Monday, December 12, 1994
ProCyte says it won't be rushed
ProCyte Corp. is in no hurry to meet the Dec. 15 deadline set in an unsolicited merger transaction proposed by Scherer Healthcare Inc. and Derma Sciences Inc.
"We're under no obligation to respond to their timeframe," PRCY's Vice President of Administration Karen Hedine told BioCentury. "We've had no opportunity to evaluate the financial, legal or business implications of the deal and what it would mean to our shareholders. Our board will take the time required to evaluate this proposal."
Scherer, which has a small rational drug design unit, derives most of its $42 million in sales from medical and surgical supplies. The company, which lost $4 million in its fiscal year ended March 31, admittedly is attracted to the $40 million on PRCY's balance sheet as well as PRCY's weakened product development condition after two Phase III failures of its Iamin copper-peptide compounds in diabetic foot ulcers.