FAIRFIELD, Conn., Feb. 14, 2002 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) reaffirmed today that it has the licensing authority for technology to determine homocysteine level that has been shown to be important in two recently completed studies as reported over the past several weeks in the New England Journal of Medicine. The studies highlight the importance of knowing one's homocysteine level as a diagnostic tool for identifying several diseases including cardiovascular disease, especially where angioplasty is used for treatment of arterial blockage, and Alzheimer's. The studies are published in the November 29, 2001 and February 14, 2002 issues.
Homocysteine has been shown to be a highly sensitive indicator of Vitamin B12 and/or folate deficiency. Physicians, using the homocysteine assay as a diagnostic test, are reporting that elevated levels of homocysteine resulting from Vitamin B12 and folate deficiencies have been associated with vascular disease, Alzheimer's, rheumatoid arthritis and other diseases.
CTT has licensed the patent covering performance of assays for homocysteine to several clinical laboratories. The patent is derived from discoveries made by CTT's clients Drs. Robert Allen and Sally Stabler from the University of Colorado and the late Dr. John Lindenbaum from Columbia University.
CTT earns royalties on homocysteine assays performed. Approximately 20 million Americans -- one cardiovascular patient in every three -- have elevated homocysteine levels indicative of a defiency in Vitamin B12 and folate. Currently less than 1 million homocysteine assays are performed each year.
"The American Medical Association published an August 2001 study suggesting that, if every person with coronary heart disease began taking B12 and folate, over 310,000 lives would be saved in just the next ten years, and that even more lives would be saved if every male over 45 and every female over 55 began taking substantial amounts of B12 and folate," said Frank R. McPike, Jr. President and CEO of CTT.
Patent reaffirmed in U.S. District Court
CTT has begun a review of all current and non-current licenses issued to testing laboratories to determine full compliance with licenses previously issued for homocysteine assays. This action is in response to a favorable decision by the jury reconfirming the validity of patent rights on homocysteine assays in a recently completed trial in the U.S. District Court for the District of Colorado. The jury found in favor of CTT and its licensee Metabolite Laboratories, Inc.
The jury found the patent to be valid and that Laboratory Corporation of America Holdings (LabCorp) had contributed to and induced infringement of the homocysteine assay patent and that the infringement was willful.
"We believe there are labs which are withholding royalty payments or have not obtained proper licenses to conduct homocysteine assays. This is an important assay that physicians use as a diagnostic test to determine elevated homocysteine levels and related vitamin deficiencies in patients with vascular disease, pregnancy complications and dementia including Alzheimer's and other diseases. The University of Colorado, Columbia University and the associated research teams deserve to be compensated for their fine work," Mr. McPike continued.
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, 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 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.