SAN DIEGO, July 16 /PRNewswire-FirstCall/ -- Protein Polymer Technologies,
Inc. (OTC Bulletin Board: PPTI), a Company focused on development of high
performance bioactive devices designed for improved surgical outcomes,
announced today that Philip M. Berman, M.D. has joined the Company as
Executive Vice President for Corporate Strategy. Dr. Berman, a recently
elected member of PPTI's Board of Directors, will help the Company define and
execute its new strategic plan developed in conjunction with a recent
financing. The Company closed a transitional financing of $3.25 million in
May from a group of institutional and accredited investors including the
Johnson and Johnson Development Corporation. Dr. Berman will work with the
Company to identify and negotiate potential corporate partnerships and joint
venture opportunities for specific product platforms.
Dr. Berman is a former Eastman Kodak Vice-President, Director of Business
Development for Kodak Health Imaging, and Group Vice President for Life
Sciences and Internet Enterprises. In this capacity, he was responsible for
defining and managing the execution of all mergers and acquisitions, joint
ventures, development agreements, minority investments, intellectual property
licensing, and risk management for the Health Imaging Group. Prior to Kodak,
Dr. Berman was the President and CEO of Lumisys, Inc. where he was responsible
for reorienting and repositioning Company strategy and products leading to its
acquisition by Kodak in January 2000. Prior to Lumisys, Dr. Berman was a
co-founder of CompuRAD which completed an Initial Public Offering and was
subsequently sold. At Protein Polymer, Dr. Berman will apply his extensive
medical knowledge and business development experience toward identifying
additional product and business opportunities within the Company's broad
technology platform which has numerous potential applications beyond products
currently in clinical trials.
"Dr. Berman's medical background and business development skills provide
the focused leadership required to further leverage PPTI's extensive core
technology by identifying new product applications and creating new strategic
business arrangements to finance their development," commented J. Thomas
Parmeter, President and Chief Executive Officer of Protein Polymer
Technologies.
Protein Polymer Technologies, Inc., is a San Diego-based company focused
on developing bioactive devices to improve medical and surgical outcomes.
From its inception in 1988, PPTI has been a pioneer in protein design and
synthesis, creating an extensive portfolio of proprietary biomaterials for use
in the development of bioactive devices. 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, surgical adhesives and sealants,
scaffolds for wound healing and tissue engineering, and depots for local drug
delivery. To date, PPTI has been issued twenty-four 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 2002 Annual Report Form 10-KSB, 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.
SOURCE Protein Polymer Technologies, Inc.
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CONTACT: J. Thomas Parmeter, President, or John E. Flowers, Vice President, Planning and Operations, both of Protein Polymer Technologies, Inc., +1-858-558-6064, info@ppti.com
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