FAIRFIELD, Conn., June 29, 2000 (PRIMEZONE) - Competitive Technologies, Inc. (AMEX:CTT) confirmed today that the US Patent & Trademark Office has issued US patent 6,051,555 containing claims for the use of various alpha MSH peptide analogues for stimulating a sexual response in females.
Competitive Technologies has exclusively licensed the technology to Palatin Technologies, Inc. (AMEX:PTN). Revenues generating from any FDA approved Palatin products using CTT technologies will produce royalties for CTT and its client, the University of Arizona.
In an earlier release, Palatin announced that the US Food and Drug Administration has approved the design of initial clinical trials for PT-141, a male erectile dysfunction treatment using nasal spray to stimulate receptors in the central nervous system. PT-141 is a synthetic modification of PT-14, an analogue of a naturally occurring peptide hormone called Alpha MSH.
Palatin Technologies is a development-stage medical technology company developing and commercializing pharmaceutical products for diagnostic imaging and therapy based on its proprietary monoclonal antibody radiolabeling and enabling peptide platform technologies.
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 include: Lucent Technologies, Matsushita Electric Industrial, NTRU Cryptosystems, 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 Form 10-K for the year ended July 31, 1999 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.