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Competitive Tech: Client Gets Favorable Court Ruling
CTT Client Receives Favorable Ruling on Inventorship
In Materna Case Against American Home Products
Retrial Ordered on Financial Damages Portion
Fairfield, CT (July 17, 2000) - Competitive Technologies, Inc.
(AMEX:CTT) reported that U. S. District Judge John Kane, Jr. has ruled
that two professors Robert H. Allen and Paul A. Seligman, at its client
The University of Colorado, are the sole inventors of an improved
formulation of the prenatal vitamin Materna(TM). In addition Judge Kane
reopened all issues of damages and afforded the parties an opportunity
to present additional evidence on the issue of actual damages and
equitable remedies to be awarded.
The lawsuit arose because American Cyanamid, now a division of American
Home Products (NYSE:AHP), allegedly stole the formula when its chief
chemist, Dr. Leon Ellenbogin, claimed sole inventorship. In the initial
case, the court ruled in 1997 that American Cyanamid must pay $44.4
million to the University of Colorado in compensatory damages and $1
million in punitive damages to the professors. CTT would have received
approximately $5.2 million of the award.
American Cyanamid appealed the court's decision to the U.S. Court of
Appeals for the Federal Circuit. The Appeals Court referred the case
back to the Federal District Court indicating that the lower court
should have applied federal patent law rather than state common law to
determine inventorship.
In the July 7,2000 ruling, Judge John Kane Jr. commented, ``...Cyanamid
has not, and cannot, provide any evidence, other than the testimony of
Dr. Ellenbogen, to corroborate its claims of conception, and I repeat in
the strongest of terms, that I did not believe Dr Ellenbogin at trial
and I continue to disbelieve him now. My review based on the testimony
at trial and reconsideration of all of the evidence in light of the
post-trial briefs and arguments serves to intensify my feelings that Dr.
Ellinbogen is utterly lacking in credibility.''
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 inventors, companies and
universities of all sizes. CTT has been responsible for closing hundreds
of licensing agreements. CTT clients include: Lucent Technologies,
Matsushita Electric Industrial, University of Colorado, NTRU
Cryptosystems, Inc., Palatin Technologies, Inc. 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.
CONTACT: Johnnie D. Johnson
Strategic IR, Inc.
800 Third Avenue
Suite 3700
New York, NY 10022
Tel. (212) 754-6565
Fax (212) 754-4333
E-mail: jdjohnson@strategic-ir.com
E-mail: ctt@competitivetech.net
Web site: http://www.competitivetech.net
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