Protein Polymer Technologies Inc. Announces an Extension of the Expiration Date on Its Public Warrants

    SAN DIEGO, Dec. 23, 1997 -- Protein Polymer Technologies, Inc. (Nasdaq: PPTI), announced today that its Board of Directors has approved the extension of the expiration date of the 1,667,500 warrants issued in connection with the Company's initial public offering in January 1992.  The extension will be effective as of January 9, 1998 and the new expiration date of the warrants is March 27, 1998.
    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, tissue augmentation bulking agents, drug delivery systems and wound healing materials.  PPTI also markets a line of protein polymer-activated cell culture products under the trade names of ProNectin(R) and SmartPlastic(R).
    This press release may contain forward-looking statements that are based on management's expectations.  Actual results could differ materially from those expressed here; further, the Company is not obligated to comment specifically on those differences.  Risks associated with the Company's activities include scientific and product development uncertainties, competitive products and approaches, continuing collaborative partnership interest and funding, regulatory testing and approvals, and manufacturing scale-up.  The reader is encouraged to refer to the Company's 1996 Annual Report and filings with the Securities and Exchange Commission, copies of which are available from the Company, to further ascertain the risks associated with the above statements.