FAIRFIELD, Conn., Oct. 18, 2000 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) confirmed today that its licensee, Ribozyme Pharmaceuticals, Inc. (Nasdaq:RZYM) has announced the issuance of U.S. patent 6,132,966 covering ribozymes that specifically inhibit Hepatitis C virus (HCV) replication.
This and other patents are expected to provide a strong proprietary position for the anti-HCV ribozyme, Heptazyme. The rights to Heptazyme were repurchased by RZYM from Eli Lilly on September 27.
These actions are in line with RZYM's strategic plan calling for expansion of its product portfolio, control of clinical development of its products, and retention of significant ownership of each of its products.
Competitive Technologies has exclusively licensed the ribozyme technology to RZYM. Revenues generated from sales of approved RZYM products using CTT technologies will produce royalties for CTT.
"This is yet another step in the successful path toward the development of the much-needed anti-Hepatitis C treatment, and the expansion of RZYM's anti-viral product portfolio," said Frank R. McPike, President of CTT. "Also, the patent provides intellectual property protection to the extensive research on ribozyme technology."
In September, RZYM announced an anti-Hepatitis B ribozyme product development program, the repurchase of the anti-Hepatitis C ribozyme therapeutic Heptazyme from Eli Lilly, and the successful completion of the Phase Ib trial of Heptazyme (LY466700) following daily subcutaneous injections that showed successful safety, tolerability and pharmacokinetics. RZYM, which now has the global rights to Heptazyme, will direct the Phase II clinical trials, which are expected to start in first quarter 2001. Phase II will provide dosing information as well as an indication of the drug's biological activity.
"Data is being transferred from Lilly to RZYM and additional details of the Phase Ib trial will be presented at the American Association for the Study of Liver Disease meeting on October 31 in Dallas by Dr. Lawrence Blatt, Vice President of Research," stated Dr. Ralph E. Christoffersen, President and CEO of Ribozyme Pharmaceuticals, Inc.
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.
Competitive Technologies' licensee RZYM, located in Boulder, Colo., is the acknowledged leader in ribozyme therapeutic development. RZYM is partnered with Chiron Corporation for the development and commercialization of Angiozyme(tm), 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 I/II clinical trials in cancer patients at the Cleveland Clinic. RZYM is also partnered with an affiliate of Elan Corporation plc for development and commercialization of Herzyme(tm), an anti-HER-2 ribozyme for treatment of breast and other cancers, through RZYM's subsidiary Medizyme Pharmaceuticals Ltd.
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 makes 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 Colorado, 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 Form 10-K for the year ended July 31, 1999 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.