Spine Wave Also Acquires VERTx, Inc. and Completes Equity Financing
SAN DIEGO, April 4 /PRNewswire-FirstCall/ --
Protein Polymer Technologies, Inc. (OTC Bulletin Board: PPTI) and Spine Wave,
Inc. today announced the execution of agreements providing PPTI with
additional equity incentives in the form of Spine Wave common stock and
warrants for the continued development of a unique spinal disc repair product
based on PPTI's patented technology.
Spine Wave is a private company formed in 2001 by PPTI and Windamere
Venture Partners to develop and commercialize an injectable protein-based
formulation for the repair of spinal discs damaged either by injury or aging.
In a related transaction, Spine Wave announced that it has raised
approximately $15 million through the sale of Series A Preferred Stock. In
addition to Windamere Venture Partners, investors in the Series A Preferred
financing included Canaan Partners and New Enterprise Associates.
Based on PPTI's proprietary tissue adhesive technology, the initial
product under development has the potential to be utilized in a number of
spinal procedures including discectomy and the treatment of chronic low back
pain. Within the overall spine market, it is estimated that the potential
market for treatment of spinal disc conditions will surpass $1 billion by
2007.
The concept of disc repair by replacing or augmenting the internal disc
nucleus, as opposed to spinal fusion or implantation of an artificial disc,
has been investigated since the 1950s. To date, however, no product has been
able to meet the extreme mechanical requirements while offering the potential
to be used in a minimally invasive outpatient procedure. The ideal product is
one that:
-- mimics the physical properties of the natural nucleus;
-- is mechanically able to withstand the extreme loads placed on the
disc, while also resisting expulsion from the disc;
-- is biocompatible; and
-- can be delivered by minimally invasive techniques, avoiding
disruption of the tissues surrounding the spine and damage to the
disc wall.
Initial "proof of concept" studies recently completed by PPTI and Spine
Wave have provided evidence to support the capability of PPTI's technology to
meet these stringent requirements. As a result, preclinical studies have been
initiated to support the filing of an Investigational Device Exemption with
the FDA to obtain approval for initiating human clinical studies.
When formed in 2001, Spine Wave acquired a license to PPTI's technology
for use in spinal and other defined orthopedic applications. PPTI received
founding stock in Spine Wave, continuing payments for R&D supplies and
services, and will receive royalties on the sale of products derived from the
licensed rights. PPTI also retained potentially valuable manufacturing
rights.
Spine Wave also recently completed the acquisition of VERTx, Inc. Formed
in 2001, VERTx is an orthopedic company developing products to improve the
repair of vertebral fractures due to injury and aging. This acquisition
significantly broadens Spine Wave's technology base and gives it a platform in
two of the fastest growing segments of the spine industry -- disc repair and
vertebral compression fracture treatment.
Spine Wave's Chief Executive Officer is Mark LoGuidice, formerly the
President of Sofamor Danek U.S. (now a subsidiary of Medtronic, Inc.), a
leading developer of orthopedic products for the spine. Mr. LoGuidice
continues to assemble in Spine Wave a team of seasoned orthopedic veterans.
Protein Polymer Technologies, Inc. (PPTI), 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 polymer design and
synthesis, developing an extensive portfolio of proprietary biomaterials, and
now holds 21 U.S. patents on the design, composition of matter, and production
of protein polymers, with corresponding international applications in major
markets. In addition to the spinal disc repair product being developed with
Spine Wave, PPTI is conducting pilot clinical studies of both a urethral
bulking agent for the treatment of stress urinary incontinence and a dermal
contouring agent for cosmetic surgery and dermatology. Other targeted
products include tissue adhesives and sealants for general surgical use,
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 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 2001 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.
SOURCE Protein Polymer Technologies, Inc.
 back to top
Company News On-Call:
http://www.prnewswire.com/comp/721876.html
CONTACT:
John E. Flowers, Vice President of Protein
Polymer Technologies, Inc., +1-858-558-6064; or Mark LoGuidice,
President of Spine Wave, Inc., +1-203-259-2232
|
