Protein Polymer Technologies Announces Election of Board of Directors
SAN DIEGO, May 23 -- Protein Polymer Technologies, Inc.
(OTC Bulletin Board: PPTI) announces the election of the Company's Board
of Directors at its Annual Meeting of Shareholders held May 18, 2001 in
New York City. Reelected to the Company's Board of Directors were: Richard
Adelson, private investor; Patricia J. Cornell, Vice President and Director
of Taurus Advisory Group, a registered investment adviser; Edward E. David,
Ph.D., technology consultant and former U.S. Presidential Assistant for
Science and Technology; Philip J. Davis, Managing Director (retired), Donaldson,
Lufkin & Jenrette; Edward J. Hartnett, Company Group Chairman (retired),
Johnson & Johnson Company; Kerry L. Kuhn, M.D., a Partner in the Omega Obstetrics
and Gynecology Center, Coral Springs, Florida; J. Paul Jones, Ph.D., Vice
President, Research & Product Development (retired), Procter & Gamble Company;
J. Thomas Parmeter, Ph.D., President and Chief Executive Officer, Protein
Polymer Technologies, Inc.; and George R. Walker, Vice President-Finance
(retired), Esso Europe. All Directors are elected to annual terms.
In other business, stockholders also ratified Peterson
& Company, LLP, as the Company's independent public accountants for the
2001 fiscal year, and a change in the Company's charter increasing the number
of authorized shares of common stock from 40 million to 60 million shares.
The increase in the number of authorized shares provides the Company with
greater flexibility in the future to conduct transactions that involve equity
as a component of the transaction.
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, adhesive
fillers for repair of Spinal discs, surgical adhesives and sealants, scaffolds
for wound healing and tissue engineering, and depots for local drug delivery.
