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Protein Polymer Technologies Reports 1st Quarter 2003 Financial Results.

Publication: PR Newswire
Publication Date: 13-MAY-03 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
Protein Polymer Technologies, Inc. (BULLETIN BOARD: PPTI) , reports today its financial results for the first quarter ended March 31, 2003.

On March 25, 2003, the Company raised approximately $3,000,000 (less expenses) from the sale Series I Convertible Preferred Stock and warrants. In connection with this transaction, the Company is obligated to include a one-time, non-cash "imputed dividends" charge of $1,305,000 related to the fair market value difference of the Company's common stock on March 25, 2003 and the conversion price of the Series I Preferred Stock. Including this extraordinary expense, the Company had a net quarterly loss applicable to common shareholders of $1,744,000 ($.06 a share), versus a net loss of $536,000 ($.02 a share) for...

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