FAIRFIELD, Conn., Oct. 2, 2000 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) confirmed today that its licensee, Ribozyme Pharmaceuticals, Inc. (Nasdaq:RZYM) has said that it will initiate Phase II clinical trials as soon as possible for the Anti-Hepatitis C ribozyme. The Phase II trials are expected to begin in the first quarter of 2001. Also, on September 27, RZYM said it had repurchased from Eli Lilly its rights to Heptazyme.
The purpose of the trials is to study dose-ranging and biological markers of the drug's efficacy in chronic Hepatitis C patients. The trials will examine the safety and efficacy of Heptazyme alone, at higher doses than used in previous studies, and in combination with interferon, a current treatment for patients with Hepatitis C virus infection.
Competitive Technologies has exclusively licensed the ribozyme technology to RZYM. Revenues generated from sales of approved RZYM products using CTT technologies will produce royalties for CTT.
Frank R. McPike, President of CTT, said, "We continue to be encouraged with the ribozyme technology and the resulting Phase I trials. The need for anti-Hepatitis C treatment is a global objective."
Earlier this month, RZYM announced that Eli Lilly and they had completed a 28-day study of Heptazyme (LY466700) following daily subcutaneous injections that showed successful safety, tolerability and pharmacokinetics. RZYM, which now has the global rights to Heptazyme, will direct the clinical trials.
A webcast regarding this information can be accessed through the Investor Relations section of the RZYM website (www.rpi.com).
Ribozymes are the product of Nobel Prize-winning science and are synthetically engineered to act as "molecular scissors" capable of cleaving target RNA in a highly specific manner.
Competitive Technologies' licensee RZYM, located in Boulder, Colo., is the acknowledged leader in ribozyme therapeutic development. RZYM is partnered with Chiron Corporation for the development and commercialization of ANGIOZYME(tm), an anti-angiogenic ribozyme designed to inhibit the growth of new blood supplies to tumors and prevent tumor growth and metastasis. ANGIOZYME is in Phase I/II clinical trials in cancer patients at the Cleveland Clinic. RZYM is also partnered with an affiliate of Elan Corporation plc for development and commercialization of HERZYME(tm), an anti-HER-2 ribozyme for treatment of breast and other cancers, through RZYM's subsidiary Medizyme Pharmaceuticals Ltd.
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 makes 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 Colorado, NTRU Cryptosystems, Inc., Palatin Technologies, Inc. and Ribozyme Pharmaceuticals, Inc. Competitive Technologies, Inc. is based in Fairfield, and has affiliates in Osaka, Japan and London.
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.