrating
mist; Complex Cu3(R) intensive repair creme, hydrating gel, moisturizer, lip balm, body lotion, and cuticle repair; Pillo(R) Pro
liposuction dressings; and Tricomin shampoo, conditioner and scalp therapy.
The rapidly growing skin care market is valued at over $600 million and is expected to increase as the baby boomer population
continues to age.
This report may contain forward looking statements. The Company's results may vary significantly from quarter to quarter and
will depend, among other factors, on product launches and market acceptance, manufacturing contracts, and distribution
agreements.
ProCyte Corporation is a healthcare company that develops, manufactures and markets products for tissue repair, skin health
and hair care. The Company's products incorporate its patented copper peptide technology and are marketed both directly and
through distribution partners. |
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