Competitive Technologies Licensee Moves to Phase I/II Testing of Anti-Angiogenic Ribozyme Technology.

FAIRFIELD, Conn.--(BUSINESS WIRE)--Nov. 18, 1999--

Initial studies of Anti-Hepatitis C Virus Ribozyme Demonstrate

Potent Anti-viral Activity

IND Planned for Filing by End of 1999

Competitive Technologies, Inc. (AMEX: CTT) today reported progress that has been announced by its licensee, Ribozyme Pharmaceuticals, Inc. (RPI). RPI, in conjunction with Chiron Corporation, reported in a press release issued on November 16, 1999 the following:

"Ribozyme Pharmaceuticals (Nasdaq: RZYM) and Chiron Corporation (Nasdaq: CHIR) announced today the initiation of dosing of patients with Angiozyme TM in a multi-dose Phase I/II clinical trial at the Cleveland Clinic. Angiozyme, an anti-angiozyme ribozyme, has already demonstrated safety and tolerability in single dose Phase Ia studies in normal volunteers and Phase Ib studies in cancer patients. It is the first chemically synthesized ribozyme to have reached this stage of development.

Angiozyme is a member of a new class of therapeutics, ribozymes, that are designed to act as "molecular scissors" and cleave target RNA in a highly specific manner. In particular, Angiozyme acts by inhibiting the production of the high affinity Vascular Endothelial Growth Factor receptor, thereby cutting off the growth of new blood vessels to tumors and preventing their growth and metastasis."

On November 8, 1999, RPI reported that in a recent study presented at the American Association for the Study of Liver Disease, a novel approach utilizing a ribozyme to directly attack Hepatitis C virus RNA was shown to inhibit viral replication. These studies, as reported by RPI, indicate that the ribozyme therapeutic has potent antiviral activity and its effects are dependent upon a ribozyme mechanism of action. RPI anticipates filing an IND (Initial New Drug) for the Anti-Hepatitis C ribozyme with its partner Eli Lilly before the end of 1999.

Competitive Technologies has licensed the Nobel prize winning ribozyme technology to Ribozyme Pharmaceuticals, Inc. Under the license, CTT will receive payment of a royalty on sales of ribozyme products and will receive a share of certain income received by RPI from sublicensees such as product sales royalties, option fees, pre-paid royalties or other front-end licensing fees.

About Competitive Technologies, Inc.

Competitive Technologies is a global leader in identifying, developing and commercializing innovative life sciences, physical sciences and digital technologies. Competitive Technologies' specialized expertise and experience make it a valuable partner for companies and universities of all sizes. CTT has been responsible for closing hundreds of licensing agreements. CTT clients include: SONY, Lucent Technologies, Matsushita Electric Industrial and Ribozyme Pharmaceuticals, Inc. Competitive Technologies, Inc. is based in Fairfield, Connecticut and has affiliates in Osaka, Japan and London, England.

Statements about the Company's 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 related to market acceptance of and competition for the Company's licensed technologies and other risks and uncertainties inherent in CTT's business, including those set forth in Item 1 of the Company's Form 10-K for the year ended July 31, 1999 and other factors that may be described in CTT's filings with the SEC, and are subject to change at any time. The Company's actual results could differ materially from these forward-looking statements. The Company undertakes no obligation to update publicly any forward-looking statement.