FAIRFIELD, Conn. and TARRYTOWN, N.Y., Oct. 25 /PRNewswire-FirstCall/ -- Competitive Technologies, Inc. and Bayer HealthCare LLC, a member of the Bayer Group , announced today that they have settled the patent case brought by CTT in Colorado Federal District Court alleging infringement of U.S. Patent Number 4,940,658 relating to homocysteine medical tests.
Under the accord reached, Bayer is granted a license under the CTT patent and will pay royalties on sales of Bayer homocysteine assays currently available on the ADVIA Centaur(R) Immunoassay System and the ACS: 180(R) SE Automated Chemiluminescence System.
Customers who purchase Bayer homocysteine assays will be covered by the Bayer license from CTT. Bayer customers such as hospital and commercial laboratories that have separate homocysteine licenses from CTT will be relieved of their obligation to pay royalty on reportable homocysteine results obtained using the Bayer assay by virtue of the royalty paid by Bayer to CTT.
Furthermore, the arrangement negotiated with CTT releases any obligation on the part of Bayer customers to pay royalties to CTT for homocysteine results obtained using Bayer assays in the past. And, CTT has agreed not to pursue royalties from any current or future Bayer customer with respect to past homocysteine results obtained using assays purchased from other diagnostic companies -- CTT intends to pursue such royalties against the supplier diagnostic companies directly and reserves its rights against these supplier diagnostics companies.
The settlement and license does not relieve Bayer customers for royalties on past or future assays for methylmalonic acid. Customers should contact CTT for a license to perform such assays.
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.
About Bayer HealthCare AG
Bayer HealthCare AG, a subgroup of Bayer AG, with sales of approximately 8.9 billion Euro in 2003 is one of the world's leading, innovative companies in the health care and medical products industry.
The company combines the global activities of the divisions Animal Health, Biological Products, Consumer Care, Diagnostics and Pharmaceuticals. More than 34,000 people are employed by Bayer HealthCare worldwide.
Our aim is to discover and manufacture innovative products that will improve human and animal health worldwide. Our products enhance well-being and quality of life by diagnosing, preventing and treating disease.
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, digital, 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 under the caption "Risk Factors" in our Prospectus filed with the SEC on May 6, 2004 under Rule 424 (b)(3) of the Securities Act of 1933, 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.
Direct inquiries to: Johnnie D. Johnson, Strategic IR, Inc. E-mail: jdjohnson@strategic-ir.com Tel. (212) 754-6565; Fax (212) 754-4333 E-mail: ctt@competitivetech.net
Competitive Technologies, Inc.CONTACT: Johnnie D. Johnson, Strategic IR, Inc.,jdjohnson@strategic-ir.com, +1-212-754-6565, or Fax, +1-212-754-4333,ctt@competitivetech.net
Web site: http://www.competitivetech.net/