FAIRFIELD, Conn., Sept. 12, 2000 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) confirmed that its licensee, Ribozyme Pharmaceuticals, Inc. (Nasdaq:RZYM), and Eli Lilly and Company (NYSE:LLY) announced yesterday the successful completion of a safety and pharmacokinetic study of LY466700, the Anti-Hepatitis C ribozyme compound discovered by RZYM.
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.
"We are pleased to see the positive progress being made with respect to the Anti-Hepatitis C ribozyme compound. Hepatitis-C is a disease that affects millions of people worldwide including the U.S. If an effective drug is found and approved for use, it would be an important step in battling this deadly disease," said Frank R. McPike, President of CTT.
RZYM reported that the study was designed to examine safety and bioavailability in patients during a 28-day dosing regimen and was not designed to determine efficacy. RZYM added that preliminary results indicate that the drug was very well tolerated over a 28-day period and that its pharmacokinetic characteristics support a subcutaneous dosing regimen, a mode of administration already familiar to chronic Hepatitis C patients.
"In contrast to currently available Hepatitis C therapies, this new class of therapeutics has shown an exceptional safety profile thus far," said Ralph E. Christoffersen, Ph.D., President and CEO of Ribozyme Pharmaceuticals. "We are pleased with the results of this study."
Data from the most recent clinical trials will be discussed at the American Association for the Study of Liver Diseases (AASLD) conference in Dallas, Texas, October 26-29, according to RZYM.
Ribozymes are the product of Nobel Prize-winning science from the University of Colorado and are synthetically engineered to act as "molecular scissors" capable of cleaving target RNA in a highly specific manner.
Lilly, headquartered in Indianapolis, Indiana, is developing a growing portfolio of best-in-class pharmaceutical products by applying the latest research from its own worldwide laboratories, and from collaborations with eminent scientific organizations.
RZYM, located in Boulder, Colorado, is the acknowledged leader in ribozyme therapeutic development. In addition to its collaboration with Lilly for development of an anti-HCV ribozyme, RZYM is partnered with Chiron Corporation for the development and commercialization of ANGIOZYME(tm), 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. RPI is also partnered with an affiliate of Elan Corporation plc for development and commercialization of HERZYME(tm), an anti-HER-2 ribozyme for 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 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 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.
Information on RZYM can be found on its Website at http://www.rpi.com.
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.