SAN DIEGO, July 25 /PRNewswire/ -- Protein Polymer Technologies, Inc.
(OTC Bulletin Board: PPTI), today announced that it has closed approximately
$1.2 million from accredited and institutional investors through an initial
closing of a private placement of convertible preferred stock and warrants.
Included in the placement was the conversion of $800,000 in convertible notes
issued in March 2001 to certain previous shareholders of PPTI. Participants
included the Johnson & Johnson Development Corporation (JJDC), a subsidiary of
Johnson & Johnson, and another previous shareholder in PPTI.
The securities described in this release have not been registered under
the Securities Act of 1933, as amended, and may not be offered or sold in the
United States absent registration or an applicable exemption from registration
requirements.
Proceeds of the offering will be used to continue the Company's clinical
development of its hydrogel technology, and its pilot human clinical trials of
a unique outpatient product designed to control or alleviate female stress
urinary incontinence. Urinary incontinence, the unintentional loss of urine,
is estimated to affect approximately 13 million people in the United States,
85% of them women. Urinary incontinence can lead to lifestyle restrictions,
depression, and may also lead to complications such as urinary tract
infections and skin rashes. It is estimated that over $3 billion is spent in
the U.S. every year on incontinence-related care.
Based on similar technology, clinical trials of a product for use in the
correction of dermal deficiencies caused by aging and disease (wrinkles, lines
and scars) were recently initiated following approval by the FDA earlier this
year to begin clinical safety studies.
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 developed an extensive portfolio of proprietary
biomaterials in protein design and synthesis. Targeted products in addition
to its urethral bulking agents for the treatment of stress urinary
incontinence and dermal augmentation products for cosmetic and reconstructive
surgery, include tissue 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 2000 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.
 back to top
Company News On-Call:
http://www.prnewswire.com/comp/721876.html
CONTACT:
J. Thomas Parmeter, President, or Janis
Neves, Director, Finance and Administration, both of Protein
Polymer Technologies, Inc., +1-858-558-6064, info@ppti.com
|
