Protein Polymer Technologies Inc. raised $2.2 million from the privateplacement of series C preferred stock.Johnson & Johnson Development Corp. bought about half the preferredstock and other private investors purchased the other half, said GwenComo, San Diego-based Protein Polymer's director of investorrelations. She said the placement will provide "well over a year's worthof cash."Each share of the series C stock was priced at $100. It carriers a 10percent annual dividend, and can be converted after one year intoProtein Polymer common stock. Warrants to purchase 20 shares ofcommon stock at $1.25 per share also were issued for each series Cshare. Protein Polymer (NASDAQ:PPTI) has about 5.8 million sharesoutstanding.Como said Protein Polymer has been in discussions with Johnson &Johnson about the possibility of working together in variousdevelopment programs, particularly in the surgical products area.The company's protein polymers consist almost entirely of identicalshort, repetitive blocks of amino acids. After identifying the desiredamino acid sequence, Protein Polymer creates synthetic genes thatinstruct E. coli to produce the desired proteins.The company's first product, ProNectin F, incorporates 13 copies ofthe cell attachment sequence from human fibronectin, a blood plasmaprotein, in a protein polymer mix. It is being sold as a research reagent._ Jim Shrine
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