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Palatin Technologies Refutes Competitive Technologies Contention of Material Breach
Date:9/12/2007

CRANBURY, N.J., Sept. 12 /PRNewswire-FirstCall/ -- Palatin Technologies, Inc. (Amex: PTN) stated today that the press release issued on September 11, 2007 by Competitive Technologies, Inc. (Amex: CTT) relating to a material breach and termination of a license agreement was false and misleading.

The press release issued by CTT stated that "Competitive Technologies Terminates License Agreement with Palatin Technologies." However, the Notice of Termination sent by CTT to Palatin the day before expressly stated Palatin had "sixty (60) days from the date of this letter to cure" the alleged defaults. The statement made by CTT that the underlying license agreement between Palatin and CTT had been terminated is false and misleading.

The underlying Palatin/CTT license agreement relates to patent rights for compounds and methods used for treatment of sexual dysfunction, including a compound called melanotan-II (MT-II) or PT-14. Palatin ceased development of PT-14 in 2000 and has no plans for further development of the compound. Palatin's bremelanotide compound was independently developed and patented by Palatin, and Palatin believes that bremelanotide is not covered by any of CTT's patents or patent rights. Whether bremelanotide is subject to the license agreement is an issue in an ongoing arbitration proceeding initiated by CTT in June 2006.

Palatin received a Notice of Termination on this matter from CTT in the late afternoon of September 10, 2007. The Notice of Termin
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SOURCE Palatin Technologies, Inc.
Copyright©2007 PR Newswire.
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