Protein Polymer Closes $1.2 Million Private Placement To Support Further
Clinical Testing Of Incontinence Product
SAN DIEGO, July 25, 2001 -- Protein Polymer Technologies,
Inc.(OTC Bulletin Board: PPTI), today announced that it has closed approximately
$1.2 million from accredited and institutional investors through an initial
closing of a private placement of convertible preferred stock and warrants.
Included in the placement was the conversion of $800,000 in convertible
notes issued in March 2001 to certain previous shareholders of PPTI. Participants
included the Johnson & Johnson Development Corporation (JJDC), a subsidiary
of Johnson & Johnson, and another previous shareholder in PPTI.
The securities described in this release have not been
registered under the Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an applicable
exemption from registration requirements.
Proceeds of the offering will be used to continue the
Companyıs clinical development of its hydrogel technology, and its pilot
human clinical trials of a unique outpatient product designed to control
or alleviate female stress urinary incontinence. Urinary incontinence, the
unintentional loss of urine, is estimated to affect approximately 13 million
people in the United States, 85% of them women. Urinary incontinence can
lead to lifestyle restrictions, depression, and may also lead to complications
such as urinary tract infections and skin rashes. It is estimated that over
$3 billion is spent in the U.S. every year on incontinence-related care.
Based on similar technology, clinical trials of a product
for use in the correction of dermal deficiencies caused by aging and disease
(wrinkles, lines and scars) were recently initiated following approval by
the FDA earlier this year to begin clinical safety studies.
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 developed an extensive portfolio of
proprietary biomaterials in protein design and synthesis. Targeted products
in addition to its urethral bulking agents for the treatment of stress urinary
incontinence and dermal augmentation products for cosmetic and reconstructive
surgery, include tissue adhesives and sealants, scaffolds for wound healing
and tissue engineering, and depots for local drug delivery.
