PROTEIN POLYMER TECHNOLOGIES AND GENENCOR AMEND WORLDWIDE LICENSING AGREEMENT
TO INCLUDE NON-MEDICAL PERSONAL CARE PRODUCTS
SAN DIEGO, October 15, 2002 -- Protein Polymer Technologies, Inc. (OTC
Bulletin Board: PPTI.OB), today announced the amendment of its worldwide
exclusive license agreement with Genencor International, Inc. enabling Genencor
to potentially develop personal care products in addition to the previously
granted rights for industrial products. As a result of the agreement amendment,
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 hair care,
skin care and other personal care applications. PPTI continues to retain
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. The option for personal care product applications
granted to Genencor requires initiation of specific product development
programs in order to retain their rights. Benchmark payments associated
with various product development objectives and royalties on the sale of
products developed under the agreement are maintained, except that there
is no limit to benchmark payments resulting from personal care products.
"We believe the opportunities in the personal care products market
are a better strategic fit with Genencor's capabilities, analagous to the
industrial market areas we previously licensed to Genencor " said
J. Thomas Parmeter, PPTI’S President and Chief Executive Officer.
“As a result, we expect PPTI and its stockholders to benefit from
this transaction.”
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 twenty-four U.S.
Patents on its core technology with corresponding issued and pending patents
in key international markets.
CONTACTS:
J. Thomas Parmeter
President
Janis Y. Neves
Director of Finance & Administration
(858) 558-6064 info@ppti.com
