By Sheri Kasprzak
New York, April 27 - Protein Polymer Technologies, Inc. said it has completed a $1 million private placement of a secured promissory note with warrants.
The 8% note due July 7, 2006 was funded by Matthew J. Szulik.
Szulik also received warrants for 500,000 shares, exercisable at $0.30 each through April 30, 2009.
For his investment, Szulik also received a continuing security interest in and a general lien upon 1 million shares of subsidiary Spine Wave, Inc. The investor also received 1 million warrants to buy shares of Spine Wave.
San Diego-based Protein Polymer develops biomaterials used to treat incontinence in women.
| Issuer: | Protein Polymer Technologies, Inc.
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| Issue: | Secured promissory note
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| Amount: | $1 million
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| Maturity: | July 7, 2006
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| Coupon: | 8%
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| Price: | Par
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| Yield: | 8%
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| Warrants: | For 500,000 shares
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| Warrant expiration: | April 30, 2009
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| Warrant strike price: | $0.30
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| Investor: | Matthew J. Szulik
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| Settlement date: | April 21
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| Stock symbol: | OTCBB: PPTI
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| Stock price: | $0.24 at close April 21
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