Protein Polymer Technologies Reports Second Quarter 1996 Financial Results
SAN DIEGO, Aug. 14, 1996 -- Protein Polymer Technologies,
Inc.(Nasdaq: PPTI), reports today a net loss applicable to common shareholders
of $825,000 ($.13 a share) for the second quarter ended June 30, 1996, as
compared to a net loss of $786,000 ($.13 a share) for the comparable period
a year ago. For the six months ended June 30, 1996 and 1995, the net
losses were $1,691,000 ($.27 a share) and $1,677,000 ($.29 a share) respectively.
The net loss and loss per share figures include accumulated dividends related
to the Company's preferred stock.
Sales, contract revenues and interest income totaled
$127,000 for the quarter, compared to $31,000 for the same period last year.
For the six months ended June 30, 1996 total revenues were $164,000, compared
to $91,000 in the prior year. The current quarter includes a $100,000
payment from Ethicon, Inc., a subsidiary of the Johnson & Johnson Company.
Operating expenses for the quarter were $830,000, as compared to $763,000
for the same period in 1995, a 9% increase, and were $1,610,000 year-to-date,
versus $1,660,000 in the prior year, a 3% decrease. The increase in
the most recent quarter's expenses reflect increased patent, legal and investor
relations activities.
"We are pleased with our financial performance given
the high level of effort we are dedicating to our surgical adhesives and
sealants program with Ethicon," said J. Thomas Parmeter, PPTI's President
and Chief Executive Officer. "Our cash position has recently
been strengthened due to the exercise of privately held warrants, raising
over $800,000 for the Company during the past three months."
Protein Polymer Technologies, Inc. is a development stage
biomaterials company focused on surgical repair and drug delivery.
PPTI's genetically engineered protein-based biomaterials are specifically
designed to control or direct the activities of mammalian cells. Product
candidates being developed include tissue adhesives and sealants, drug delivery
systems, wound healing materials and surgical adhesion barriers. PPTI
also markets a line of activated cell culture products under the trade names
of ProNectin(R) and SmartPlastic(R).
Protein Polymer Technologies, Inc.
Condensed Financial Statements
(unaudited)
Three months ended Six months ended
June 30, June 30,
SUMMARY 0F OPERATIONS 1996 1995 1996 1995
Product sales $9,010 $24,605 $24,524 $59,188
Contract revenue 100,000 0 100,000 10,000
Interest income 18,102 6,638 39,057 22,156
Other income 0 0 0 0
Total revenues 127,112 31,243 163,581 91,344
Total expenses 829,833 763,238 1,609,808 1,660,029
Net loss $(702,721) $(731,995) $(1,446,227)$(1,568,685)
Undeclared accumulated
dividends on
Preferred Stock 122,295 54,000 244,590 108,000
Net loss applicable to
common shareholders $(825,016) $(785,995) $(1,690,817)$(1,676,685)
Loss per share $(0.13) $(0.13) $(0.27) $(0.29)
Weighted average shares used in
computing loss per share6,454,777 5,830,925 6,160,837 5,830,925
As of As of
BALANCE SHEET INFORMATION June 30, 1996 Dec. 31, 1995
(audited)
Cash, cash equivalents and short-term
investments $1,330,598 $2,011,296
Working capital 1,469,952 1,803,254
Total assets 2,067,948 2,439,159
Total capital invested 19,565,050 18,471,111
Accumulated deficit (17,789,033) (16,342,805)
