Protein Polymer Technologies Reports Second Quarter 1996 Financial Results

    SAN DIEGO, Aug. 14, 1996 -- Protein Polymer Technologies, Inc.(Nasdaq: PPTI), reports today a net loss applicable to common shareholders of $825,000 ($.13 a share) for the second quarter ended June 30, 1996, as compared to a net loss of $786,000 ($.13 a share) for the comparable period a year ago.  For the six months ended June 30, 1996 and 1995, the net losses were $1,691,000 ($.27 a share) and $1,677,000 ($.29 a share) respectively. The net loss and loss per share figures include accumulated dividends related to the Company's preferred stock.
    Sales, contract revenues and interest income totaled $127,000 for the quarter, compared to $31,000 for the same period last year.  For the six months ended June 30, 1996 total revenues were $164,000, compared to $91,000 in the prior year.  The current quarter includes a $100,000 payment from Ethicon, Inc., a subsidiary of the Johnson & Johnson Company.  Operating expenses for the quarter were $830,000, as compared to $763,000 for the same period in 1995, a 9% increase, and were $1,610,000 year-to-date, versus $1,660,000 in the prior year, a 3% decrease.  The increase in the most recent quarter's expenses reflect increased patent, legal and investor relations activities.
    "We are pleased with our financial performance given the high level of effort we are dedicating to our surgical adhesives and sealants program with Ethicon," said J. Thomas Parmeter, PPTI's President and Chief Executive Officer.  "Our cash position has recently been strengthened due to the exercise of privately held warrants, raising over $800,000 for the Company during the past three months."
    Protein Polymer Technologies, Inc. is a development stage biomaterials company focused on surgical repair and drug delivery.  PPTI's genetically engineered protein-based biomaterials are specifically designed to control or direct the activities of mammalian cells.  Product candidates being developed include tissue adhesives and sealants, drug delivery systems, wound healing materials and surgical adhesion barriers.  PPTI also markets a line of activated cell culture products under the trade names of ProNectin(R) and SmartPlastic(R).

                      Protein Polymer Technologies, Inc.
                        Condensed Financial Statements
                                 (unaudited)

                                  Three months ended          Six months ended
                                        June 30,                   June 30,
     SUMMARY 0F OPERATIONS        1996      1995          1996         1995
     Product sales               $9,010    $24,605       $24,524     $59,188
     Contract revenue           100,000          0       100,000      10,000
     Interest income             18,102      6,638        39,057      22,156
     Other income                     0          0             0           0
       Total revenues           127,112     31,243       163,581      91,344

     Total expenses             829,833    763,238     1,609,808   1,660,029

     Net loss                $(702,721) $(731,995)  $(1,446,227)$(1,568,685)

     Undeclared accumulated
      dividends on
      Preferred Stock           122,295     54,000       244,590     108,000

     Net loss applicable to
      common shareholders    $(825,016) $(785,995)  $(1,690,817)$(1,676,685)

     Loss per share             $(0.13)    $(0.13)       $(0.27)     $(0.29)

     Weighted average shares used in
      computing loss per share6,454,777  5,830,925     6,160,837   5,830,925

                                                  As of               As of
     BALANCE SHEET INFORMATION            June 30, 1996       Dec. 31, 1995
                                                                  (audited)
     Cash, cash equivalents and short-term
      investments                            $1,330,598          $2,011,296
     Working capital                          1,469,952           1,803,254
     Total assets                             2,067,948           2,439,159
     Total capital invested                  19,565,050          18,471,111
     Accumulated deficit                   (17,789,033)        (16,342,805)


CONTACT:
Lisa Swann, Director, Investor Relations
619-558-6064
info@ppti.com


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