FAIRFIELD, Conn., Aug. 30, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) reported today that its licensee, Ribozyme Pharmaceuticals Inc. (Nasdaq:RZYM) announced that it has started a new Canadian Phase I clinical trial relating to the safety and pharmacokinetics of its Herzyme(tm) compound. Herzyme is an anti-Human Epidermal growth factor Receptor type 2 (HER2) ribozyme that is being developed through RZYM's collaboration with Elan Corporation (Medizyme Pharmaceuticals Ltd.). Elan and RZYM are planning to develop Herzyme for treatment of breast and ovarian cancer in conjunction with Elan's proprietary Medipad(r) Drug Delivery system.
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. Ribozymes are the product of Nobel Prize-winning science 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.
"This is a very promising step in the treatment of breast and ovarian cancer through RZYM's application of CTT's licensed technology," said Frank R. McPike, Jr., President and CEO of CTT. "We are encouraged that the ribozyme technology is now in various stages of trials for the treatment of breast, ovarian and colorectal cancer, as well as Hepatitis B and C."
"The initiation of this trial in conjunction with our partner Elan, marks another key step toward development of ribozyme-based therapies for treatment of cancer," said RZYM President and CEO, Howard W. Robin. "Herzyme may provide an important approach in the treatment of cancers that over express the HER2 oncogene. Together with our anti-angiogenic ribozyme, Angiozyme(tm) now in Phase II trials, we are progressing toward our goal of building a portfolio of targeted molecular therapeutics."
The principal investigator for the study is Karen Gelmon, M.D., of the British Columbia Cancer Agency in Vancouver, British Columbia. RZYM recently received clearance from the Canadian Therapeutic Products Programme of its Investigational New Drug (IND) submission for Herzyme.
Competitive Technologies' licensee, RZYM is located in Boulder, Colo.. In addition to its partnership with Elan, RZYM is also partnered with Chiron Corporation for the development and commercialization of Angiozyme, an anti-angiogenic ribozyme designed to inhibit the growth of new blood supplies to tumors and prevent tumor growth and metastasis. Angiozyme is in Phase II clinical studies in metastatic breast and colorectal cancer. RZYM is also developing an anti-hepatitis C ribozyme, Heptazyme(tm). A ribozyme directed against the hepatitis B virus is currently in pre-clinical studies.
Herzyme, Angiozyme, and Heptazyme 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, 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.