FAIRFIELD, Conn., March 2, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) today announced that its licensee, Ribozyme Pharmaceuticals, Inc. (Nasdaq:RZYM), yesterday submitted an Investigational New Drug (IND) application to the Canadian Therapeutics Products Programme (TPP) to initiate clinical trials with Herzyme. The ribozyme is designed to downregulate the HER2/neu oncogene, and is intended for the treatment of breast and ovarian cancer. Herzyme is being developed by Medizyme Pharmaceuticals Ltd., RZYM's joint venture with an affiliate of Elan Corporation plc.
RZYM reports that the HER2/neu gene is overexpressed in about 25-30% of all breast cancers and is associated with progression of the disease. Breast cancer currently afflicts 2 million women in the United States alone. RZYM indicates that compounds which attack the HER2/neu gene have been demonstrated to improve the prognosis and slow the progression of this cancer. According to RZYM, Herzyme, a member of a new class of ribozymes designed and patented by the company, has shown significant in vitro preclinical effectiveness in reducing HER2/neu expression.
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.
RZYM (www.rpi.com ), located in Boulder, Colo., is developing ribozymes as a new class of RNA therapeutics designed directly from genomic data for the treatment of cancer and viral diseases.
Once the IND has been cleared by the TTP, Phase I safety trials will be conducted at the British Columbia Cancer Agency hospital in Vancouver, Canada, under the direction of Karen Gelmon, M.D. The trials will assess the safety, tolerability and pharmacokinetics of Herzyme when given as a single, daily subcutaneous injection to breast cancer patients.
"This is another significant step in RZYM's application of the licensed technology in treating breast and ovarian cancer," said Frank R. McPike, Jr., President and CEO of CTT. "We look forward to the start of Phase I safety trials."
"Herzyme, the first-generation ribozyme tailored to downregulate the HER2 gene, is the second ribozyme to enter clinical trials for cancer patients. Along with our two hepatology products, this illustrates RZYM's commitment to finding a new class of effective therapeutics to treat cancer and viral diseases," said Howard Robin, President and COO at RZYM.
"RZYM's expertise in RNA chemistry allows us to design therapeutics directly from genomics data, bridging the gap from the mapping of the human genome to much-needed therapeutics to fight deadly diseases," continued Mr. Robin. "Herzyme is the third RZYM ribozyme to enter human clinical trials from this important new class of genomics-based RNA therapeutics."
In addition to its collaboration with Elan, 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 II studies in breast cancer patients. RZYM is also developing an anti-Hepatitis C ribozyme, Heptazyme(tm), scheduled to enter Phase II clinical trials in chronic Hepatitis C patients. RZYM also recently announced a development program for HepBzyme(tm), a ribozyme therapeutic against Hepatitis B.
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, 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.
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.