Highlights:

     - PPTI announced the appointment of William N. Plamondon III as
       Chief Executive Officer

     - In April, PPTI completes a $7.75 million financing, thus eliminating
       approximately $1.2 million in short term debt and increasing working
       capital by approximately $6 million

     - First quarter total revenues were $513,000; net operating loss for the
       quarter was $522,000, down from $851,000 in the 1st Quarter of 2004.

    SAN DIEGO, May 20 /PRNewswire-FirstCall/ -- Protein Polymer Technologies,
Inc. (OTC Bulletin Board: PPTI), announced today financial results for the
first quarter ended March 31, 2005, including proforma balance sheet
adjustments to show the effect of an approximately $7.75 million equity
financing completed on April 15, 2005.
    The net loss applicable to common shareholders for the quarter ended
March 31, 2005 was $1,072,000 ($0.03 per share), compared to a net loss of
$921,000 ($0.02 per share), for the same period in 2004.  This net loss and
the per share amounts include accumulated dividends related to the Company's
preferred stock, and an "imputed dividend" charge of $482,000 recorded in
connection with a warrant exercise price reduction and issuance of new
warrants to holders of Series G Convertible Preferred Stock.
    Total revenue was $514,000 for the quarter ended March 31, 2005, compared
to $191,000 for the same period in 2004.  The contract revenue primarily
represents research and development payments and receivables from Spine Wave,
Inc. for the development of an injectable spinal disc repair product for the
treatment of lower back pain.  The increase in contract and licensing revenue
from the same period in 2004 is due primarily to a $250,000 benchmark payment
from Genencor International, our licensee in the fields of non-medical and
personal care products.
    Operating expenses for the quarter were $1,036,000, as compared to
$1,042,000 for the same period in 2004.  When additional capital becomes
available, expenses are expected to rise in subsequent quarters due to the
increased expenditures for expanded human clinical testing and patient
follow-up of the Company's lead product candidates currently in development.
    As of March 31, 2005, PPTI had a $1,646,000 working capital deficit
compared to a working capital deficit of $1,532,000 as of December 31, 2004.
PPTI's cash as of March 31, 2005 was $40,000, compared to $82,000 on
December 31, 2004.
    In April, 2005, the Company completed an equity financing with a group of
individual and institutional investors for the private placement of shares of
the Company's common stock issuing a total of 23,556,225 shares of common
stock at price of $0.33 per share, for aggregate total proceeds of $7,773,556
(including approximately $1,200,000 of converted short-term promissory bridge
notes previously issued by the Company to certain of the Initial Investors),
together with warrants for the purchase of an aggregate of approximately
11,778,110 shares of common stock at an exercise price of $0.50 per share.
    William N. Plamondon III, Chief Executive Officer of Protein Polymer
Technologies, commented, "Recent events have positioned us to make significant
progress toward commercialization of our current products, and enhance our
ability to capitalize on our large intellectual property portfolio."

    Protein Polymer Technologies, Inc., is a San Diego-based company focused
on developing bioactive 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
dermal augmentation products for cosmetic and reconstructive surgery, urethral
bulking agents for the treatment of stress urinary incontinence, 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 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 Form 10-KSB, and 10KSB/A 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.



                        Protein Polymer Technologies, Inc.
                          Condensed Financial Statements
                                   (unaudited)

                                                      Three months ended
                                                           March 31,
                                                   2005               2004
     SUMMARY OF OPERATIONS
     Contract and licensing revenue              $512,771           $189,050
     Product and other income                         749              1,964

       Total revenues                             513,520            191,014

       Total expenses                           1,035,885          1,042,401

     Net loss                                    (522,365)          (851,387)

     Undeclared and/or paid dividends
      on Preferred Stock                          550,041             69,220

     Net loss applicable to common
      shareholders                            $(1,072,406)         $(920,607)

     Net loss per common share
      - basic and diluted                          $(0.03)            $(0.02)

     Shares used in computing net
      profit/loss per share
      - basic and diluted                      40,294,220         37,313,282


                                                 As of               As of
                                             Mar. 31, 2005       Dec. 31, 2004
     BALANCE SHEET INFORMATION
     Cash and cash equivalents                    $40,373            $82,222
     Working capital deficit                   (1,645,917)        (1,531,901)
     Total assets                                 328,433            373,778
     Total capital invested                    52,291,855         51,424,546
     Accumulated deficit                     $(53,740,607)      $(52,736,661)

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