Look at the mis-information in this news release. It suggests that Zonagen has an approved product, while Zonagen hasn't even applied for approval of this product, and its approval is highly questionable!
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Competitive Technologies, Inc. Reports Exclusive Agreement With Palatin Technologies,
Inc.
PR Newswire, Thursday, May 14, 1998 at 06:43
To Develop Hormone for Treating Male Impotence
FAIRFIELD, Conn., May 14 /PRNewswire/ -- Competitive Technologies, Inc.,
(AMEX:CTT), today announced that Competitive Technologies, Inc. and Palatin
Technologies, Inc. (NASDAQ:PLTN) of Princeton, NJ have finalized the
exclusive license agreement, which was the subject of an exclusive option
agreement announced by Competitive Technologies, Inc. on November 12, 1997.
Under the terms of the agreement, Palatin will have exclusive rights to
develop, obtain FDA approval, and market PT-14, a patented seven amino acid
peptide hormone which has proven effective in treating, as well as in
diagnosing male impotence. PT-14 was invented by a research team headed by
Dr. Mac E. Hadley at the University of Arizona, located in Tucson, AZ and was
patented by Competitive Technologies.
On March 19, 1998, TheraTech, Inc. (NASDAQ:THRT) of Salt Lake City, UT
announced it had signed an agreement with Palatin Technologies to
collaboratively develop oral transmucosal (OTM) delivery systems for several
peptide products. The first OTM product to be developed will be for PT-14 and
Palatin believes that PT-14 will begin Phase I clinical trials by the end of
1998.
Initial results demonstrate that eight out of ten men achieved clinically
significant erectile response when administered PT-14. This compound
activates the melanocortin receptors of the brain, causing normal stimulation
of sexual arousal. This stimulation relies on a different biological
mechanism than other products developed for the treatment of male erectile
dysfunction, such as the recently approved Viagra(TM) (Pfizer, Inc.)
(NYSE:PFE) or the long-time product Vasomax(TM) (Zonagen, Inc.)
(Nasdaq-SmallCap: ZONA). Therefore, PT-14 may have utility in patients who do
not respond to these other products. According to one study, the National
Institutes of Health estimated that 30 million American men suffer from
erectile dysfunction. It has been estimated that this number could rise to
47 million by the year 2000.
George M. Stadler, President and CEO of CTT, said "We believe that this
represents an important advance in the aggressive licensing of our broad-based
biotechnology/agri-technology/human health technologies portfolio. Our
portfolio of patented technologies includes: the homocysteine assay, recently
publicized in both the medical and general press for its role as a marker for
cardiovascular and Alzheimer's disease; the ribozyme technology that is
exclusively licensed to Ribozyme Pharmaceuticals, Inc. (NASDAQ:RZYM) of
Boulder, CO, which recently publicized Angiozyme, a synthetic ribozyme that
specifically inhibits Vascular Endothelial Growth Factor, a key component in
the angiogenesis pathway; the commercialization of ribozyme technology in
several areas of agriculture by DowElanco; initiation and completion by our
licensee, Ribozyme Pharmaceuticals, in collaboration with strategic partners,
of a phase I/IIa clinical trial for HIV; the melanotropin technology which, in
addition to its value in the area of male erectile dysfunction, also has
application in the field of sunless tanning; and a broad-based antisense
portfolio with potential in recently publicized 'molecular bandages'."
Competitive Technologies, Inc. (AMEX:CTT) -- based in Fairfield, CT, with
offices in Bethlehem, PA; Osaka, Japan and London, England -- is in the
technology transfer business concentrating primarily on commercializing and
licensing of high-tech company and university research and technology. CTT
has evaluated more than 25,000 technologies, been responsible for closing
several hundred license agreements, and helped launch several new start-up
companies. Important CTT clients include: IBM, www.ibm.com; Bell Atlantic,
www.bellatlantic.com; Lucent Technologies, www.lucent.com and Matsushita
Electric Industrial, www.mei.co.jp. 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 site
is: 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
applicable Federal Securities Laws and are not guarantees of future
performance. These statements involve risks and uncertainties related to the
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,
1997 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.
SOURCE Competitive Technologies, Inc.
-0- 05/14/98
/CONTACT: Frank R. McPike, Jr., Vice President & CFO of Competitive
Technologies, 203-255-6044, or fax, 203-254-1102; or Guy N. Robinson or
J. Desmond Towey of Desmond Towey & Associates, 212-888-7600, fax,
212-888-7686 or destowey@aol.com/
/Web site: cti.lehigh.edu |
