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PROTEIN POLYMER TECHNOLOGIES, INC. ANNOUNCES IPO

 PROTEIN POLYMER TECHNOLOGIES, INC. ANNOUNCES IPO
 SAN DIEGO, Jan. 21 /PRNewswire/ -- Protein Polymer Technologies,


Inc. announced today that it has made an underwritten initial public offering of 1,450,000 units. The units will be offered at $6.50 per unit. Each unit consists of one share of common stock and one redeemable warrant to purchase one additional share of common stock at an exercise price of $8.00. All units are being offered by the company. The managing underwriter is Reich & Co., Inc., New York.
 Protein Polymer Technologies, Inc. is a biotechnology company which develops and produces protein polymers for anticipated biomedical and selected specialty materials applications.
 The net proceeds from the sale of the units will be used to finance improvements to the company's product development, to finance continuing research and development, to acquire ownership of technology licensed by the company and for working capital.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
 A prospectus relating to this offering may be obtained from Reich & Co., Inc., an international investment banking concern located at 500 Park Ave., New York, N.Y.
 -0- 1/21/92
 /CONTACT: George McGoldrick of Reich & Co., 212-527-2909, or Victor J. Emmanuel of Donley Communications, 212-751-6126, for Reich & Co./ CO: Protein Polymer Technologies Inc. ST: California IN: MTC SU: OFR SM -- NY083 -- 1882 01/21/92 13:08 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Date:Jan 21, 1992
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