FAIRFIELD, Conn. and DUNDEE, Scotland, April 28 /PRNewswire-FirstCall/ -- Competitive Technologies, Inc. and Axis-Shield plc announced today that a homocysteine assay license has been granted to Axis-Shield under CTT's U.S. Patent Number 4,940,658 relating to homocysteine medical tests.
Under the agreement Axis-Shield is granted a license under the CTT patent and will pay royalties on US sales of Axis-Shield homocysteine assay products. The negotiated agreement between CTT and Axis-Shield includes payment for past homocysteine tests sold by Axis-Shield and its client, Bio-Rad Laboratories, Inc. , and an up-front license fee. Axis-Shield's homocysteine assay customers, other than those with unsettled litigation matters, will be covered by the Axis-Shield license from CTT. The suits filed by CTT in US District Court against Axis-Shield and Bio-Rad for patent infringement, as well as Axis-Shield's countersuit, will be dropped.
"We are very pleased to issue this license to Axis-Shield, an international in vitro diagnostics leader," said Aris D. Despo, CTT's VP Life Science Business Development. "This agreement marks another successful step in our active homocysteine assay licensing and royalty collection program. 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."
"This license demonstrates Axis-Shield's commitment to our customers and their needs," said Svein W. F. Lien, CEO of Axis-Shield. "It permits Axis- Shield's customers to perform homocysteine assays without concern of possible infringement of the CTT homocysteine assay patent."
The settlement and license does not relieve Axis-Shield customers for royalties on past or future assays for methylmalonic acid, for which CTT will separately require a license to perform such assays.
CTT has signed license agreements with and is collecting royalties from companies performing the majority of homocysteine assays in the marketplace. These companies now include Axis-Shield, Bayer, Abbott, Roche, Quest, and Diagnostic Products. CTT has an active program of collecting previously withheld royalties from all organizations involved in the homocysteine assay process. The homocysteine assay 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 Axis-Shield plc
Axis-Shield is an international in vitro diagnostics company, headquartered in Dundee, Scotland with R&D and manufacturing bases in Dundee and Oslo, Norway. The Group specializes in the development, manufacture and marketing of innovative proprietary diagnostics kits in areas of clinical need, including cardiovascular and neurological diseases, rheumatoid arthritis, alcohol abuse and diabetes. It has a special focus on effective testing at the point of care, for improved patient management. Visit Axis- Shield's website: http://www.axis-shield.com/
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, electronic, 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.
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