FAIRFIELD, Conn., Aug. 8, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that the US District Court for the District of Colorado has issued a "preliminary opinion to guide findings of fact and conclusions of law" in the University of Colorado's lawsuit for infringement of United States Patent No. 4,431,634. The 1984 patent covers a prenatal vitamin supplement being marketed by American Cyanamid, a division of American Home Products Corp. (NYSE:AHP), under the Materna(tm) name.
In his preliminary opinion, which can be found on the Court's webpage at www.co.uscourts.gov/opinions/jlk_93-1657.pdf, Judge Kane indicated that the University is entitled to damages and "equitable relief in the form of a disgorgement of Cyanamid's profits attributable to the exclusivity rights wrongfully secured and enforced against (Cyanamid's) competitors" ... and/or a 6% royalty rate on Cyanamid's total aggregate net sales of the reformulated Materna product for the period of 1984 to 1994, plus 8% statutory compounded interest. CTT is entitled to receive 18.2% of the net proceeds, after attorney fees, recovered from American Cyanamid in this suit.
"CTT continues to be encouraged by the progress being made in bringing this matter to closure," according to Frank R. McPike, Jr., President and CEO of CTT. "We are especially pleased that the Court has continued to find in favor of the University and its inventors throughout this litigation."
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, 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 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.