SAN DIEGO, Jan. 29 /PRNewswire-FirstCall/ -- Protein Polymer Technologies,
Inc. (OTC Bulletin Board: PPTI), reports today that it has received
approximately $1 million in additional capital through the exercise of
warrants for the purchase of common stock. The proceeds will be used in part
to accelerate the Company's clinical testing of its product for the treatment
of female stress urinary incontinence.
"We continue to make progress in developing the PPTI's tissue augmentation
products and tissue adhesive technology. Through our partner, Femcare Ltd.,
we have initiated the European clinical trials of our female stress urinary
incontinence product. We have recently initiated preclinical animal testing
of our tissue adhesive technology. Our partner, Spine Wave, Inc., is
progressing with the use of this technology for the treatment of lower back
pain due to damaged or deteriorated spinal disks," said J. Thomas Parmeter,
PPTI's President and Chief Executive Officer. "However, our ability to
complete U.S. clinical testing of the incontinence product and the dermal
augmentation product requires the identification of additional sources of
working capital. Over the next few months, the Company will seek to raise
additional funds for continuing operations through private or public
offerings, and through additional collaborative agreements."
Protein Polymer Technologies, Inc., is a biotechnology company focused on
developing products to improve medical and surgical outcomes. From its
inception in 1988, PPTI has been a pioneer in protein design and synthesis,
developing an extensive portfolio of proprietary biomaterials. These
genetically engineered biomaterials are high molecular weight proteins,
processed into products with physical and biological characteristics tailored
to specific clinical performance requirements. Targeted products include
urethral bulking agents for the treatment of stress urinary incontinence,
dermal augmentation products for cosmetic and reconstructive surgery, surgical
adhesives and sealants for repair of spinal disks, scaffolds for wound healing
and tissue engineering, and depots for local drug delivery.
This press release contains forward-looking statements that are based on
management's views and 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 raising adequate capital to continue operations, scientific
and clinical 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 2000 Annual Report on Form 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.
SOURCE Protein Polymer Technologies, Inc.
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Company News On-Call:
http://www.prnewswire.com/comp/721876.html
CONTACT:
J. Thomas Parmeter, President, or Janis Y.
Neves, Director of Finance & Administration, both of Protein
Polymer Technologies, Inc., +1-858-558-6064, info@ppti.com
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