FAIRFIELD, Conn., Sept. 11, 2007 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that it has presented Palatin Technologies, Inc. (AMEX:PTN) with a Notice of Termination of the PT-14 technology license agreement, originally signed between the two companies on March 31, 1998. The Notice of Termination of the agreement states that PTN committed a material breach of their agreement with CTT.
In addition, CTT will continue to pursue its current arbitration and legal processes against PTN to collect all funds due to CTT from the earlier violations of the terms of the field-of-use 1998 agreement, and to collect punitive damages and attorneys' fees.
"The PT-14 technology is a valuable part of CTT's portfolio of innovative technologies," said John B. Nano, CTT's Chairman, President and CEO. "We fully expect to license this sexual dysfunction technology to a serious potential major pharmaceutical partner, and will be contacting companies including Pfizer, Lilly, Bayer and Proctor & Gamble. CTT is also exploring potential licensing partners for the obesity element of the PT-14 technology, and will be contacting companies including Astra Zeneca and Merck. CTT's responsibility is to maximize the value and to protect the rightful interests of our clients, the University of Arizona and the inventors, and of our shareholders."
PT-14, a peptide analogue of alpha-MSH (alpha-melanocyte-stimulating hormone), was invented by a team of researchers at CTT's client, the University of Arizona.
Mr. Nano added, "CTT continues to aggressively market its portfolio of technologies, including our recently acquired pain management and stress reduction technologies, as well as our other technologies, including our HB LEDs, bone biomaterial, cholesterol trapping and regeneration, and Lupus diagnostic and monitoring, to drive revenue growth, improve profitability and create shareholder value."
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, electronic, nano, and physical sciences developed by universities, companies and inventors. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT's website: www.competitivetech.net
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