FAIRFIELD, Conn., Oct. 8, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) reported today that its licensee, Ribozyme Pharmaceuticals Inc. (Nasdaq:RZYM) announced the start of a multi-center Phase II clinical trial utilizing HEPTAZYME(tm) for the treatment of patients with chronic hepatitis C. HEPTAZYME(tm), developed by RZYM, is a direct anti-viral therapeutic specifically engineered to target the hepatitis C virus and has shown potent anti-viral activity in pre-clinical models. The study is designed to evaluate HEPTAZYME(tm) safety and efficacy when administered alone and in combination with interferon.
CTT has exclusively licensed the ribozyme technology to RZYM. Revenues generated from sales of approved RZYM products using CTT-licensed technologies will produce royalties for CTT. Ribozymes are the product of Nobel prize-winning research and are synthetically engineered to act as "molecular scissors" capable of cleaving target RNA in a highly specific manner, blocking gene expression and preventing production of unwanted proteins.
"The continued study of the use of HEPTAZYME(tm) against Hepatitis C brings us closer to effective treatment of this deadly disease which affects millions," said Frank R. McPike, Jr., President and CEO of CTT. "We are encouraged by this step in the successful use of CTT-licensed technology."
As reported by RZYM, investigators and HEPTAZYME(tm) clinical sites include Principal Investigator Myron Tong, M.D., Ph.D, Chief of the Liver Center, Huntington Medical Research Institute, Pasadena, CA, and Professor of Medicine, University of Southern California; Dr. Gregory T. Everson, University of Colorado Health Sciences Center; Dr. Ira Jacobson, Cornell University Medical Center, New York Presbyterian Hospital; Dr. Donald Jensen, Rush-Presbyterian-St. Luke's Medical Center; Dr. John McHutchison, Scripps Clinic; and Dr. Eugene Schiff, University of Miami School of Medicine.
"RZYM believes HEPTAZYME(tm) is uniquely positioned to benefit patients who have been infected with this insidious virus," said Howard W. Robin, President and CEO at RZYM. "According to the World Health Organization, approximately 125 million people worldwide have been infected with the hepatitis C virus. Currently available treatments are effective in up to 50% of patients, leaving a significant number with no available therapy. In addition, current therapies are often associated with serious side effects that many patients find intolerable," said Mr. Robin. "RZYM is proud to be moving forward into our HEPTAZYME(tm) Phase II trial to better understand the medical potential for this important nucleic acid therapeutic."
RZYM's announcement noted that Hepatitis C is a smart virus, generally unrecognized until recently and able to mutate and continually develop new subtypes. According to the clinical trial investigators, HEPTAZYME(tm), with a high degree of specificity and anticipated low side effect profile, offers promise for the four million Americans believed to be infected with this deadly disease. Further, RZYM's announcement notes HEPTAZYME's unique ability to specifically target the conserved region of the virus -- an area common to all subtypes -- making it both appealing to researchers and potentially useful for patients.
Competitive Technologies' licensee RZYM, a global leader in the development of ribozyme-based biotherapeutics and diagnostic tools for the treatment and monitoring of significant human diseases, is located in Boulder, Colorado. Other RZYM development projects include ANGIOZYME(tm), an anti-angiogenic ribozyme designed to inhibit the growth of new blood supplies to tumors and prevent tumor growth and metastasis, in Phase II clinical trials in partnership with Chiron Corporation; Herzyme(tm), an anti HER2 ribozyme for treatment of breast and other cancers; and a ribozyme for treatment of Hepatitis B. The Herzyme program is being developed by an RZYM/Elan joint venture, Medizyme Pharmaceuticals Ltd.
ANGIOZYME, HEPTAZYME and Herzyme are registered trademarks of Ribozyme Pharmaceuticals Inc.
About Competitive Technologies, Inc.
Competitive Technologies is a global leader in identifying, developing and commercializing innovative life sciences, physical sciences and digital technologies. Competitive Technologies' specialized expertise and experience make it a valuable partner for inventors, companies and universities of all sizes. CTT has been responsible for closing hundreds of licensing agreements. CTT clients and licensees include: Sony, Matsushita Electric Industrial, the University of Arizona, the University of Colorado, the University of Illinois, Digital Ink, Inc., NTRU Cryptosystems, Inc., Palatin Technologies, Inc. and Ribozyme Pharmaceuticals, Inc. Competitive Technologies, Inc. is based in Fairfield, Connecticut and has affiliates in Osaka, Japan and London, England.
Statements about the Company's future expectations, including development and regulatory plans, and all other statements in this document other than historical facts are "forward-looking statements" within the meaning of applicable Federal Securities Laws and are not guarantees of future performance. These statements involve risks and uncertainties related to market acceptance of and competition for the Company's licensed technologies and other risks and uncertainties inherent in CTT's business, including those set forth in Item 1 of the Company's most recent Form 10-K and other factors that may be described in CTT's filings with the SEC, and are subject to change at any time. The Company's actual results could differ materially from these forward-looking statements. The Company undertakes no obligation to update publicly any forward-looking statement.