ProCyte Corp. has reported that it is meeting withmultinational pharmaceutical companies to discuss strategicpartnerships. The Kirkland, Wash., company (NASDAQ:PRCY) isdeveloping products to accelerate wound healing and tissuerepair, and to promote hair growth.
In April, ProCyte and Schering-Plough Corp. terminated a 1989agreement to develop Procyte's Iamin compound for woundhealing following disappointing Phase II topical clinicalstudies of patients with stasis ulcers and diabetic wounds.ProCyte said further studies showed the problem to be in theformulation, not the drug. The company expects to concludePhase II injectable studies of Iamin this year.
In April 1990, ProCyte granted Ono Pharmaceutical Co. Ltd. ofOsaka, Japan, a six-month option to evaluate Iamin forpossible licensing in the Asian market. Ono didn't exercise thatoption.
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