ProCyte sells contract manufacturing business

ProCyte Corp, which specializes in skin care and tissue repair, has soldits contract manufacturing business to Emerald Pharmaceuticals, a newly-formed group backed by Advanced Materials Technology, a Dallas, USA-based investment group. ProCyte noted that it has also acquired an interest in Emerald.

Under the terms of the deal, ProCyte will receive $250,000 in cash and a 10-year interest-bearing note of $2 million, and Emerald will provide certain manufacturing, analytical and quality control services to the Redmond, USA-headquartered firm.

ProCyte says that, over the past three years, it has provided current Good Manufacturing Practice process development and small-scale production services to biotech and pharmaceutical companies. However, this was "too small to economically support the increasing production demands" of copper peptide technology required by its partners such as Neutrogena and American Crew.