Patrick A. Gerschel Elected to Protein Polymer Technologies, Inc. Board
of Directors
SAN DIEGO, Aug. 6, 1998 -- Protein Polymer Technologies, Inc. (Nasdaq:
PPTI), today announced the election of Patrick A. Gerschel to the Company Board
of Directors, effective July 7, 1998.
Following a long-standing professional relationship with Lazard
Freres & Company, Mr. Gerschel founded and is currently Chairman of the
investment management firm of Gerschel & Company, Inc., of New York City.
In addition, he is the Chairman and Managing Director of Santa Rita Resources,
Inc.; Chairman of Residential Company of America, Ltd.; and a Director of Executive
RE Insurance Company.
"Mr. Gerschel's strong Wall Street background and diverse
industry experience are an important addition to PPTI's distinguished Board,"
said J. Thomas Parmeter, PPTI's President and Chief Executive Officer.
Protein Polymer Technologies, Inc., a San Diego-based company, develops
high performance biomaterials designed to improve medical and surgical
outcomes. From its inception in 1988, PPTI has been a pioneer in protein
design and synthesis, and as a result has achieved an exceptional proprietary
position in protein-based materials technology. PPTI's biocompatible polymers
have been genetically engineered to enable cell growth, promote the
regeneration of tissue, bond to natural and synthetic surfaces, and resorb
into tissue at controlled rates. Targeted applications include soft tissue
augmentation, tissue adhesives and sealants, tissue engineering and wound
healing, and localized drug delivery. PPTI expects to enter the clinic with
its urethral bulking agent for female stress urinary incontinence in early
1999.
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, attaining collaborative partnership
interest and funding, regulatory testing and approvals, and manufacturing
scale-up. The reader is encouraged to refer to the Company's 1997 Annual
Report and 10-KSB, and recent 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. |