Protein Polymer Technologies and Genencor Sign Worldwide Licensing Agreement
For the Development of Protein Polymers for Industrial Applications
SAN DIEGO, December 21 -- Protein Polymer Technologies,
Inc. (OTC Bulletin Board: PPTI), today announced the signing of a broad-based,
worldwide exclusive license agreement with Genencor International, Inc.
enabling Genencor to potentially develop a wide variety of new industrial
products. As a result of the agreement, Genencor can use PPTI's proprietary
protein polymer design and production technology, in combination with Genencor's
extensive gene expression, protein design, and large-scale manufacturing
technology, to design and develop new products with improved performance
properties for industrial applications. PPTI retains all rights to its technology
for use in the development and commercialization of medical 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 predictable
physical and biological properties. In return for the license, Genencor
will pay PPTI an upfront license fee, benchmark payments associated with
various product development objectives, and royalties on the sale of products
developed under the agreement. In addition, PPTI has agreed to provide Genencor
with certain contractual R&D services when requested, and Genencor, upon
meeting defined objectives, will receive warrants to acquire PPTI common
stock.
Protein Polymer Technologies, Inc., is a San Diego-based
company focused on developing products to improve medical and surgical outcomes.
From its inception in 1988, PPTI has been a pioneer in protein design and
synthesis, developing an extensive portfolio of proprietary biomaterials.
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 nineteen
U.S. Patents on its core technology with corresponding applications in key
international markets.
Using an integrated set of technology platforms, Genencor
International is a diversified biotechnology company focused on developing
and commercializing innovative products for the agriculture, industrial
chemical, and health care markets. Genencor was established in 1982 as a
joint venture between Genentech Inc. and Corning Incorporated. Since its
founding, Genencor has grown to become a leading biotechnology company,
with over $300 million in 1999 revenues, more than 250 biotechnology products
in commerce, and more than 3000 owned and licensed patents and applications.
Genencor, with more than 1500 employees worldwide, has principle offices
in Palo Alto, California; Rochester, New York; and Leiden, the Netherlands.
