PROTEIN POLYMER TECHNOLOGIES AND GENENCOR INTERNATIONAL
EXPAND EXCLUSIVE LICENSE AGREEMENT
SAN DIEGO,
March 30, 2005 -- Protein Polymer Technologies, Inc. (OTC
Bulletin Board: PPTI.OB), today announced the expansion
of its license agreement with Genencor International, Inc.,
and receipt of an associated $250,000 payment. The license
agreement was initially established in December 2000, granting
Genencor worldwide exclusive rights to industrial applications
of PPTI’s proprietary protein polymer design and
production technology. Under the amended agreement, the
licensed rights have been expanded to include personal
care product applications. PPTI continues to retain all
rights to its technology for use in the development and
commercialization of medical products. The $250,000 payment,
and additional annual payments through 2010, are in consideration
for the amended license rights. Royalties will also be
payable on sales of 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 unique
physical and biological properties. “Our expanded
agreement with the additional payments reflects not only
Genencor’s progress towards commercial products based
on our technology, but also our progress in realizing returns
on the full breadth of our technology” said PPTI’s
Chief Executive Officer, J. Thomas Parmeter.
Contacts:
J. Thomas Parmeter, Ph.D.
Chairman
John E. Flowers
V.P. Planning and Operations
Protein Polymer Technologies, Inc.
(858) 558-6064
info@ppti.com
|
|
About
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-five U.S. Patents on its core technology with
corresponding
issued and pending patents in key international markets.
Safe Harbor
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
2003
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.
