Paul, further info. PPTI lost 56c/share in 95. Has 5.8 mil shares, so market cap is under 24 million$.
It did IPO with 1.66 mil shares in 1992, at $6.50! Suckers saw shares slide to $.50. If they get back to $6.50 watch for a selloff!
Income from J&J subsid Ethicon is $10 mil for some milestones over 10 years. ho hum.
Here is San Diego Daily Times report :
J. Thomas Parmeter
Protein Polymer Technologies Inc.
Jan. 23, 1995
Johnson & Johnson Development Corp. and several private investors made an equity investment of $2.2 million in Protein
Polymer Technologies Inc. The cash infusion increased assets in the developmental-stage company to $3.6 million and will
finance operations into late 1995.
"The key to our continued progress will be alliances such as the one completed with J&J," says J. Thomas Parmeter, CEO.
"We expect such alliances to allow us to bring our products to the marketplace in a relatively rapid and efficient manner."
PPTI was spun off from Syntro Corp. in 1988. Syntro developed the genetically engineered protein polymer technology on
which PPTI is built.
The Sorrento Valley firm develops synthetic material that can be used for bone-bonding and other medical purposes. These
materials can be developed as biocompatible elements suitable for stabilizing bone and orthopedic implants and coating
internally residing medical devices and implants such as heart valves and vein grafts.
Commercial sales of one of the products, ProNectin-F, began in 1991. In 1992 the U.S. Patent Office notified the company
that it would grant PPTI a fundamental patent based on technological breakthroughs which made the production of protein
polymers possible.
The polymers also can be used in drug and vaccine delivery systems, to enhance wound healing and as biological reagents.
ProNectin-F, for example, is marketed for use in cell biology research laboratories.
Since its inception, PPTI has formed a number of strategic partnerships. Partners have included E.I. DuPont de Nemours &
Co., Sili-Tex Inc., the U.S. Army and St. Jude Medical Inc.
When it went public in January 1992, PPTI sold about 1.66 million units at $6.50 per share. Net proceeds were about $9
million.
Earnings and Revenues
Protein Polymer Technologies Inc. lost $2.39 million, or 42 cents a share, in the nine months ended Sept. 30, compared with
a loss of $2.61 million, or 45 cents per share, a year earlier. In the third quarter alone, it lost $845,566 compared with
$855,505 lost a year before
For all of 1993, PPTI lost $3.25 million on revenue of $435,859, compared with a loss of $3.48 million on $431,115 in
1992.
Directors And Officers
J. Thomas Parmeter, 54, chairman and CEO; John E. Flowers, v.p. planning and operations; Joseph Cappello, director of
polymer research, chief technical officer; Franco A. Ferrari, director of genetic engineering, v.p. laboratories; Erwin
Stedronsky, research director; Janis Y. Neves, controller and assistant secretary; and Aron P. Stern, CFO.
Directors are Parmeter; Aron Stern; Edward E. David, private consultant and a director of Intermagnetics General Corp.;
George R. Walker, former v.p. of Esso Europe; Brent R. Nicklas, executive v.p. of Landmark Ventures Inc.; Russell T.
Stern, a director of Syntro Corp.; Bertram I. Rowland, counsel to the law firm of Flehr, Hohbach, Test, Albritton &
Herbert; Lester Cohen, former v.p. of Monsanto Chemical Co.
Executive Compensation
Parmeter earned $125,000 in 1994; Flowers, Cappello, Ferrari, Stedronksy, and Stern each earned $85,000.
Major Shareholders
Parmeter, 356,411 or 6.11 percent; Philip J. Davis, 343,766 or 5.9 percent; Stern, 247,119 or 4.24 percent; Walker, 126,012
or 2.16 percent; Nicklas, 82,148 or 1.41 percent; Cappello, 62,700 or 1.1 percent; Ferrari, 62,700 or 1.1 percent; and
Transition Three LP (Landmark), 126,860 or 2.2 percent. All directors, officers and employees, 1,556,092 or 26.71 percent.
As of Oct. 31, the company had 5.8 million shares of common stock outstanding.
Stock Price
PPTI stock traded at a high of $1.75 and low of 62.5 cents a share in 1994, selling at about 75 cents near year-end. It peaked
in 1992 at $8.75, the year of PPTI's $6.50 IPO. |
