FAIRFIELD, Conn., May 17, 2004 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that it has signed an agreement with Ontario, Canada-based Jenex Corporation (TSX Venture Exchange:JEN) (Frankfurt:JNX) to exclusively license and commercialize Jenex's patented thermal therapy technology, Therapik(tm). The exclusive license will cover various countries including Korea, China, Japan, Taiwan, Australia, Russia, Eastern Europe and India. In addition, CTT will have non-exclusive rights in all other countries. Therapik is a late-stage, ready-to-market medical device approved for use to provide temporary relief of the pain and itching resulting from insect stings and bites. The technology is approved by both the U.S. Food and Drug Administration and the Canadian Therapeutic Products Program. Patents in 15 countries, including the United States, Canada, Australia and Europe protect the technology.
"Therapik's ready-to-market status provides a balance in our life science portfolio between early and late stage technologies and presents strong revenue opportunities for CTT going forward," said Aris D. Despo, CTT's VP Life Science Business Development. "Therapik's proven capabilities make it an attractive and exciting addition to our portfolio. We will be offering market opportunities for this technology through licensed manufacturing agreements, and country-specific product distributors."
The Therapik is a small, portable, hand-held, battery-powered device equipped with a carrying wrist strap. It delivers heat to a localized area of the body in order to relieve pain associated with stings from species that deliver thermolabile venom. Up to 20,000 species of insects and sea creatures are known to have thermolabile venom that may be destroyed by the application of heat. The most common sources of painful venomous stings are hymenopterous insects such as wasps, bees, and hornets, and sea creatures such as jellyfish, weaver fish and scorpion fish. The pain from such stings is produced by the release of histamine by cells in the organism that has been stung. Prompt destruction or inactivation of the venom interrupts the release of histamine, thus preventing or relieving the discomfort of the sting. In addition, the soothing heat also provides effective relief from the itching and irritation due to flea and mosquito bites and contact with stinging nettles.
"The Jenex agreement is evidence of CTT gaining outstanding technologies from our clients to move into the marketplace in line with our strategic plan for sustainable long term growth," said John B. Nano, CTT's President and CEO. "We have brought CTT to profitability, created a portfolio of quality technologies and formed strong global alliances. Utilizing our portfolio to satisfy customer needs, CTT is building a recurring revenue stream and strengthening shareholder value."
About Jenex Corporation
Jenex Corporation, is a publicly traded Ontario, Canada-based medical device research and development company focused on developing unique consumer and healthcare products. Formed in 1999, Jenex is primarily concentrated on the field of thermal therapy technology. Visit Jenex's website at http://www.jenexcorp.com
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, is a full service technology transfer and licensing provider focused on the technology needs of its customers and transforming those requirements into commercially viable solutions. CTT is a global leader in identifying, developing and commercializing innovative technologies in life, digital, nano, and physical sciences developed by universities, companies and inventors. The global market for technology transfer services is estimated at $150 billion annually. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. 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 other 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.