PPTI TO MAKE NON-CASH ADJUSTMENT TO FINANCIAL STATEMENTS
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2003
Changes Necessary To Include
Additional Non-Cash Imputed Dividend Expense Related
To The Issuance Of Convertible Preferred Stock And
Warrants During 2003
SAN DIEGO,
March 30, 2005 -- Protein Polymer Technologies, Inc. (OTC
Bulletin Board: PPTI.OB), announced today that as a result
of a recommendation by the Company’s independent
auditors, the Company will be restating its financial statements
included in its Annual Report on Form 10-KSB for the fiscal
year ended December 31, 2003 in connection with the accounting
treatment of certain transactions related to the issuance
of convertible preferred stock and warrants during 2003
to include additional non-cash imputed dividend expense
totaling $1,211,333 in the restated financial statements
for 2003.
As a result of the restatement, the Company’s balance
sheet at December 31, 2003 will reflect an increase in
deficit accumulated during development stage of $1,211,333
and an increase in additional paid in capital of $1,211,333.
As a result of the restatement, the Company’s income
statement for the year ended December 31, 2003 will reflect
an increase in undeclared and/or paid dividend on preferred
stock of $1,211,333, and an increase in net loss applicable
to common shareholders of $1,211,333 and an increase in
net loss per common share – basic and diluted – of
$0.04.
Contacts:
J. Thomas Parmeter, Ph.D.
Chairman
Protein Polymer Technologies, Inc.
(858) 558-6064
info@ppti.com
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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.
