FAIRFIELD, Conn., Feb. 1, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that its exclusive licensee, Palatin Technologies, Inc. (AMEX:PTN) has begun enrolling patients in a Phase I safety study of the company's investigational treatment for erectile dysfunction, PT-141. The double-blind, placebo-controlled study will evaluate the safety, tolerability, pharmacokinetics and pharmacodynamics of single, escalating doses of PT-141 administered intranasally to 52 healthy adult male subjects.
Palatin is developing PT-141 as a nasal spray for the treatment of erectile dysfunction. The company submitted an Investigational New Drug application to begin human studies of the drug in late December 2000.
PT-141 is a synthetic modification of PT-14, an analogue of a naturally occurring peptide hormone called alpha MSH. Investigators in a small pilot study of PT-14 found that the agent was approximately 80 percent effective in treating men with erectile dysfunction.
PTN is a CTT exclusive licensee for the underlying technology, developed at the University of Arizona, used in developing PT-14. The National Institute of Health estimates that 30 million men suffer from erectile dysfunction. Revenues generated from any FDA approved Palatin products using CTT technologies will produce royalties for CTT and its client, the University of Arizona.
"CTT continues to be encouraged by the progress being made in bringing this drug to the market," said Frank R. McPike, Jr., President and CEO of CTT. "The onset of the safety study is an important step toward regulatory approval and commercial success."
"We are very excited to be initiating human clinical studies with our first therapeutic product, PT-141," said Carl Spana, Ph.D., President and CEO of Palatin Technologies, Inc. "Preclinical research with PT-141 in several animal species suggests this drug is highly potent and has the potential to be free of the cardiac side effects found in many of today's treatments for erectile dysfunction."
Palatin reports that PT-141 works through a mechanism of action, different from currently marketed erectile dysfunction therapies, which involves the direct stimulation of receptors in the central nervous system. As a result of this CNS activity, PTN believes PT-141 has the potential to treat both male and female sexual dysfunction.
Competitive Technologies' licensee PTN, located in Princeton, N.J., is a development-stage medical technology company focused on the discovery, development and commercialization of pharmaceutical products based on its enabling peptide platform technologies and proprietary monoclonal antibody radio-labeling.
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, 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, 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, 2000 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.