Industry News

Protein Polymer Technologies Announces Election of Board of Directors

Published on 2005-05-31. Author : SpecialChem

SAN DIEGO -- Protein Polymer Technologies, Inc. (OTC Bulletin Board: PPTI - News) announces the election of the Company's Board of Directors at its Annual Meeting of Shareholders. Elected to initial terms were William N. Plamondon III, Chief Executive Officer of Protein Polymer Technologies, Inc., and James B. McCarthy, Chairman and CEO of the Gemini Consulting Group, Inc. Reelected to the Company's Board of Directors were: Donald Kaplan, Ph.D., President and Chief Operating Officer, Protein Polymer Technologies, Inc., Edward G. Cape, Ph.D. Kerry L. Kuhn, M.D., Steven M. Lamon, Steve Peltzman, and J. Thomas Parmeter, Ph.D., Chairman, Protein Polymer Technologies, Inc. All Directors are elected to annual terms.

Donald Kaplan, Ph.D. presented the company technical report which included the status of the company's dermal product clinical testing. He also updated the status of negotiations with potential marketing partners for the tissue sealant product, and reviewed the current standing of the company's IDN product which has been licensed to Spine Wave.

In other business, stockholders also ratified Peterson & Company, LLP, as the Company's independent public accountants for the 2004 fiscal year.

Protein Polymer Technologies, Inc., is a San Diego-based company focused on developing bioactive 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, surgical adhesives for use in the repair of damaged spinal discs and as sealants in pulmonary, bowel and cardiovascular surgery, scaffolds for wound healing and tissue engineering, and depots for local drug delivery. To date, PPTI has been issued twenty-six U.S. Patents on its core technology with corresponding issued and pending patents in key international markets.

This press release contains forward-looking statements that are based on management's views and expectations. Actual results could differ materially from those expressed here; further, the Company is not obligated to comment specifically on those differences. Risks associated with the Company's activities include raising adequate capital to continue operations scientific and product development uncertainties, competitive products and approaches, continuing collaborative partnership interest and funding, regulatory testing and approvals, and manufacturing scale up. The reader is encouraged to refer to the Company's 2004 Annual Report Form 10-KSB and 10KSB/A, and other recent filings with the Securities and Exchange Commission, copies of which are available from the Company, to further ascertain the risks associated with the above statements.

Source: Protein Polymer Technologies, Inc.

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