SAN DIEGO, April 1 /PRNewswire-FirstCall/ -- Protein Polymer Technologies,
Inc. (OTC Bulletin Board: PPTI), reports today that a small group of
institutional and accredited investors committed $4,200,330 for the purchase
of an aggregate of 12,728,269 shares of the Company's Common Stock together
with warrants for the purchase of an aggregate of approximately
6,364,132 shares of common stock.  The common stock was priced at $0.33 per
share.  Of the committed capital, approximately $1.2 million represents the
conversion  of short term promissory notes previously issued by the Company.
    Purchasers of the common stock also received warrants to purchase common
stock equal to 50% of the number of shares purchased.  The warrants are
exercisable at any time at an exercise price of $0.50 per share, and expire
approximately forty eight months after the close of the offering.
    These securities have not been registered under the Securities Act of
1933, as amended, and may not be offered or sold in the United States absent
such registration or any applicable exemption therefrom.

    Protein Polymer Technologies, Inc., is a San Diego-based 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,
creating an extensive portfolio of proprietary biomaterials for use in the
development of bioactive devices.  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,
scaffolds for wound healing and tissue engineering, and depots for local drug
delivery.  To date, PPTI has been issued twenty-six U.S. Patents on its core
technology with corresponding issued and pending patents in key international
markets.

    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 2004 Annual Report on Form 10-KSB, the
Company's quarterly reports on Form 10QSB, and other 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.

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