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Competitive Technologies Licenses Homocysteine Assay to
Diagnostic Products Corp.
DPC Homocysteine Assays Carry Pass-Through License to Customers
FAIRFIELD, Conn., and LOS ANGELES, Nov. 23 /PRNewswire-FirstCall/ --
Competitive Technologies, Inc. (AMEX:CTT) and Diagnostics Products Corp.
(NYSE:DP) announced today that a homocysteine assay license has been granted to
DPC under CTT's U.S. Patent Number 4,940,658 relating to homocysteine medical
tests.
"We are very pleased to issue this license to DPC, a recognized leader in the
field of immunodiagnostics," said Aris D. Despo, CTT's VP Life Science Business
Development. "This agreement marks another successful step in CTT's active
licensing and royalty collection program for the homocysteine assay. We are
proceeding with our strategy of enforcing the patent rights of CTT and its
clients as affirmed by both the Federal Appeals and Federal District Courts."
John B. Nano, CTT's President and CEO, said, "The agreement with DPC is further
validation of CTT's homocysteine licensing program. CTT continues to expand its
recurring revenue stream by leveraging near-term opportunities while executing
our long-term strategies for sustained growth. CTT's first quarter will show
strong revenue growth and profitability, with the DPC royalty payments further
strengthening our second quarter results."
"This license permits DPC customers to continue to perform homocysteine assays
without concern about possible infringement of the CTT homocysteine assay
patent," stated Michael Ziering, CEO of DPC, "and it demonstrates our
commitment to our customers and their needs."
Under the agreement, DPC is granted a license under the CTT patent and will pay
royalties on sales of DPC homocysteine assays using DPC's IMMULITE(R) and RIA
products. DPC's homocysteine assay customers, other than those with unsettled
litigation matters, will be covered by the DPC license from CTT. DPC customers
that have separate homocysteine licenses from CTT will be relieved of their
obligation to pay royalties on reportable homocysteine results obtained using
the DPC assay by virtue of the royalty paid by DPC to CTT.
The negotiated agreement between CTT and DPC includes an up-front license fee
of $1.375 million, releasing DPC's customers of any obligation to pay royalties
to CTT for homocysteine test results obtained using DPC assays in the past.
The settlement and license does not relieve DPC customers for royalties on past
or future assays for methylmalonic acid, for which CTT will separately require
a license to perform such assays.
The homocysteine patent is derived from discoveries made by CTT's clients, Drs.
Robert Allen and Sally Stabler from the University of Colorado and the late Dr.
John Lindenbaum from Columbia University.
About Diagnostic Products Corporation
Diagnostic Products Corporation, founded in 1971, is the global leader
dedicated exclusively to immunodiagnostics. DPC's product menu includes about
75 immunoassays and over 350 specific allergens and allergy panels. In
addition, DPC addresses the chemistry and laboratory automation testing needs
of its customers through partnerships with manufacturers of chemistry systems
and reagents. The combined chemistry and immunoassay menu is one of the largest
and most diversified available, covering most laboratory tests requested. DPC
also designs and manufactures automated laboratory instrumentation, which
provides fast, accurate results while reducing labor and reagent costs. DPC
sells its products to hospitals, clinics and laboratories in more than 100
countries.
DPC is committed to delivering to customers the highest quality products with
superior service and support. The turquoise zebra icon symbolizes DPC's
uniqueness in the immunodiagnostic industry as "a company that stands out."
Additional Company information can be found on the Company's website at
http://www.dpcweb.com/.
Except for the historical information contained herein, this press release
contains forward-looking statements that involve risks and uncertainties that
could cause actual results to differ materially. These factors include the
effects of governmental and other actions relating to the FDA's decision that
its Application Integrity Policy should be applied to the Company or relating
to the Company's Chinese affiliate; the rate of customer demand for the
Company's products; the Company's ability to successfully market new and
existing products; its dependence on certain suppliers; domestic and foreign
government regulation; its ability to keep abreast of technological innovations
and to translate them into new products; competition; political and economic
instability in certain markets including the movements of foreign currencies
relative to the dollar; and other risks and uncertainties disclosed from time
to time in the Company's SEC reports and filings.
About Competitive Technologies, Inc.
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, digital, nano, and physical
sciences developed by universities, companies and inventors. The global market
for technology transfer services is estimated at $150 billion annually. CTT
maximizes the value of intellectual assets for the benefit of its customers,
clients and shareholders. Visit CTT's website: http://www.competitivetech.net/
Statements about our 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 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 filed with the SEC on October 29, 2004, 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.
Direct inquiries to: Johnnie D. Johnson, Strategic IR, Inc.
E-mail:
Tel. (212) 754-6565; Fax (212) 754-4333
E-mail:
DATASOURCE: Competitive Technologies, Inc.
CONTACT: Johnnie D. Johnson, Strategic IR, Inc., +1-212-754-6565, or
fax, +1-212-754-4333, , for Competitive
Technologies, Inc.,
Web site: http://www.competitivetech.net/
http://www.dpcweb.com/