SAN DIEGO, May 3 /PRNewswire/ -- Protein Polymer Technologies, Inc.
(Nasdaq: PPTI) announces the initial election of Kerry L. Kuhn, M.D. to the
Company's Board of Directors. Dr. Kuhn, a Board-certified gynecologist, is a
Partner in the Omega Obstetrics and Gynecology Center, Coral Springs, Florida.
Reelected to the Company's Board of Directors at its Annual Meeting of
Stockholders held on April 28 were: Richard Adelson, private investor;
Patricia J. Cornell, Vice President and Director of Taurus Advisory Group, a
registered investment adviser; Edward E. David, Ph.D., technology consultant
and former U.S. Presidential Assistant for Science and Technology; Philip J.
Davis, Managing Director, Donaldson, Lufkin & Jenrette; Edward J. Hartnett,
Company Group Chairman (retired), Johnson & Johnson Company; J. Paul Jones,
Ph.D., Vice President, Research & Product Development (retired), Procter &
Gamble Company; J. Thomas Parmeter, Ph.D., President and Chief Executive
Officer, Protein Polymer Technologies, Inc.; George R. Walker, Vice
President-Finance (retired), Esso Europe. All Directors are elected to annual
terms.
In other business, stockholders also ratified Ernst & Young, LLP, as the
Company's independent public accountants for the 1999 fiscal year.
In his presentation to stockholders, J. Thomas Parmeter, PPTI's President
and Chief Executive Officer, provided an update on the Company's commercial
plans for its injectable urethral bulking agent used for the treatment of
female stress urinary incontinence, currently in clinical trials in the U.S.
and projected to begin clinical testing this summer through PPTI's partner in
Europe, Femcare Ltd. Dr. Parmeter also reported on the continuing plans for
the development of its dermal filler product for use in cosmetic and
reconstructive surgery, projected to begin clinical testing in the 4th Quarter
of 2000.
"Since the start of the year, approximately $3,400,000 has been raised
through several licensing transactions and through the exercise of the common
stock warrants issued in conjunction with the Sale of Series G Convertible
Preferred Stock. These funds will meet the Company's cash requirements
through the end of 2000, but additional development expenditures will be
required to complete clinical testing and product registration with the FDA,"
said Dr. Parmeter. "Our ability to proceed beyond 2000 is dependent on
identifying additional sources of working capital. We hope to raise
additional funds for continuing operations through private or public offerings
and collaborative agreements, and we also are continuing to pursue other
alternative financing strategies."
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. 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, adhesive
fillers for repair of spinal discs, surgical adhesives and sealants, 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 1998 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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http://www.prnewswire.com/comp/721876.html or fax,
800-758-5804, ext. 721876
CONTACT:
J. Thomas Parmeter, President, or Janis
Neves, Director of Finance & Administration, both of Protein
Polymer Technologies, Inc., info@ppti.com
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