Protein Polymer Technologies Reports $1 Million in New Equity Invesment

   SAN DIEGO, January 29, 2002 -- Protein Polymer Technologies, Inc. (OTC Bulletin Board: PPTI), reports today that it has received approximately $1 million in additional capital through the exercise of warrants for the purchase of common stock. The proceeds will be used in part to accelerate the CompanyÕs clinical testing of its product for the treatment of female stress urinary incontinence.

   "We continue to make progress in developing PPTIÕs tissue augmentation products and tissue adhesive technology. Through our partner, Femcare Ltd., we have initiated the European clinical trials of our female stress urinary incontinence product. We have recently initiated preclinical animal testing of our tissue adhesive technology. Our partner, Spinal Wave, Inc., is progressing with the use of this technology for the treatment of lower back pain due to damaged or deteriorated spinal disks," said J. Thomas Parmeter, PPTIÕs President and Chief Executive Officer. "However, our ability to complete U.S. clinical testing of the incontinence product and the dermal augmentation product requires the identification of additional sources of working capital. Over the next few months, the Company will seek to raise additional funds for continuing operations through private or public offerings, and through additional collaborative agreements."

This press release may contain forward-looking statements that are based on management's 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 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.

   Protein Polymer Technologies, Inc., is a biotechnology 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 for repair of spinal disks, scaffolds for wound healing and tissue engineering, and depots for local drug delivery.