FAIRFIELD, Conn., Feb. 13, 2008 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that their client Medical College of Georgia Research Institute (MCGRI), and MCGRI's collaborator University of Georgia (UGA), and Percept BioSciences have entered into an agreement to obtain an exclusive worldwide license to develop and commercialize a patented library of novel compounds that have demonstrated superior efficacy in established non-human primate models of cognition and attention for human health applications. The technology is from the work of Drs. Jerry Buccafusco and Alvin Terry, Jr. at MCG, and Dr. J. Warren Beach at UGA. The agreement allows for varying levels of compensation to MCGRI and UGA. CTT will share in the payments to MCGRI.
The technology, U.S. Patent 6,881,738, consists of novel small molecule compounds for neuroprotection and cognitive enhancement in neurodegenerative disorders, including mild cognitive impairment, Alzheimer's, Parkinson's, Schizophrenia, and ADHD.
"We have been studying agents that improve cognition and other aspects of learning in our laboratories for many years," said Dr. Buccafusco, Pharmacologist and Director of MCG's Alzheimer's Research Center. "Last Fall we published data demonstrating that the activity of our agents in primate models of cognition is superior to currently marketed compounds and other compounds with a similar therapeutic target. We are excited to be advancing these drugs into clinical development for such serious illnesses."
"We are very pleased to begin the testing and commercialization process for this important technology," said Charles Nawrot, MCG, Director of Technology Transfer. "Dementia affects an estimated 37 million people worldwide, with approximately 50% of these cases caused by Alzheimer's. We expect this technology to provide relief for those suffering from neurodegenerative diseases."
"Percept is excited to have this opportunity to collaborate with the behavioral research scientists at MCG," said Daniel White, Percept's President and CEO. "We believe that the creation of this library of more than 50 compounds demonstrates progressiveness and further establishes scientifically recognized models of neuroprotection, cognition and attention. Our team has the experience and background needed to bring this technology to market worldwide, fulfilling the substantial unmet medical need that currently exists."
"The Medical College of Georgia is a prestigious institution, known worldwide for the advanced research capabilities of its faculty," said Aris Despo, CTT's Executive Vice President of Business Development. "These compounds developed by Dr. Buccafusco's team are an example of successful research at MCG, as well as UGA. CTT is also assisting MCG in commercializing several other technologies, including the effect of green tea polyphenols on autoimmune disorders, a novel retinal drug delivery, and identification and therapeutic use of a new transport system for endogenous opioid peptides for the management of pain."
The Alzheimer's Association (www.alz.org) estimates costs for Alzheimer's and other dementias of $148 billion annually. Alzheimer's is a progressive, degenerative disease that alters the brain, causing impaired memory, thinking and behavior. More than 5 million people in the U.S. -- nearly 13% of all those age 65 and over -- have Alzheimer's. By 2050 the number of Americans with this disease could range from 11 to 16 million unless a way is found to prevent or effectively treat this disease.
"This is another example of a CTT technology fulfilling market needs," said John B. Nano, CTT's Chairman, President and CEO. "CTT's management team is focused on creating value from technologies, restoring stockholder value by signing new license agreements. We are aggressively marketing the pain management therapy, breast cancer detection test, MC Square stress reduction device (www.relaxmc.com), solar panels, UAD surgical prosthetics, and the LED portfolio technologies to drive revenue growth, improve profitability and create shareholder value. Our full technology portfolio may be viewed on our website."
About Medical College of Georgia Research Institute
The Research Institute, located in Augusta, GA, serves MCG's commitment to providing an environment to foster research growth in the health sciences. Founded in 1828 as the Medical Academy of Georgia, the school became MCG in 1950. A unit of the University System of Georgia, MCG offers more than 40 academic programs in allied health sciences, dentistry, graduate studies, medicine, and nursing. The MCG Office of Technology Transfer and Economic Development, created in the Spring of 2001, provides an efficient and effective mechanism for converting scientific discoveries into improved health care by identifying and protecting intellectual property generated from the rapidly growing research enterprise at MCG. Visit MCG's website: www.mcg.edu
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, is a full service technology transfer and licensing provider focused on the technology needs of its customers and transforming those requirements into commercially viable solutions. CTT is a global leader in identifying, developing and commercializing innovative technologies in life, electronic, nano, and physical sciences developed by universities, companies and inventors. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT's website: www.competitivetech.net
Statements made about our future expectations are forward-looking statements and subject to risks and uncertainties as described in our most recent Annual Report on Form 10-K for the year ended July 31, 2007, filed with the SEC on October 29, 2007, and other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.