Competitive Technologies Files for Arbitration Against Palatin Technologies, Inc.

FAIRFIELD, Conn. -- Competitive Technologies, Inc. (AMEX: CTT) announced today that it has filed for arbitration against Palatin Technologies, Inc. ("Palatin", AMEX: PTN). CTT believes that Palatin has materially breached the terms of CTT's license agreement with Palatin for the exclusive use of CTT's underlying sexual dysfunction technology used in the development of Palatin's experimental treatment for male and female sexual dysfunction.

CTT previously filed for arbitration against Palatin in October 2004 and subsequently agreed to mediation. As a result of the mediation, the parties agreed that cash and equity equaling $2.1 million would be remitted to CTT based on Palatin's agreement with King Pharmaceuticals. In October 2005, CTT filed a complaint against Palatin in Connecticut State Court for breach of contract, claiming that Palatin breached its mediation agreement with CTT. In the complaint, which has not yet been adjudicated, CTT seeks unspecified damages, and reimbursement for attorneys' fees, interest and court costs incurred in enforcing the mediation agreement.

In this latest filing for arbitration, CTT claims that Palatin Technologies has materially breached the license agreement. "We are taking this action to protect the interests of our client, our shareholders and CTT," commented Dr. D. J. Freed, CTT's President and CEO. CTT seeks various damages, including but not limited to monetary damages, reimbursement of legal fees and possible termination of the license granted to Palatin Technologies.

About Competitive Technologies, Inc.

Competitive Technologies, established in 1968, is a full service technology transfer and licensing provider, focusing on bringing the Intellectual Property assets of it 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 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.