Protein Polymer Receives Additional Capital

    SAN DIEGO, April 2 -- Protein Polymer Technologies, Inc. (OTC Bulletin Board: PPTI), today announced that the Company has received approximately $1.9 million in new capital from a combination of exercised warrants and the issuance of convertible notes. The exercised warrants were issued in conjunction with Series G Preferred equity financing, and converted into common stock at a conversion price of $0.50 per share. The convertible notes, payable in either cash or stock at the Company's option, have an interest rate of 7% per annum, and become payable on August 31, 2001. The notes were issued to current shareholders.

    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. Targeted products include urethral bulking agents for the treatment of stress urinary incontinence, dermal augmentation products for cosmetic and reconstructive surgery, surgical adhesive and sealant formulations for Spinal disc nucleus replacement, scaffolds for wound healing and tissue engineering, and depots for local drug delivery.

    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 2000 Annual Report Form 10-KSB, and 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.