SAN DIEGO, April 25 /PRNewswire/ -- Protein Polymer Technologies, Inc.
(OTC Bulletin Board: PPTI) and Windamere Venture Partners today announced the
formation of a new orthopedic company, Spine Wave, Inc., to develop and
commercialize an injectable protein-based formulation for the repair of spinal
discs damaged either by injury or aging. Based on Protein Polymer's
proprietary tissue adhesive technology, the product under development has
potential to be an effective outpatient surgical treatment for chronic low
back pain.
Low back pain is the leading cause for healthcare expenditures in the
United States and the fastest growing major segment of the orthopedic industry
with a current market of $2.1 billion in revenues and a growth rate of more
than 25% annually, according to a February 2001 Viscogliosi Bros., LLC, Spine
Industry Analysis Series report. The leading surgical treatments for spine
include spinal fusions, discectomies, and laminectomies, but the market for
disc replacement and nucleus repair is expected to grow more rapidly than
other treatments as new products are approved over the next five years.
Within the overall spine market, it is estimated that the potential market for
treatment or replacement of spinal discs will surpass $1 billion by 2007.
Incorporated in Delaware, Spine Wave has acquired a license to Protein
Polymer's technology for use in spinal and other defined orthopedic
applications. Protein Polymer received approximately 33% of the founding
stock in Spine Wave, will receive royalties on the sale of products, and
retains manufacturing rights. Protein Polymer also will provide Spine Wave
with a variety of contractual R&D services. Spine Wave will be responsible for
product development, clinical testing, regulatory approvals, and
commercialization. Although Spine Wave's initial focus is the repair of
spinal discs, Spine Wave plans to develop and acquire a broader line of
orthopedic products.
Spine Wave is headed by Mark LoGuidice, Chairman, and David Coats,
President. Mr. LoGuidice was formerly President of Sofamor Danek U.S. (now a
subsidiary of Medtronic, Inc.), a leading developer of orthopedic products for
the Spine. Mr. Coats, a partner at Windamere Venture Partners, was formerly
the President of Forge Medical Ventures and has held management positions in
various medical products companies. J. Thomas Parmeter, PPTI's President and
CEO, will join LoGuidice and Coats on the Spine Wave Board of Directors.
Protein polymers are synthetic proteins created "from scratch" through
chemical DNA (gene) synthesis, and produced in quantity by bacteria through
large-scale fermentation. Protein Polymers are biocompatible when used or
implanted in humans, but contain no human or animal components that could
potentially transmit or cause disease. As a result of the synthetic design,
protein polymers are capable of combining the biological functionality of
natural proteins with the chemical functionality and exceptional physical
properties of synthetic polymers. Because of the modular nature of the
synthetic design, protein polymer components can be assembled and reassembled
into a wide variety of different materials with exceptional physical
properties (such as films, fibers, adhesives, and gels), while also
incorporating both chemical and biological activity as part of the final
protein design. PPTI pioneered the development of the technology and now
holds 20 U.S. patents on the design, composition of matter, and production of
protein polymers, with corresponding international applications in major
markets.
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. In
addition to its tissue adhesive and sealant applications, targeted products
include a urethral bulking agent for the treatment of stress urinary
incontinence, a dermal contouring agent for cosmetic surgery and dermatology,
scaffolds for wound healing and tissue engineering, and depots for local drug
delivery.
Windamere Venture Partners is a San Diego-based venture capital firm which
provides funding and management guidance to seed-stage life sciences
companies. Windamere is a satellite fund of St. Paul Venture Capital, a
division of St. Paul Fire and Marine, which has in excess of $1.0 billion for
investment in early stage companies. Windamere's partners have extensive
operating experience in creating and leading life sciences companies,
typically taking active day-to-day management roles in early-stage portfolio
companies. Areas of interest include emerging pharma, biotech, medical
device, and healthcare internet opportunities.
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 2000 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.; Windamere Venture
Partners
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Company News On-Call:
http://www.prnewswire.com/comp/721876.html or fax,
800-758-5804, ext. 721876
CONTACT:
John E. Flowers, Vice President of Protein
Polymer Technologies, Inc., 858-558-6064; or David Coats,
President of Spine Wave, Inc., 858-775-2531
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