Competitive Technologies, Inc. Licenses Homocysteine Assay to Genzyme; Genzyme's Equal Diagnostic Homocysteine Assays Carry Pass-Through License to Customers.
"We are very pleased to issue this license to Genzyme, a recognized leader in biotechnology and diagnostics," said Aris D. Despo, CTT's Senior VP Life Sciences. "This agreement marks another successful step in CTT's active licensing and royalty collection program for the homocysteine assay. We are pleased to develop this relationship with Genzyme, which also opens the door for future collaboration."
"This license demonstrates our commitment to our customers and their needs," stated Donald E. Pogorzelski, President of Genzyme Diagnostics, "and, permits Genzyme Equal customers to continue performing homocysteine assays under Genzyme's license with CTT."
Dr. D. J. Freed, CTT's President and CEO, said, "The agreement with Genzyme is further validation of CTT's homocysteine licensing program. CTT continues to expand its recurring revenue stream by building valued relationships with industry leaders."
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. The license does not relieve Genzyme's customers for royalties on past or future assays for methylmalonic acid, for which CTT will separately require a license to perform such assays.
One of the world's leading biotechnology companies, Genzyme is dedicated to making a major positive impact on the lives of people with serious diseases. Founded in 1981, Genzyme has grown from a small start-up to a diversified enterprise with annual revenues exceeding $2 billion and more than 8,000 employees in locations spanning the globe. With many established products and services helping patients in more than 80 countries, Genzyme is a leader in the effort to develop and apply the most advanced technologies in the life sciences. The company's products and services are focused on rare inherited disorders, kidney disease, orthopedics, cancer, transplant and immune diseases, and diagnostic testing. Genzyme's commitment to innovation continues today with a substantial development program focused on these fields, as well as heart disease and other areas of unmet medical need.
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 and physical sciences, electronics, and nanotechnologies developed by universities, companies and inventors. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit our website at: 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 "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.
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|Article Type:||Company Profile|
|Date:||Dec 21, 2005|
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