FAIRFIELD, Conn., Feb. 8, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that its licensee, Ribozyme Pharmaceuticals Inc. (Nasdaq:RZYM) and Chiron Corporation (Nasdaq:CHIR) have today started a Phase II clinical trial evaluating the utility of ribozyme-based anti-angiogenic drug Angiozyme as a treatment for breast cancer. This open label study in breast cancer patients is expected to be the first of a series of Phase II clinical trials initiated in 2001 investigating the clinical activity of Angiozyme in metastatic breast, colorectal, lung, renal and melanoma cancers.
The first three breast cancer patients began treatment today at the Cleveland Clinic Foundation. The principal investigator for this trial is Gabriel Hortobagyi, M.D., of the University of Texas M.D. Anderson Cancer Center in Houston. Additional trial sites include the University of California at San Francisco and the University of Colorado Health Sciences Center.
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 science and are synthetically engineered to act as "molecular scissors" capable of cleaving target RNA in a highly specific manner.
"This is a very encouraging step in RZYM's study of the treatment of breast cancer," said Frank R. McPike, Jr., President and CEO of CTT. "The successful application of the licensed technology holds tremendous promise for millions of individuals who suffer from the devastation of this disease."
The Phase II trials in colorectal, renal and melanoma cancers are scheduled to begin in several months and are open label, involving between 40 and 80 patients per indication. A randomized Phase II trial of Angiozyme for the treatment of lung cancer also is expected to begin later this year.
Angiozyme is a ribozyme that targets the high affinity receptor for Vascular Endothelial Growth Factor and is designed to decrease the growth of new blood vessels to tumors, preventing the spread of cancer. The compound is administered in clinical trials by subcutaneous injections.
According to the American Cancer Society, 40,800 women died of breast cancer in the United States in 2000. Over two million women suffer from the disease and an estimated 150,000 to 200,000 of these have metastatic breast cancer.
Competitive Technologies' licensee RZYM (www.rpi.com), located in Boulder, Colorado, reports that it is the acknowledged leader in ribozyme therapeutic development. In addition to its collaboration with Chiron Corporation for the development and commercialization of Angiozyme, RZYM is also developing an anti-Hepatitis C ribozyme, Heptazyme (tm). RZYM recently announced a development program for a ribozyme therapeutic against Hepatitis B, HepBzyme(tm). RZYM is also partnered with an affiliate of Elan Corporation plc for development of Herzyme(tm), an anti-HER-2 ribozyme for treatment of breast and other cancers, through the RZYM/Elan joint venture, Medizyme Pharmaceuticals Ltd.
Chiron Corporation, headquartered in Emeryville, California, is a leading biotechnology company. The company is applying a broad and integrated scientific approach to the development of innovative products for preventing and treating cancer and infection.
Angiozyme, Heptazyme, HepBzyme 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, licensees and investees include: Sony, Matsushita Electric Industrial, 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, 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, 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.