ProCyte Corp. announced Tuesday that it has filed an S-3registration statement with the Securities and ExchangeCommission for a follow-on offering of 2.5 million shares ofcommon stock (NASDAQ:PRCY). The offering will be co-managedby Wertheim Schroder & Co. and Dain Bosworth Inc.
This is the third time that ProCyte of Kirkland, Wash., has goneto the well for public financing since its initial public offering inNovember 1989. In a stock offering in May 1992, the companybrought in $6.9 million on the sale of 1.25 million shares at$5.50 per share. The company raised an additional $18.92million (net) in February in a follow-on offering of 2.3 millionshares at $9 per share.
Just last week, ProCyte inked a deal with the Japanesecompany Kissei Pharmaceutical Co. Ltd. to develop and marketin Asia ProCyte's topical wound-healing agent Iamin gel. Aspart of the deal, Kissei invested $4 million in ProCyte, giving itapproximately 2.5 percent ownership of the company (seeBioWorld, Dec. 2).
ProCyte reported cash and cash equivalents of about $22.3million for the quarter ended Sept. 30. As of Dec. 3 it had alittle more than 10 million shares outstanding.
The stock closed Tuesday at $16 a share, down 13 cents ashare.
-- Jennifer Van Brunt Senior Editor
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