Protein Polymer Technologies and Windamere Venture Partners Form New Company
To Develop and Commercialize Unique Product for Spinal Disc Repair
SAN DIEGO, April 25 -- Protein Polymer Technologies,
Inc. (OTC Bulletin Board: PPTI) and Windamere Venture Partners today announced
the formation of a new orthopedic company, Spinal Wave, Inc., to develop
and commercialize an injectable protein-based formulation for the repair
of Spinal discs damaged either by injury or aging. Based on Protein Polymer's
proprietary tissue adhesive technology, the product under development has
potential to be an effective outpatient surgical treatment for chronic low
back pain.
Low back pain is the leading cause for healthcare expenditures
in the United States and the fastest growing major segment of the orthopedic
industry with a current market of $2.1 billion in revenues and a growth
rate of more than 25% annually, according to a February 2001 Viscogliosi
Bros., LLC, Spinal Industry Analysis Series report. The leading surgical
treatments for Spinal include Spinal fusions, discectomies, and laminectomies,
but the market for disc replacement and nucleus repair is expected to grow
more rapidly than other treatments as new products are approved over the
next five years. Within the overall Spinal market, it is estimated that the
potential market for treatment or replacement of Spinal discs will surpass
$1 billion by 2007.
Incorporated in Delaware, Spinal Wave has acquired a license
to Protein Polymer's technology for use in Spinal and other defined orthopedic
applications. Protein Polymer received approximately 33% of the founding
stock in Spinal Wave, will receive royalties on the sale of products, and
retains manufacturing rights. Protein Polymer also will provide Spinal Wave
with a variety of contractual R&D services. Spinal Wave will be responsible
for product development, clinical testing, regulatory approvals, and commercialization.
Although Spinal Wave's initial focus is the repair of Spinal discs, Spinal
Wave plans to develop and acquire a broader line of orthopedic products.
Spinal Wave is headed by Mark LoGuidice, Chairman, and
David Coats, President. Mr. LoGuidice was formerly President of Sofamor
Danek U.S. (now a subsidiary of Medtronic, Inc.), a leading developer of
orthopedic products for the Spinal. Mr. Coats, a partner at Windamere Venture
Partners, was formerly the President of Forge Medical Ventures and has held
management positions in various medical products companies. J. Thomas Parmeter,
PPTI's President and CEO, will join LoGuidice and Coats on the Spinal Wave
Board of Directors.
Protein polymers are synthetic proteins created ``from
scratch'' through chemical DNA (gene) synthesis, and produced in quantity
by bacteria through large-scale fermentation. Protein Polymers are biocompatible
when used or implanted in humans, but contain no human or animal components
that could potentially transmit or cause disease. As a result of the synthetic
design, protein polymers are capable of combining the biological functionality
of natural proteins with the chemical functionality and exceptional physical
properties of synthetic polymers. Because of the modular nature of the synthetic
design, protein polymer components can be assembled and reassembled into
a wide variety of different materials with exceptional physical properties
(such as films, fibers, adhesives, and gels), while also incorporating both
chemical and biological activity as part of the final protein design. PPTI
pioneered the development of the technology and now holds 20 U.S. patents
on the design, composition of matter, and production of protein polymers,
with corresponding international applications in major markets.
Protein Polymer Technologies, Inc. (PPTI), 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 polymer design and synthesis, developing an extensive portfolio
of proprietary biomaterials. In addition to its tissue adhesive and sealant
applications, targeted products include a urethral bulking agent for the
treatment of stress urinary incontinence, a dermal contouring agent for
cosmetic surgery and dermatology, scaffolds for wound healing and tissue
engineering, and depots for local drug delivery.
Windamere Venture Partners is a San Diego-based venture
capital firm which provides funding and management guidance to seed-stage
life sciences companies. Windamere is a satellite fund of St. Paul Venture
Capital, a division of St. Paul Fire and Marine, which has in excess of
$1.0 billion for investment in early stage companies. Windamere's partners
have extensive operating experience in creating and leading life sciences
companies, typically taking active day-to-day management roles in early-stage
portfolio companies. Areas of interest include emerging pharma, biotech,
medical device, and healthcare internet opportunities.
