PROTEIN POLYMER TECHNOLOGIES ANNOUNCES SIGNING EXTENDED AMENDMENT WITH GEGENCOR, INC.

 

 

SAN DIEGO, (CA) -- October 19, 2006 -- Protein Polymer Technologies, Inc. (OTCBB: PPTI) a biotechnology device company that is a pioneer in protein design and synthesis, announced today that it has extended its license agreement with Genencor International, Inc., (GCOR) a wholly owned subsidiary of Danisco. Genencor discovers, develops, and sells biocatalysts and other biochemicals for the industrial, consumer, and agri-processing markets.
The new amendment includes milestone payments to be made to PPTI each time a core product reaches total cumulative sales of $5,000,000 in any application field. Additionally, PPTI will receive a royalty fee from all licensed products commercialized during the extended term of the agreement.
" This amendment demonstrates the continued commitment of Genencor, and Danisco, its new parent, to invest in the commercialization of products based upon the technology licensed from PPTI," said William N. Plamondon, PPTI Chairman and CEO.

 

Investor/Media Contact:

Erin Davis Director of Communications and Investor Relations Protein Polymer Technologies, Inc. (858) 558-6064 x 120 Email Contact

About Protein Polmer 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 http://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 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.