FAIRFIELD, Conn.,June 26, 2000 (PRIMEZONE) - Competitive Technologies, Inc. (AMEX:CTT) today confirmed that its licensee, Palatin Technologies, Inc. (AMEX:PTN), plans to begin the clinical development of its erectile dysfunction drug, PT-141, which will be administered as a nasal spray.
Revenues generated from any FDA approved Palatin products using CTT technologies will produce royalties for CTT and its client, the University of Arizona.
Palatin reported that in a June 20 meeting with the U.S. Food and Drug Administration (FDA), they reviewed the preclinical safety data on PT-141 and reached agreement on the design of initial clinical trials. Palatin anticipates filing an Investigational New Drug (IND) application later this summer. The initial study will evaluate safety, pharmacokinetics and efficacy in 32 men with erectile dysfunction.
According to Carl Spana, Ph.D., Palatin Technologies' President and CEO, "The pre-clinical data indicate that PT-141 has the potential to be free of the cardiac side effects found in many of today's treatments for erectile dysfunction. It works by stimulating receptors in the central nervous system and has proven to be highly potent in animal studies in several species. We look forward to starting clinical trials later this year."
Competitive Technologies has exclusively licensed the technology underlying PT-141 to Palatin. Palatin is a development-stage medical technology company developing and commercializing pharmaceutical products for diagnostic imaging and therapy based on its proprietary monoclonal antibody radiolabeling and enabling peptide platform technologies. (Web site: www.palatin.com)
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 include: Lucent Technologies, Matsushita Electric Industrial, NTRU Cryptosystems, 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 Form 10-K for the year ended July 31, 1999 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.