Competitive Technologies Licenses Homocysteine Assay to Diagnostic Products Corp.
23 Novembre 2004 - 3:15PM
PR Newswire (US)
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/
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