Protein Polymer Technologies Announces Change to Management Team
News Feb 15, 2006
Protein Polymer Technologies, Inc. has announced that President and Chief Operating Officer, Donald Kaplan, Ph.D., has elected to retire from his positions to pursue other opportunities.
Dr. Kaplan will continue to serve as a member of the Board of Directors and consultant to the company.
"On behalf of the Board and employees, we want to thank Don for his efforts," said William N. Plamondon III, Chief Executive Officer of PPTI.
"Looking forward, we intend to continue focusing on licensing and collaborations, and increasing shareholder value by accelerating our product portfolio."
PPTI will continue to focus its efforts on several strategic objectives: maximizing the commercial potential of Surgica’s proprietary embolization products; advancing the company’s pipeline of biomedical device candidates; completing business development transactions that are strategically and financially compelling; and adding key assets necessary to diversify the company’s product portfolio and revenue base.
As previously reported, PPTI completed a worldwide license agreement with Surgica Corporation for its products and technology in December 2005, acquiring the rights to develop Surgica’s three FDA-cleared polyvinyl alcohol (PVA) based embolization products - PVA Plus™, MicroStat™ and MaxiStat™ and one additional product under development, Blocker™.
PPTI and Surgica developed three sterile convenience kits packaged with Surgica’s products, which received FDA 510(k) clearance earlier this month.
These convenience kits will be introduced at the Society of Interventional Radiology Annual Scientific Meeting in March 2006.
In addition, PPTI announced in November 2005 its intention to merge with Thuris Corporation. The transaction, if completed, is expected to close in the late first quarter or early second quarter 2006.