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Wednesday November 12, 5:45 am Eastern Time
Company Press Release
SOURCE: Competitive Technologies, Inc.
Competitive Technologies Licenses Patented Male Impotence Relief Technology
* Technology for Diagnosis and Treatment Invented and Developed at University of Arizona *
FAIRFIELD, Conn., Nov. 12 /PRNewswire/ -- Competitive Technologies, Inc. (Amex: CTT - news) announced today that it has entered into an exclusive licensing arrangement with Palatin Technologies, Inc. (Nasdaq: PLTN - news), of Princeton, New Jersey. Palatin will develop, obtain FDA approval, and ultimately market Erectide, a peptide hormone analog patented by Competitive Technologies. Erectide is believed to be the first formulation which will allow a physician to both diagnose and treat psychogenic erectile dysfunction in impotent men. The peptide and its use in diagnosing and treating erectile dysfunction is covered both by domestic and foreign patents. National Institutes of Health statistics indicate that about 30 million U.S. men suffer from erectile dysfunction. According to a June 1997 report by healthcare consultants Mehta and Isaly, treatments are expected to grow from less than $500 million in 1996 to $3.8 billion in 2003.
The peptide hormone technology was invented by a research team headed by Dr. Mac E. Hadley at the University of Arizona, located in Tucson. According to Dr. Hadley, with an injection of Erectide, more than half of all individuals seeking medical assistance for such erectile dysfunction could be rapidly diagnosed to determine whether the condition is either psychological or organic.
Erectide, which does not require direct penile injection, acts as a stimulant to the brain to induce invariably an erection on demand. Erectide can do so at very low dosages. If an erection is produced, the diagnostician could determine, in as little as 30 minutes, that the patient's problem is primarily psychological and, consequently, prescribe Erectide as an ongoing therapy. If it is not psychological in origin, the condition would indicate an organic dysfunction (e.g., related to minor blood vessel leakage or interruption of the nerve signal), and then another therapy could be prescribed.
Palatin Technologies Chairman, President and CEO Edward J. Quily commented, ''Palatin's experience and expertise in peptide technologies mesh well with the important discovery made by Dr. Hadley and his team. We intend to explore and develop fully all ramifications of Erectide's potential.''
George M. Stadler, President and CEO of Competitive Technologies commented, ''We look forward to having Palatin Technologies guide the Erectide technology through the FDA approval process and successfully bring it to market.''
Mr. Stadler continued, ''Within days of Dr. Peter Likens' inauguration as President of the University of Arizona, our Company has successfully completed an agreement with Palatin Technologies. In addition, we are working to reach an agreement with another party to commercialize a second use of this peptide technology for sunless tanning. Dr. Likens was instrumental both in the original formation of Competitive Technologies, Inc., as a wholly owned subsidiary of Lehigh University, and its merger with University Patents, Inc. in 1993, when the combined Company assumed its current name Competitive Technologies, Inc.''
Competitive Technologies, Inc. -- based in Fairfield, CT, with offices in Bethlehem, PA; Osaka, Japan and London, England -- is in the technology transfer business concentrating primarily on the commercialization and licensing of high-tech company and university research and technology. CTT has evaluated over 25,000 technologies, been responsible for closing several hundred license agreements, and helped launch 15 new start-up companies. Important CTT clients include: IBM, Bell Atlantic, Lucent Technologies, Matsushita Electric Industrial, Corning and British Broadcasting Corp. CTT also has been awarded a number of collaborative R&D contracts and consulting projects involving partnerships between university, industry and federal/state governments. CTT's web page is at: www.cti.lehigh.edu
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 Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected or inferred results.
SOURCE: Competitive Technologies, Inc. |
