FAIRFIELD, Conn., Sept. 25, 2001 (PRIMEZONE) Competitive Technologies, Inc. (AMEX:CTT) reported today that its licensee, Ribozyme Pharmaceuticals Inc. (Nasdaq:RZYM) announced the start of the third clinical trial of the anti-angiogenic drug Angiozyme(tm) in cancer patients. The current study will evaluate Angiozyme as a treatment for cancer patients who are currently taking carboplatin and paclitaxel therapy. The first Phase II trial with Angiozyme began in February of 2001 in patients with metastatic breast cancer and a second Phase II trial in colorectal cancer began in June 2001.
CTT has exclusively licensed the ribozyme technology to RZYM. Revenues generated from sales of approved RZYM products using CTT-licensed technologies will produce royalties for CTT. Ribozymes are the product of Nobel prize-winning research and are synthetically engineered to act as "molecular scissors" capable of cleaving target RNA in a highly specific manner, blocking gene expression and preventing production of unwanted proteins.
"The start of the third Phase II clinical trial for Angiozyme is another encouraging step forward for the successful application of CTT-licensed technology," said Frank R. McPike, Jr., President and CEO of CTT.
The safety, tolerability and pharmacokinetics of Angiozyme will be assessed in patients enrolled in the study at the University of Colorado Health Sciences Center and Vanderbilt University. Eligible patients will receive Angiozyme along with a standard combination chemotherapy regimen of carboplatin and paclitaxel. Dr. S. Gail Eckhardt is the principal investigator from the University of Colorado Health Sciences Center. RZYM indicated that the first patient was dosed this week by the Center.
In the RZYM announcement, Howard Robin, President and CEO at RZYM said, "We are excited about starting the third Angiozyme trial this year. The current trial will examine the interaction of our unique ribozyme anti-angiogenic agent in concert with combination chemotherapy."
Competitive Technologies' licensee RZYM is located in Boulder, Colo.
Development and commercialization of Angiozyme is being done by RZYM in partnership with Chiron Corporation. Other RZYM development projects include Heptazyme(tm), a ribozyme directed against the Hepatitis C virus, Herzyme(tm), an anti HER2 ribozyme for treatment of breast and other cancers and a ribozyme for treatment of Hepatitis B. The Herzyme program is being developed by an RZYM/Elan joint venture, Medizyme Pharmaceuticals Ltd.
Angiozyme, Heptazyme and Herzyme are registered trademarks of Ribozyme Pharmaceuticals Inc.
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 Arizona, the University of Colorado, the University of Illinois, Digital Ink, Inc., NTRU Cryptosystems, Inc., Palatin Technologies, Inc. and Ribozyme Pharmaceuticals, Inc. Competitive Technologies, Inc. is based in Fairfield, Conn., and has affiliates in Osaka, Japan and London.
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 most recent Form 10-K 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.