FAIRFIELD, Conn., May 1, 2002 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) today reported that its licensee, Ribozyme Pharmaceuticals Inc. (Nasdaq:RZYM) provided updates on the Phase II clinical trials status of the anti-angiogenic drug Angiozyme(tm) in cancer patients and Heptazyme(tm) in hepatitis C virus treatment, and its Phase I clinical trial for Herzyme(tm) for breast cancer treatment. To access their press release and conference call go to RZYM's Website at www.rpi.com.
According to Howard W. Robin, President and CEO of RZYM, " ... RPI has made encouraging advances in demonstrating the utility of ribozymes as a new class of therapeutic agents and felt it would be appropriate to provide a thorough update on the status of our clinical trial work."
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 if and when sales commence. Ribozymes are the product of Nobel prize winning research and are synthetically engineered to act as "molecular scissors" capable of cleaving target RNA in a highly specific manner, blocking gene expression and preventing production of unwanted proteins.
RZYM's press release states that lead drug candidate Angiozyme is partnered with Chiron Corporation and is being evaluated as an angiogenesis inhibitor in two separate Phase II clinical trials for which enrollment has been completed: (i) as a monotherapy for metastatic breast cancer, where positive biological activity has been observed; and (ii) as a combination therapy in conjunction with the Saltz regimen for metastatic colorectal cancer, where results to date have been encouraging. The release states that Angiozyme as a monotherapy did not achieve a clinically meaningful response rate and that clinical studies now utilize combination therapies to affect tumor growth by multiple mechanisms.
Heptazyme is a ribozyme developed to prevent replication of the hepatitis C virus. RZYM reported that the Phase II clinical trial has demonstrated a reduction in serum HCV RNA levels in 10% of the patients in the trial; however, they recently stopped dosing in this trial to review an animal toxicity issue.
Herzyme, which is being developed in partnership with Elan Corporation plc, is in a Phase I trial for patients with HER2 over-expressing breast cancer. Mr. Robin stated: "We are pleased to announce the first demonstration of ribozyme biologic activity in humans. This important achievement is a key step in the transition of ribozymes from laboratory science to therapeutics. While challenges remain, we are excited about continuing to develop this potentially important new class of compounds."
Competitive Technologies' licensee RZYM is located in Boulder, Colorado. Angiozyme, Heptazyme 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 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.