FAIRFIELD, Conn., July 13, 2000 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) today confirmed that its licensee, Ribozyme Pharmaceuticals, Inc. (Nasdaq:RZYM), announced that one of its patents licensed to it by CTT has been reaffirmed in Europe after opposition proceedings. Also, Ribozyme Pharmaceuticals has reported on a recently discovered proprietary motif to generate Herzyme(TM), now in pre-clinical studies for the treatment of breast and ovarian cancer.
Competitive Technologies has exclusively licensed the ribozyme technology to Ribozyme Pharmaceuticals. Revenues generated from sales of FDA approved RZYM products using CTT technologies will produce royalties for CTT.
RZYM Maintains European Patent
RZYM has prevailed against its competition who contested one of the ribozyme patents in Europe (European Patent No. EP-B1 0291533). European opposition proceedings, which had begun in 1996, resulted in maintenance of the fundamental "Cech" patent.
In 1997, the Japanese equivalent of the above European patent was challenged by RZYM's competitors and the Japanese Patent Office rejected the opposition and decided to maintain the patent in its entirety.
In addition to the foregoing European and Japanese patents, RZYM has seven corresponding patents that have been issued in the United States. RZYM has built a formidable multi-layered intellectual property portfolio around its ribozyme technology by filing and in licensing a large number of patents covering various aspects of the ribozyme technology.
RZYM Discovers New and Proprietary Ribozyme Motif to Generate Herzyme(TM)
Ribozyme Pharmaceuticals reported data describing the discovery of a new and proprietary ribozyme motif that is nuclease stable and works at low magnesium concentrations. This new motif was used to generate Herzyme(TM), RZYM's lead compound that is targeted against the HER-2 gene for the treatment of breast and ovarian cancer. Herzyme(TM) is in pre-clinical studies at Medizyme Pharmaceuticals, RZYM's joint venture with an affiliate of Elan Corporation plc.
Ribozymes are the product of Dr. Thomas Cech's Nobel Prize winning science and are synthetically engineered to act as "molecular scissors" cleaving target RNA in a highly specific manner. RZYM, located in Boulder Colorado, considers itself the acknowledged leader in ribozyme therapeutic development. RZYM is partnered with Eli Lilly for development of an anti-Hepatitis C virus ribozyme which is in clinical trials designed to study safety to assess the effect of the compound on HCV viral RNA levels in chronic Hepatitis patients. RZYM is partnered with Chiron Corporation for the development and commercialization of Angiozyme, an anti-angiogenic ribozyme designed to inhibit the growth of new blood supplies to tumors and prevent tumor growth and metastasis. Angiozyme is in Phase I/II clinical trials in cancer patients at the Cleveland Clinic. RZYM is also partnered with an affiliate of Elan Corporation plc for development and commercialization of Herzyme(TM), an anti-HER-2 ribozyme for the treatment of breast and other cancers, through RZYM's subsidiary Medizyme Pharmaceuticals Ltd.
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 companies and universities of all sizes. CTT has been responsible for closing hundreds of licensing agreements. CTT clients and licensees include: SONY Corporation, Matsushita Electric Industrial, 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 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.