PROTEIN POLYMER TECHNOLOGIES REPORTS NEW EQUITY INVESTMENT
SAN DIEGO,
April 1, 2005 -- Protein Polymer Technologies, Inc. (OTC
Bulletin Board: PPTI:OB), reports today that a small group
of institutional and accredited investors committed $4,200,330
for the purchase of an aggregate of 12,728,269 shares of
the Company's Common Stock together with warrants for the
purchase of an aggregate of approximately 6,364,132 shares
of common stock. The common stock was priced at $0.33 per
share. Of the committed capital, approximately $1.2 million
represents
the conversion of short term promissory notes previously
issued by the Company.
Purchasers of the common stock also received warrants to
purchase common stock equal to 50% of the number of shares
purchased. The warrants are exercisable
at
any time at an exercise price of $0.50 per share, and expire approximately forty
eight months after the close of the offering.
These securities have not been registered under the Securities
Act of 1933, as amended, and may not be offered or sold
in the United States absent such registration
or any applicable exemption therefrom..
Contacts:
J. Thomas Parmeter, Ph.D.
Chairman
Janis Y. Neves.
Director of Finance & Administration
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.
