PROTEIN POLYMER TECHNOLOGIES ANNOUNCES
CHANGE TO MANAGEMENT TEAM
Company
Continues to Strengthen Business and Product Portfolios
SAN DIEGO, February 14 -- Protein Polymer
Technologies, Inc. (OTC Bulletin Board: PPTI.OB), a biotechnology
device company that is a pioneer in protein design and synthesis, today announced
that President and Chief Operating Officer, Donald Kaplan, Ph.D., has elected
to retire from his positions to pursue other opportunities. Dr. Kaplan will
continue to serve as a member of the Board of Directors and consultant to
the company.
“On behalf of the Board and employees, we want to thank Don for his efforts,” said
William N. Plamondon III, Chief Executive Officer of PPTI. “Looking forward,
we intend to continue focusing on licensing and collaborations, and increasing
shareholder value by accelerating our product portfolio.”
PPTI will continue to focus its efforts on several strategic objectives: maximizing
the commercial potential of Surgica’s proprietary embolization products;
advancing the company’s pipeline of biomedical device candidates; completing
business development transactions that are strategically and financially compelling;
and adding key assets necessary to diversify the company’s product portfolio
and revenue base.
As previously reported, PPTI completed a worldwide license agreement with Surgica
Corporation for its products and technology in December 2005, acquiring the rights
to develop Surgica’s three FDA-cleared polyvinyl alcohol (PVA) based embolization
products – PVA Plus™, MicroStat™ and MaxiStat™ and one
additional product under development, Blocker™. PPTI and Surgica developed
three new sterile convenience kits packaged with Surgica’s products, which
received FDA 510(k) clearance earlier this month. These new convenience kits
will be introduced at the Society of Interventional Radiology Annual Scientific
Meeting in March 2006.
In addition, PPTI announced in November 2005 its intention to merge with Thuris
Corporation, a biopharmaceutical company focused on medical device solutions
to aid in drug development and diagnosis of Central Nervous System disorders
including Mild Cognitive Impairment and Alzheimer’s disease. The transaction,
if completed, is expected to close in the late first quarter or early second
quarter 2006.
The acquisitions, and merger if consummated, will establish a strong foundation
for PPTI to transform its business and accelerate the company’s path toward
becoming a profitable biotechnology device company. PPTI will build on the company’s
recent business developments, with the ultimate objective of creating an organization
that has late stage products close to commercialization which offer exciting
treatment and diagnostic options.
Contacts
Investor Contact:
Erin Davis
Director of Communications and Investor Relations
Protein Polymer Technologies, Inc.
(858) 558-6064 x 120
edavis@ppti.com |
Media Contact:
Bryan deCastro, (631) 495-9177
Carole Boucard, (954) 370-2524
Creative Public Relations
|
About
Protein Polymer Technologies
Protein Polymer Technologies, Inc. is a biotechnology company that discovers
and develops innovative therapeutic devices to improve medical and surgical
outcomes. The Company focuses on developing technology and products to be used
for soft tissue augmentation, tissue adhesives and sealants, wound healing
support and drug delivery devices. Protein Polymer Technologies’ proprietary
protein-based biomaterials are uniquely tailored to optimize clinical performance
and contain no human or animal components that could potentially transmit or
cause disease. The Company is headquartered in San Diego, California. For additional
information about the Company, please visit www.ppti.com.
To date, PPTI has been issued twenty-six 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 2004
Annual Report Form 10-KSB, and 10KSB/A 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.
