FAIRFIELD, Conn., Nov. 14, 2002 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced that Wyeth (NYSE:WYE) has appealed the August 13, 2002 decision of US Senior District Court Judge John Kane of the US District Court for the District of Colorado for a $54 million patent infringement judgment for fraud and unjust enrichment against Wyeth's American Cyanamid Co. unit, and in favor of CTT's client, the University of Colorado.
CTT has confirmed through court and SEC filings that the Wyeth unit appealed the August 13 decision in the US Court of Appeals for the Federal Circuit. Judge Kane granted the unit's motion for a judgement stay at the District Court level, and required a $59 million appeal bond to be posted. Judge Kane's full August 13 opinion, "Findings of Fact and Conclusions of Law on Damages and Equitable Remedies on Remand," can be found on CTT's website, www.competitivetech.net.
John B. Nano, President and CEO of CTT said: "Guilt seems evident when Judge Kane describes actions of Wyeth unit employees as `clandestine and deceptive conduct,' and `circumstances of fraud, malice and willful and wanton misconduct.' We had expected that in a sense of fairness to the University, the citizens of Colorado, and the doctors, that Wyeth would not appeal this second judgement against their position."
Mr. Nano continued: "We fully anticipate the courts to continue to find in favor of the University et al, finally closing this litigation which began in 1993 for product sales between 1984 and 1994. SEC filings indicate that Wyeth has accrued a litigation reserve of nearly $15 billion over the last five years. According to court filings they are involved in over 25,000 court cases. Their actions appear to demonstrate a strategy of using the courts to delay justice. In this case, of paying royalties and interest to the rightful owners of the patent."
The litigation involves a prenatal vitamin supplement marketed by American Cyanamid under the Materna(tm) name. A preliminary opinion issued in July 2000 found that Drs. Robert H. Allen and Paul A. Seligman, CTT's clients at the University of Colorado, are the sole inventors of the improved formulation of the prenatal vitamin supplement. The second opinion, issued in August 2002, reiterated that opinion. CTT expects to receive approximately $6 million, 18.2% after attorney fees, of the net proceeds recovered from Wyeth in this $54 million award.
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, is 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 life, digital, nano, and physical science technologies developed by universities, companies and inventors. CTT's specialized expertise and experience make it a value-added partner within the global business and scientific community. CTT meets the challenges of global technology commercialization by maximizing 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.