NORTH PROVIDENCE, R.I., Jan. 13, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) announced that its Calmare(R) Therapy Treatment medical device has been commercially launched at Rhode Island-based Calmar Pain Relief, LLC's first Pain Therapy Center in North Providence, RI. CTT and Calmar demonstrated and reviewed the benefits of this innovative, non-invasive pain management therapy at a press briefing here, today.
"Calmare Therapy Treatment is a non-invasive medical device for treating high intensity oncologic and neuropathic pain, including pain resistant to morphine, without the adverse and harmful side effects linked to narcotic painkillers," said John B. Nano, CTT's Chairman, President and CEO. "We are thrilled to showcase this success story to the media and to a Korean delegation that included company leaders from GEOMC Co, Ltd., our device manufacturer, as well as representatives from an institutional investment group. Everyone is impressed with Calmar's state-of-the-art facilities in North Providence where, with four of our Calmare Therapy Treatment devices, as many as 30 patients can be treated each day."
"As a physician, I appreciate the opportunity to participate in the continuing evolution of pain relief therapy,'' said Dr. Stephen D'Amato, Calmar Pain Relief's Medical Director, ''and be able to relieve the suffering of patients, particularly within the context of my medical oath 'Primum Non Nocere' (first do no harm). Calmare is a non-addictive therapy, in sharp contrast to the host of pain killers on the market today." A 1976 graduate of the University of Padua, in Italy, Dr. D'Amato used his fluency in Italian when he met with Calmare inventor Prof. Giuseppe Marineo, in Rome last year to learn the advanced applications of the pain therapy medical device. Dr. D'Amato is the premier U.S. medical expert in the use of CTT's Calmare Therapy Treatment.
"We are quite pleased to be here due to the importance of the U.S. market for our overall commercial success," said Seung Bum Oh, GEOMC's Executive Vice President. "We are impressed with this business model and are fully committed to ensuring that our manufacturing capacity supports the growing worldwide order pattern."
"Calmar Pain Relief is excited about our first clinic here in Providence, which has been successfully treating patients suffering from severe pain since November of 2009," said Robert Smith, Calmar Pain Relief Managing Member. "Our business plan calls for the opening of similar pain treatment clinics featuring CTT's Calmare Therapy Treatment devices in ten additional U.S. cities in the next 24 months."
"The Calmare Therapy Treatment is a prime example of CTT's strategy to connect clinical science to patient care with proven efficacy and safety as validated by our U.S. FDA acceptance and European Union CE Certification," Mr. Nano said. "We currently have distribution agreements in place covering 45 countries around the world, accounting for nearly 55% of the world's population."
Developed in Italy by CTT's client, Professor Giuseppe Marineo, this non-invasive medical device was brought to CTT through the efforts of the Zangani Investor Community(TM) and with the cooperation of Mr. Guiseppe Belcastro, Legal Counsel for Professor Marineo. The device, with a biophysical rather than a biochemical approach, uses a multi-processor able to simultaneously treat multiple pain areas by applying surface electrodes to the skin. For more information on the device, visit www.CalmareTT.com.
About Calmar Pain Relief, LLC
Calmar Pain Relief, LLC, the privately held company based in North Providence, RI, was established to provide medical equipment, office leasing, and other business services to medical doctors looking to offer this non-invasive pain therapy to patients in a clinical setting. For more information about Calmar Pain Relief, please visit www.calmarpainrelief.com.
About GEOMC Co Ltd.
GEOMC Co. Ltd. of Seoul, Korea, has current manufacturing facilities capable of commercially producing 200 pain therapy medical devices per month and the partners have agreed to expand production capacity to an increased production level of 600 units per month to match increased order demand. GEOMC has invested over $3 million for the design, tooling and manufacturing facilities for the Calmare medical device.
About Professor Guiseppe Marineo
Professor Guiseppe Marineo is a researcher and bioengineer, who advanced theories to reformulate the concept of disease and the corresponding treatment from a biophysical rather than a biochemical point of view. He is the founder of Delta R&D, a bioengineering research center. Visit Delta R&D's website: www.deltard.com/eng.
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, provides distribution, patent and technology transfer, sales and licensing services focused on the needs of its customers and matching those requirements with commercially viable product or technology solutions. CTT is a global leader in identifying, developing and commercializing innovative products and technologies in life, electronic, nano, and physical sciences developed by universities, companies and inventors. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTT's website: www.competitivetech.net.
Statements made about our future expectations are forward-looking statements and subject to risks and uncertainties as described in our most recent Annual Report on Form 10-K for the year ended July 31, 2009, filed with the SEC on October 27, 2009, and 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.