Competitive Technologies, Inc.
AMEX : CTT

Competitive Technologies, Inc.

September 15, 2005 19:16 ET

Competitive Technologies Notes Exception with Palatin 10-K

FAIRFIELD, Conn.--(CCNMatthews - Sep 15, 2005) -

Competitive Technologies, Inc. (AMEX: CTT) today announced that it was taking exception to certain statements included in the recently filed Form 10-K of its licensee Palatin Technologies, Inc. (AMEX: PTN). In that 10-K, PTN refers to the results of a mediation that took place in June of 2005 to settle an arbitration demand filed by CTT against PTN.

"We feel that we need to set the record straight," said Paul A. Levitsky, CTT's Vice President and General Counsel.

Mr. Levitsky further stated that: "Palatin claims, in its recently released 10-K referring to a recent mediation settlement between Palatin and CTT, that CTT released Palatin 'from liability for any claims for amounts due under the license agreement that are based on the collaboration agreement' between Palatin and King Pharmaceuticals. In our opinion, these claims are false and misleading at best."

"The mediation entered into by CTT and Palatin referred only to the disposition of a particular $20 million sublicensing fee received by Palatin from King and did not pertain to any future milestone payments, or to any other future payments to be made by King to Palatin that may be covered under the License Agreement. CTT is still waiting for Palatin to tender the stock due under the mediation settlement."

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 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 Securities and Exchange Commission ("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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