SAN DIEGO, Dec. 21 /PRNewswire/ -- Protein Polymer Technologies, Inc.
(OTC Bulletin Board: PPTI.OB), today announced the signing of a broad-based,
worldwide exclusive license agreement with Genencor International, Inc.
enabling Genencor to potentially develop a wide variety of new industrial
products. As a result of the agreement, Genencor can use PPTI's proprietary
protein polymer design and production technology, in combination with
Genencor's extensive gene expression, protein design, and large-scale
manufacturing technology, to design and develop new products with improved
performance properties for industrial applications. PPTI retains all rights
to its technology for use in the development and commercialization of medical
products.
Genencor International is a world leader in the development and
manufacture of industrial enzymes and other biotechnology products. Protein
Polymer Technologies, whose internal product focus is primarily medical, holds
the fundamental patents on the design and development of de novo proteins that
in form are highly repetitive polymers with predictable physical and
biological properties. In return for the license, Genencor will pay PPTI an
upfront license fee, benchmark payments associated with various product
development objectives, and royalties on the sale of products developed under
the agreement. In addition, PPTI has agreed to provide Genencor with certain
contractual R&D services when requested, and Genencor, upon meeting defined
objectives, will receive warrants to acquire PPTI common stock.
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, surgical
adhesives and sealants, scaffolds for wound healing and tissue engineering,
and depots for local drug delivery. To date, PPTI has been issued nineteen
U.S. Patents on its core technology with corresponding applications in key
international markets.
Using an integrated set of technology platforms, Genencor International is
a diversified biotechnology company focused on developing and commercializing
innovative products for the agriculture, industrial chemical, and health care
markets. Genencor was established in 1982 as a joint venture between
Genentech Inc. and Corning Incorporated. Since its founding, Genencor has
grown to become a leading biotechnology company, with over $300 million in
1999 revenues, more than 250 biotechnology products in commerce, and more than
3000 owned and licensed patents and applications. Genencor, with more than
1500 employees worldwide, has principle offices in Palo Alto, California;
Rochester, New York; and Leiden, the Netherlands.
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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800-758-5804, ext. 721876
CONTACT:
J. Thomas Parmeter, President, or John
Flowers, Vice President, Planning and Operations, both of Protein
Polymer Technologies, Inc., 858-558-6064, info@ppti.com
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