Protein Polymer Announces Termination of R&D Agreement with Ethicon
SAN DIEGO, Dec. 16, 1997 -- Protein Polymer Technologies,
Inc. (Nasdaq: PPTI), today announced that its research and development agreement
with Ethicon, Inc., a subsidiary of Johnson & Johnson, will terminate
effective December 17, 1997. The focus of the agreement was on the
development and commercialization of tissue adhesives and sealants for wound
closure and related surgical applications. As a result of the termination,
Ethicon will have no further financial obligations to PPTI.
For the agreement to remain in force, Ethicon would have
been required to select one specific protein polymer adhesive formulation
for commercial development and regulatory approval, and to commit to accomplishing
these goals within specific timelines. By declining to proceed with
acceptance of a specific product formulation, Ethicon will relinquish all
rights to the underlying technology as well as its control over PPTI's right
to establish other relationships in the field of tissue adhesives and sealants.
"While we are disappointed that Ethicon has chosen
not to proceed into the next stage of development with our tissue adhesive
system, we know of no other technology that can deliver the same key combination
of surgical adhesive properties such as high strength, resorption, biocompatibility
and setting speed," said J. Thomas Parmeter, President and Chief Executive
Officer of Protein Polymer Technologies. "Therefore, we plan to continue
to develop tissue adhesive and sealant products for several specific surgical
indications, and will begin discussions with potential partners who are
leaders in those markets. In addition, we have maintained a good overall
relationship with Johnson & Johnson."
Protein polymers are synthetic proteins created "from
scratch" through chemical DNA synthesis, and produced in quantity by
bacteria through large scale fermentation. By design, they combine
the biological functionality and biocompatibility of natural proteins (e.g.,
silk, collagen, elastin, fibrin) with the chemical functionality and exceptional
physical properties of synthetic polymers (e.g., nylon, spandex,
polyester, polyacrylamide). Because of their modular block polymer
design, protein polymer components can be assembled and reassembled into
a wide variety of different materials such as films, fibers and gels, while
also incorporating both chemical and biological functionality as part of
the final polymer design. PPTI holds several pioneering patents on
the design and production of protein polymers, and has numerous U.S. and
international applications covering the technology and specific products
and product classes.
Protein Polymer Technologies, Inc. is a development stage
biomaterials company focused on tissue repair and drug delivery. In
addition to surgical adhesives and sealants, products being developed include
bioactive coatings, tissue augmentation materials, and drug delivery devices.
PPTI also markets a line of protein polymer-activated cell culture products
under the trade names of ProNectin(R)
and SmartPlastic(R).
