FAIRFIELD, Conn., July 29, 2002 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that one of the inventors of its "Sun-less Tanning" technology, Dr. Mac E. Hadley, is to be interviewed Monday, July 29, 2002 at 12:00 Noon on News 12 Connecticut on the program, The Exchange. Dr. Hadley was part of a team of researchers at CTT's client, the University of Arizona, who invented synthetic analogues of alpha-MSH (alpha-melanocyte-stimulating hormone), a natural hormone secreted by the pituitary gland.
John B. Nano, CTT's President and CEO, said, "We look forward to hearing Dr. Hadley's interview. The patented technology he will talk about was invented at the University of Arizona, CTT's client. It has been found effective in two diverse applications: Sun-less tanning and sexual dysfunction. Both uses show strong promise of fulfilling our strategic objective of turning technology into commercial dollars."
CTT licensed the sun-less tanning application of the technology exclusively to Melanotan Corporation. CTT owns approximately 22% of Melanotan which subsequently sub-licensed the technology to an Australian company, Epitan Limited. Epitan has raised funds to develop sun-less tanning compounds, as well as a method of delivery for those compounds, for commercial sale. Melanotan owns a 25% equity interest in Epitan. Human trials for the tanning compound are under way in Australia.
The technology stimulates certain skin cells that produce a dark pigment causing general darkening of the skin. The sunscreen market, $400 million annually in the U.S., is the target audience for products that evolve from this technology. CTT and its client, the University of Arizona, will receive royalties through Melanotan on sales of sun-less tanning products developed by Epitan. In addition, CTT expects to benefit from its equity ownership in Melanotan.
Palatin Technologies (AMEX:PTN) is the exclusive CTT licensee for the second use of this synthetic analog. PTN used the underlying technology in developing PT-141 an investigational treatment for male and female sexual dysfunction. PTN presented positive initial results from a Phase 2A clinical trial of PT-141 for males in May 2002, and is currently conducting Phase 1 studies for females. The nasally administered treatment acts on receptors in the brain to stimulate natural sexual arousal. Revenues generated from the sale of any FDA approved PTN products using CTT technologies will produce royalties for CTT and its client, the University of Arizona.
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, is a global leader in identifying, developing and commercializing innovative life sciences, physical sciences, digital technologies and electronics. CTT's specialized expertise and experience make it a valuable partner to assist technology-rich universities, inventors and companies, of all sizes, to maximize the value of their intellectual assets. Visit CTT's website: http://www.competitivetech.net
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, including those set forth in Item 1 of the Company's most recent Form 10-K and 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.