SAN DIEGO, April 2 /PRNewswire/ -- Protein Polymer Technologies, Inc.
(OTC Bulletin Board: PPTI), today announced that the Company has received
approximately $1.9 million in new capital from a combination of exercised
warrants and the issuance of convertible notes. The exercised warrants were
issued in conjunction with Series G Preferred equity financing, and converted
into common stock at a conversion price of $0.50 per share. The convertible
notes, payable in either cash or stock at the Company's option, have an
interest rate of 7% per annum, and become payable on August 31, 2001. The
notes were issued to current shareholders.
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,
developing an extensive portfolio of proprietary biomaterials. Targeted
products include urethral bulking agents for the treatment of stress urinary
incontinence, dermal augmentation products for cosmetic and reconstructive
surgery, surgical adhesive and sealant formulations for spinal disc nucleus
replacement, 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 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 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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CONTACT:
J. Thomas Parmeter, President, or Janis
Neves, Director, Finance and Administration, both of Protein
Polymer Technologies, Inc., 858-558-6064, info@ppti.com
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