SOURCE: Protein Polymer Technologies, Inc.

October 30, 2006 07:00 ET

Protein Polymer Technologies Announces It Has Exercised Its Warrant for Spine Wave Stock

SAN DIEGO, CA -- (MARKET WIRE) -- October 30, 2006 -- Protein Polymer Technologies, Inc. (OTCBB: PPTI), a biotechnology device company that is a pioneer in protein design and synthesis, announced today that it has exercised its warrant to purchase one million shares of Spine Wave, Inc.'s Common Stock, adding to the 1.4 million shares PPTI already owns. The warrant was issued to PPTI as part of their technological partnership with Spine Wave in the development of the NuCore™ Injectable Nucleus device.

Spine Wave's NuCore™ Injectable Nucleus device, based on PPTI's patented tissue adhesive technology, is an injectable protein polymer formulation for repair of spinal discs damaged as a result of injury or aging. Injected in a liquid form, the NuCore™ material rapidly cures to a gel that has physical properties which mimic those of the natural nucleus. The companies are engaged in a program to develop and commercialize PPTI's technology for certain spinal and orthopedic applications. PPTI manufactured the NuCore™ material for Spine Wave's clinical trials.

Spine Wave has enrolled patients in Degenerative Disc Disease and microdiscectomy studies of the NuCore™ Injectable Nucleus device in four countries: Switzerland, Australia, Germany and the United States.

About Protein Polymer Technologies

Protein Polymer Technologies, Inc. is a biotechnology company that discovers and develops innovative therapeutic devices to improve medical and surgical outcomes. The Company focuses on developing technology and products to be used for soft tissue augmentation, tissue adhesives and sealants, wound healing support and drug delivery devices. Protein Polymer Technologies' proprietary protein-based biomaterials are uniquely tailored to optimize clinical performance and contain no human or animal components that could potentially transmit or cause disease. The company is headquartered in San Diego, California. For additional information about the company, please visit http://www.ppti.com.

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.

Safe Harbor

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 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.

Contact Information

  • Investor/Media Contact:
    Erin Davis
    Director of Communications and Investor Relations
    Protein Polymer Technologies, Inc.
    (858) 558-6064 x 120
    Email Contact