Groundbreaking Lupus Diagnostic and Monitoring Technology Developed at Lahey Clinic Now Available Through Competitive Technologies
Fairfield, CT (September 5, 2006) – Competitive Technologies, Inc. (AMEX: CTT) today announced that it has signed an exclusive, worldwide service and representation agreement with Dr. Vincent Agnello of Lahey Clinic to commercialize a patented laboratory test used to diagnose and monitor Systemic Lupus Erythematosus ("SLE").
SLE, commonly called "Lupus," is an autoimmune disease characterized by the appearance in serum of antibodies directed against a number of 'self" antigens. Lupus currently affects approximately 1.5 million patients in the United States.
"We believe that a significant market exists for better Lupus diagnostic and monitoring tools," commented Aris Despo, Senior Vice President, Life Sciences for Competitive Technologies. "The Agnello technology is a late stage technology that is ready for commercialization and provides a cost effective, scalable testing platform for the early detection of Lupus as well as the monitoring of therapeutic efficacy and flares."
The solid-phase assay significantly improves the detection of antibodies specifically directed towards dsDNA in serum with unparalleled sensitivity and precision compared to existing diagnostic methods that detect and have difficulty separating both ssDNA and dsDNA. The assay is adaptable to operate on commercially available chemiluminescence detection platforms and has extensive clinical data with more than 10,000 assays performed at the Lahey Clinic.
"It will be extremely gratifying to see the fruits of our research efforts reach the general public," remarked Dr. Agnello. "Bringing this technology to market through CTT's licensing network will benefit patients around the world. I am delighted to play a role in advancing Lahey Clinic's unique model of medicine that constantly works at improving patient care through cutting edge research and development."
"This Lupus diagnostic technology is a strong addition to our life sciences offering," added D.J. Freed, Ph.D., President and Chief Executive Officer of Competitive Technologies. "As we aggressively expand our portfolio of available technologies, we are pleased to acquire the rights to commercialize late stage technologies with proven efficacy like this Lupus test. We are excited about bringing this technology to the market on a global scale by leveraging our existing relationships with diagnostic kit manufacturers who have licensed other diagnostic assays from CTT."
About Lahey Clinic
Lahey Clinic, a physician-led, nonprofit group practice, is world-renowned for innovative technology, pioneering medical treatment, and leading-edge research. A teaching hospital affiliated with Tufts University School of Medicine, the Clinic provides quality health care in virtually every specialty and subspecialty, from primary care to cancer diagnosis and treatment to kidney and liver transplantation. For more information, please visit: www.lahey.org
About Competitive Technologies
Competitive Technologies, established in 1968, is a full service technology transfer and licensing provider, focused on bringing the intellectual property assets of its clients to the marketplace. CTT specializes in identifying, developing and commercializing innovative technologies in a variety of areas, including life and physical sciences, electronics, and nanotechnologies. Through its global distribution platform, CTT maximizes the value of its clients' intellectual assets. For more information, please visit: www.competitivetech.net.
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 our ability to obtain rights to market technologies, 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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