Fairfield, Conn., July 17, 2000 (PRIMEZONE) - Competitive Technologies, Inc. (AMEX:CTT) reported that U. S. District Judge John Kane, Jr. has ruled that two professors Robert H. Allen and Paul A. Seligman, at its client The University of Colorado, are the sole inventors of an improved formulation of the prenatal vitamin MaternaTM. In addition Judge Kane reopened all issues of damages and afforded the parties an opportunity to present additional evidence on the issue of actual damages and equitable remedies to be awarded.
The lawsuit arose because American Cyanamid, now a division of American Home Products (NYSE:AHP), allegedly stole the formula when its chief chemist, Dr. Leon Ellenbogin, claimed sole inventorship. In the initial case, the court ruled in 1997 that American Cyanamid must pay $44.4 million to the University of Colorado in compensatory damages and $1 million in punitive damages to the professors. CTT would have received approximately $5.2 million of the award.
American Cyanamid appealed the court's decision to the U.S. Court of Appeals for the Federal Circuit. The Appeals Court referred the case back to the Federal District Court indicating that the lower court should have applied federal patent law rather than state common law to determine inventorship.
In the July 7,2000 ruling, Judge John Kane Jr. commented, "...Cyanamid has not, and cannot, provide any evidence, other than the testimony of Dr. Ellenbogen, to corroborate its claims of conception, and I repeat in the strongest of terms, that I did not believe Dr Ellenbogin at trial and I continue to disbelieve him now. My review based on the testimony at trial and reconsideration of all of the evidence in light of the post-trial briefs and arguments serves to intensify my feelings that Dr. Ellinbogen is utterly lacking in credibility."
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, University of Colorado, 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.