FAIRFIELD, Conn., July 1, 2002 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) today announced that it has begun an aggressive licensing campaign to bring testing laboratories into full compliance under licenses for performing 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 trial in the U.S. District Court for the District of Colorado. The jury finding in favor of CTT and its licensee Metabolite Laboratories, Inc., determined that LabCorp had willfully contributed to and induced infringement of the homocysteine assay patent.
Competitive Technologies has initiated its licensing campaign by sending notices to laboratory testing facilities including Hospital Corporation of America, Kaiser Permanente, and Tenet Healthcare Corporation. CTT is targeting labs it believes are withholding royalty payments or have not obtained proper licenses to conduct homocysteine assays. CTT earns royalties on all homocysteine assays performed and shares these royalties with the University of Colorado and Columbia University. Approximately 20 million Americans - one cardiovascular patient in every three - have elevated homocysteine levels. Homocysteine has been shown to be a highly sensitive indicator of B-12 and/or folate deficiency. Physicians using the homocysteine assay as a diagnostic test are reporting that elevated levels of homocysteine resulting from vitamin B-12 and folate deficiency have been associated with cardiovascular and vascular disease, Alzheimer's, rheumatoid arthritis and other diseases.
The American Medical Association said in an August 2001 study that if every person with coronary heart disease began taking B-12 and folate over 310,000 lives would be saved in the next ten years. John B. Nano, President and CEO of CTT said: "I believe that physicians will agree that one should know the patient's homocysteine level, especially if there has been a family history of cardiovascular disease. CTT-licensed homocysteine assay tests are an important element of diagnostics, monitoring, and effective treatment." The American Heart Association suggests that folic acid and B vitamin supplements should be used to reduce the risk of heart disease and stroke when diet is inadequate.
On May 4, 1999, Metabolite Laboratories, Inc. (MLI) and CTT filed a complaint and jury demand in this case. The complaint included allegations that LabCorp owed plaintiffs royalties for homocysteine assays performed beginning in the summer of 1998 that fell within the claims of a patent owned by CTT. CTT licensed the patent non-exclusively to MLI, and MLI sublicensed it to LabCorp. Plaintiffs claimed LabCorp's actions constituted breach of contract and patent infringement. The complaint demanded that LabCorp perform all its obligations under its agreement, cure past breaches, provide an accounting of wrongfully withheld royalties and pay future royalties as appropriate. The jury confirmed the validity of CTT's patent rights and LabCorp's infringement.
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, companies and inventors 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.