Competitive Technologies Announces Notice of Allowance for Second Patent for Nanotechnology Bone Biomaterial
Fairfield, CT. (April, 10, 2006) - Competitive Technologies, Inc (AMEX: CTT) today announced that the U.S. Patent Office has issued a Notice of Allowance for the U.S. Divisional Patent Application for CTT's nanotechnology bone biomaterial developed at the University of South Carolina ("USC"). As a result, CTT expects that a second patent will be issued relating to this technology sometime this summer. CTT has an exclusive agreement with the University of South Carolina Research Foundation to license and commercialize this injectable, calcium phosphate-based biomaterial nanotechnology. The inventor of the bone biomaterial, Dr. Brian R. Genge, is a research professor in the Department of Chemistry and Biochemistry at USC.
"The granting of this second patent recognizes the unique qualities of Dr. Genge's innovative nanoparticle biomaterial technology," said Dr. Mike Kiley, CTT's Executive Vice President and Chief Technology Officer. "CTT executed an exclusive license in September 2005 with Soteira Inc. to research and develop spinal applications, and we believe the allowance of this new patent will add to and strengthen the patent position for this nanoparticle bone cement technology. Our business development group is aggressively pursuing additional licensing opportunities for this technology."
Besides spinal applications, the patented nano bone cement technology can be applied to a variety of human orthopedic procedures, especially craniofacial reconstruction and long bone fixation, as well as veterinary and dental uses. The bone biomaterial technology is a flowable, moldable paste that conforms to and interdigitates (interweaves) with the host bone. It rapidly hardens itself within the body, forming a solid bone-like structure capable of stabilizing fractured bone within 15 minutes, and also supports the growth of cartilage and bone cells. The technology has superior compressive strength, making it suitable for weight bearing and non-weight bearing bones, and it is both machinable and drillable.
Dr. D. J. Freed, CTT's President and Chief Executive Officer said, "We are pleased to continue our successful relationship with USC and Dr. Genge. The InstaBoneTM biomaterial is just one of the exciting earlier stage technologies in our portfolio. We are actively marketing and commercializing several technologies and evaluating other new technologies from the University of South Carolina."
About Competitive Technologies
Competitive Technologies, established in 1968, is a full service technology transfer and licensing provider focused on the technology needs of its customers and transforming those requirements into commercially viable solutions. CTT is a global leader in identifying, developing and commercializing innovative technologies in life and physical sciences, electronics, and nanotechnologies developed by universities, companies and inventors. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders.
Statements about our future expectations, including development and regulatory plans, and all other statements in this press release, other than historical facts, are "forward-looking statements" within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. If and when used herein, the words "may," "will," "should," "anticipate," "believe," "intend," "plan," "expect," "estimate," "approximate," and similar expressions, as they relate to us or our business or management, are intended to identify such forward-looking statements. These statements involve risks and uncertainties related to market acceptance of and competition for our licensed technologies, growth strategies, operating performance, industry trends, and other risks and uncertainties inherent in our business, including those set forth in Item 7 under the caption "Risk Factors," in our most recent Annual Report on Form 10-K for the year ended July 31, 2005, filed with the Securities and Exchange Commission ("SEC") on October 13, 2005, and other factors that may be described in our other filings with the SEC, and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.
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