JOHNSON & JOHNSON — Director's Dealing 2004

Feb 18, 2004

SEC Form 5 — Annual Statement of Changes in Beneficial Ownership

Issuer: PROTEIN POLYMER TECHNOLOGIES INC (PPTI.OB)
CIK: 0000858155
Period of Report: 2003-12-31

Reporting Person: JOHNSON & JOHNSON (10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-03-10	Series I Preferred Stock	$.55	P	10000	Acquired		Common Stock (1818181)	Indirect
2003-03-10	Series I First Common Stock Warrants (Right to Buy)	$.88	P	272727	Acquired	2004-09-30	Common Stock (272727)	Indirect
2003-03-10	Series I Second Common Stock Warrants (Right to Buy)	$1.65	P	181818	Acquired	2007-03-31	Common Stock (181818)	Indirect

Footnotes

F1: There is no expiration date applicable to the Series I Preferred Stock.

F2: The securities reported as being indirectly beneficially owned by the Reporting Person are directly beneficially owned by Johnson & Johnson Development Corporation, a wholly-owned subsidiary of the Reporting Person.

F3: The warrants were issued in conjunction with the purchase of Series I Preferred Stock.