FAIRFIELD, Conn., Jan. 9, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that its licensee Ribozyme Pharmaceuticals, Inc. (Nasdaq:RYZM) has announced the selection of its product candidate targeting the Hepatitis B virus (HBV), HepBzyme(tm). RYZM indicates that this Ribozyme targets several HBV RNA transcripts as well as HBV pregenomic RNA. HepBzyme represents a completely new approach to treating HBV, differing significantly from existing therapies, RYZM reported. HepBzyme is RYZM's fourth product candidate, the first three being ANGIOZYME(tm); HEPTAZYME(tm), and HERZYME(tm). RYZM said they intend to file an Investigational New Drug Application (IND) and complete a Phase I clinical trial for HepBzyme in 2001.
Competitive Technologies has exclusively licensed the Ribozyme technology to Ribozyme Pharmaceuticals. Revenues generated from sales of approved RZYM products using CTT technologies will produce royalties for CTT.
"HepBzyme represents a novel approach to the treatment of chronic Hepatitis B. The early clinical studies of the molecule should provide insight into the potential of this exciting compound," said Dr. Willis Maddrey, Executive Vice President for Clinical Affairs at the University of Texas, Southwestern Medical Center at Dallas.
Hepatitis B virus is one of the most widely spread viral infections. It is currently estimated that there are over 300 million chronically infected patients world wide, with 1.25 million in the U.S. alone. Chronic infection can lead to cirrhosis and heptocellular carcinoma.
HepBzyme was selected based in part on antiviral activity screening in cell culture where it was found to inhibit viral replication at several stages of the HBV life cycle according to RYZM. Furthermore, HepBzyme was reported by RYZM to decrease serum HBV DNA levels in a HBV transgenic mouse model by statistically significant levels as compare to controls.
RZYM, located in Boulder, Colorado, reports that it is the acknowledged leader in Ribozyme therapeutic development. RZYM is 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. ANGOZYME recently completed a Phase I/II clinical trial in cancer patients at the Cleveland Clinic and will be initiating several Phase II studies in Q1 2001. RYZM is also developing an anti-Hepatitis C ribozyme, HEPTAZYME which has demonstrated potent efficacy in cell culture assays and will soon be entering Phase II clinical trials in chronic Hepatitis C patients. A Phase I/II study was completed in September 2000. RYZM is also partnered with an affiliate of Elan Corporation plc for development of HERZYME, an anti-HER-2 ribozyme for treatment of breast and other cancers, through the RYZM/Elan joint venture, Medizyme Pharmaceuticals Ltd. An IND for HERZYME will be filed in Q1 2001.
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 Colorado, the University of Illinois, 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, 2000 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.