FAIRFIELD, Conn., June 21, 2001 (PRIMEZONE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that its licensee, Ribozyme Pharmaceuticals Inc. (Nasdaq:RZYM) and Chiron Corporation have started treatment of the first patient in a Phase II clinical trial evaluating the safety and efficacy of the Ribozyme anti-angiogenic drug Angiozyme(tm) in patients with metastatic colorectal cancer. This study of Angiozyme in combination with standard therapy is the second Phase II clinical trial investigating the clinical activity of Angiozyme in metastatic solid tumors. The first Phase II trial with Angiozyme began in February of 2001 in patients with metastatic breast cancer.
CTT has exclusively licensed the Ribozyme technology to RZYM. Revenues generated from sales of approved RZYM products using CTT-licensed technologies will produce royalties for CTT. 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, blocking gene expression and preventing production of unwanted proteins.
The principal investigator for this trial is Alan Venook, M.D., of the University of California, San Francisco, Comprehensive Cancer Center. Additional trial sites include The Cleveland Clinic Foundation, Duke University Medical Center, The Sarah Cannon Cancer Center, and several sites of Houston-based US Oncology (www.usoncology.com) with 496 medical office locations, that include 74 integrated cancer centers in 27 states across the nation.
RZYM said that approximately 75 patients will be enrolled in this study. Eligible patients will receive Angiozyme along with the standard combination chemotherapy regimen of irinotecan, 5-FU and leucovorin. Angiozyme will be self-administered by the patients via daily subcutaneous injections. Patients will be eligible to continue Angiozyme therapy if either a response or stable disease is present.
"This is yet another step in the successful application of the licensed technology," said Frank R. McPike, Jr., President and CEO of CTT. "The promise of treatment for this devastating disease is very encouraging."
According to the American Cancer Society, there are an estimated 130,200 new cases of colorectal cancer per year in the US. An estimated 56,300 deaths occurred from this disease in 2000. Approximately 1.2 million people suffer from this disease and an estimated 100,000 to 150,000 of these have metastatic colorectal cancer.
Angiozyme is a ribozyme that targets the high affinity receptor for Vascular Endothelial Growth Factor is designed to decrease the growth of new blood vessels to tumors, hopefully preventing the spread of cancer.
Competitive Technologies' licensee, RZYM is located in Boulder, Colorado. In addition to its collaboration with Chiron Corporation for the development and commercialization of Angiozyme, RZYM is also developing an anti-Hepatitis C ribozyme, Heptazyme(tm). RZYM recently announced a development program for a ribozyme therapeutic against Hepatitis B, HepBzyme(tm). RZYM is also partnered with an affiliate of Elan Corporation plc for development of Herzyme(tm), an anti-HER-2 ribozyme for treatment of breast and other cancers, through the RZYM/Elan joint venture, Medizyme Pharmaceuticals Ltd.
Chiron Corporation, headquartered in Emeryville, California, is a leading biotechnology company. The company is applying a broad and integrated scientific approach to the development of innovative products for preventing and treating cancer and infection
Angiozyme, Heptazyme, HepBzyme and Herzyme are registered trademarks of Ribozyme Pharmaceuticals Inc.
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 and licensees include: Sony; Matsushita Electric Industrial; the University of Arizona; the University of Colorado; the University of Illinois; NTRU Cryptosystems, Inc.; 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 most recent Form 10-K 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.