A process for preparing a conditioned cell culture medium is provided. The process comprises a) culturing eukaryotic cells in a growth medium having a composition effective to support cell growth； b) separating the cultured cells from the growth medium； and c) maintaining the cultured cells in a basal medium having a composition suitable to maintain cell viability, but not to support substantial cell growth. The cells are preferably dermal sheath, dermal papilla or dermal fibroblast cells. The compositions are useful as pharmaceutical compositions, especially for wound healing.
