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PROCYTE CORPORATION COMPLETES SALE OF ASSETS TO ICOS
CORPORATION
Redmond, Wash. — October 26, 2004 — ProCyte Corporation (OTCBB: PRCY.OB)
today announced it has completed the sale of its former contract
manufacturing assets to ICOS Corporation (Nasdaq:ICOS), a Bothell,
Washington biotechnology company, for $900,000 in a cash transaction and
that ICOS has taken possession of the assets as well as ProCyte’s former
contract manufacturing facility. Effective upon the closing of this
sale, ProCyte amended its existing lease to relinquish its leasehold
rights and obligations related to the portion of its space being taken
by ICOS and ICOS in turn entered into a multi-year lease for the same
space. ProCyte will continue to occupy approximately 14,000 square feet
of its existing facility for its current dermatology, cosmetic surgery
and spa business.
“We are very
pleased to report the completion of this asset sale and the related
amendment to our lease,” noted Jack Clifford, President and CEO. “The
effect of this transaction is a reduction in our facilities costs of
approximately $40,000 per month. We are grateful to have found a buyer
who could not only use the equipment, but also the facility in which it
was located, maximizing the value of the assets being sold.”
The sale of these
assets does not have any impact on the current business operations of
ProCyte in selling products to its customers since the assets sold and
facility relinquished have not been used by ProCyte since July 2001.
ProCyte Corporation
develops and markets products based on its patented, clinically proven
Copper Peptide technology for skin health, hair care and wound care. The
Company sells directly to dermatologists, plastic and cosmetic surgeons,
spas and salons and through licenses with strategic partners into the
consumer market, including its long-term worldwide license agreement
with Neutrogena®, a Johnson & Johnson company. ProCyte brands
include Neova®, VitalCopper ™,
Simple Solutions® and AquaSanté®
Skin Care products; Complex Cu3® Post-Procedure Skin Care; GraftCyte®
Hair Transplant Care; and Tricomin®
Advanced Care for Thinning Hair. The Company also has the exclusive
distribution rights for Cutanix Corporation’s Quadrinone®
technology in the U.S., Canada and Puerto Rico.
Additional information is available by visiting the Company’s website at
www.procyte.com.
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This release may contain forward-looking statements relating to the
research, development, commercialization, production, marketing and
distribution of the Company's products and future operating results,
which are subject to certain risks and uncertainties that could cause
actual results to differ materially from those projected.
The
words “believe,” “expect,” “intend,” “anticipate,” variations of such
words, and similar expressions
identify forward-looking statements, but their absence does not mean
that the statement is not forward-looking. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to predict. Factors
that could affect the Company’s actual results include its ability to
develop, commercialize and produce new products; the market acceptance
of existing and potential future products; the availability, cost and
timely delivery of materials and services from and performance of
third-party suppliers, manufacturers, distributors, licensees and other
collaborative partners; the satisfaction of regulatory requirements, and
the receipt, timing, terms and conditions of required regulatory
approvals. Reference is made to the Company’s Annual Report on Form
10-K for the year ended December 31, 2003 and its latest quarterly
report on Form 10Q filed with the Securities and Exchange Commission for
a more detailed description of such factors. Readers are cautioned not
to place undue reliance on these forward-looking statements, which speak
only as of the date of this release. The Company undertakes no
obligation to publicly update any forward-looking statement to reflect
new information, events or circumstances after the date of this release
or to reflect the occurrence of unanticipated events.
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