Protein Polymer Technologies Announces Election of Board of Directors
SAN DIEGO, May 14 -- Protein Polymer Technologies, Inc.
(Nasdaq: PPTI), announces the reelection of all current members of the Company's
Board of Directors at its Annual Meeting of Stockholders. These Directors
include: 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, Donaldson, Lufkin & Jenrette; Patrick
A. Gerschel, Chairman of Gerschel & Company, Inc.; Edward J. Hartnett, Company
Group Chairman (retired), Johnson & Johnson Company; J. Paul Jones, Ph.D.,
Vice President, Research & Product Development (retired), Procter & Gamble
Company; Brent R. Nicklas, Managing General Partner, LPNY Advisors, Inc.
(an affiliate of Lexington Partners, Inc.) ; J. Thomas Parmeter, Ph.D.,
President and Chief Executive Officer, Protein Polymer Technologies, Inc.;
George R. Walker, Vice President-Finance (retired), Esso Europe. All Directors
are elected to annual terms.
In other business, stockholders approved an amendment
to the Company's Certificate of Incorporation increasing the authorized
number of shares of Common Stock and also ratified Ernst & Young, LLP, as
the Company's independent public accountants for the 1999 fiscal year.
In his presentation to stockholders, J. Thomas Parmeter,
PPTI's President and Chief Executive Officer, provided an update on the
Company's financial status and plans, and on the Company's preparation for
clinical testing of its injectable urethral bulking agent for the treatment
of female stress urinary incontinence, scheduled to begin in the 3rd Quarter
of 1999.
"Since March 31, 1999, approximately $920,000 has been
raised through the exercise of the Company's publicly traded redeemable
warrants and certain other private warrants. However, additional development
expenditures will be required for clinical testing and product registration
with the FDA," said J. Thomas Parmeter, PPTI's President and Chief Executive
Officer. "Our ability to proceed is entirely dependent on identifying additional
sources of working capital. We hope to raise additional funds for continuing
operations through private or public offerings and collaborative agreements,
and we also are continuing to pursue other alternative financing strategies."
"Currently, we are in discussions with potential strategic
partners for each of the soft tissue augmentation products, and in our redefined
surgical adhesives and sealants program, we are seeking a partnering relationship
for the development of a unique injectable Spinal disc repair product for
the treatment of lower back pain. However, there is no assurance that we
will succeed in consummating any of these fundings in the necessary time
frame, or on terms favorable to the Company. If adequate funds are not available,
we will have to significantly curtail our operations, and we may have to
sell or license out significant portions of the Company's technology or
potential products," Dr. Parmeter added.
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.
