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Protein Polymer Technologies Provides Update On Recent Equity Financing
and Product Development With J&J
SAN FRANCISCO, Jan. 8, 1997 -- Speaking at the Hambrecht & Quist
15th Annual Healthcare Conference in San Francisco, J. Thomas Parmeter,
Chairman and Chief Executive Officer of Protein Polymer Technologies, Inc.
(Nasdaq: PPTI), provided an update on the Company's equity financing this week
and advances in product development.
"The private placement of $4.7 million that we have just completed will
provide the Company with cash resources for the next 24 months," said Mr.
Parmeter. "These resources will be utilized to expand our internal product
development programs in tissue augmentation, surgical adhesion barriers and
drug delivery technology."
Commenting on PPTI's alliance, Mr. Parmeter noted that in December 1996
the Company extended its collaborative agreement with its corporate partner,
Ethicon, Inc., a subsidiary of the Johnson & Johnson Company, for development
of PPTI's lead ProLastin(TM) product, a new generation surgical adhesive and
sealant. Johnson & Johnson Development Corporation (JJDC) participated in the
recent equity financing, bringing its investment to $4.25 million to gain a
total equity stake of more than 10% of the Company.
Mr. Parmeter also told the audience that PPTI's medical device coating
Betasilk(TM) technology is in early stage testing with potential partners for
use on contact lenses and cardiovascular implants.
Since its inception in 1988, Protein Polymer Technologies, Inc. has
developed a proprietary protein-based biotechnological platform that enables
the creation of biomaterials which target multiple applications in biomedical
and specialty use markets. The numerous biocompatible polymers developed by
PPTI have been genetically engineered to enable cell growth, promote the
regeneration of tissue, bond to synthetic surfaces and resorb into tissue at
controlled rates. These features of PPTI's protein polymers can be applied to
countless commercial applications.
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