FAIRFIELD, Conn., April 14, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) announced today that Thomas J. Smith, MD FACP, and co-investigator Patrick J. Coyne, MSN, APRN, FAAN, of Virginia Commonwealth University's Massey Cancer Center have completed their open Phase II clinical study examining CTT's Calmare® pain therapy medical device's efficacy treating patients suffering with severe pain from chemotherapy induced peripheral neuropathy (CIPN). Dr. Smith is Endowed Professor for Palliative Care Research and Medical Director for the Thomas Palliative Care Unit at Massey Cancer Center, and Patrick Coyne is Clinical Director of the Thomas Palliative Care Services at Massey Cancer Center.
Dr. Smith, an international leader in palliative care and pain management, has detailed the results of this clinical study in an article which has undergone professional peer review. This peer-reviewed study has been accepted for publication in a highly respected medical journal. Details on the specific journal and the publication date are expected to be released in a few weeks.
CTT's personnel trained Dr. Smith's clinical staff in the use of the Calmare® pain therapy medical device, a non-invasive treatment for chronic and cancer pain neuropathies no longer treatable because of a failed drug therapy program. The Phase II study began in early June 2009 and the last patients received the standard 10-day treatment protocol with the Calmare pain therapy medical device in late November 2009.
The study examined the device's effect on pain associated with CIPN that can produce sharp pains in the hands and feet of cancer patients who are undergoing chemotherapy. This debilitating pain affects about 30 to 40 percent of cancer patients treated with chemotherapy and typically develops into a classic stocking-and-glove pain that can last for many years. "Exploring ways to treat pain other than prescribing opioids such as morphine is key to our mission of improving the quality of life for cancer patients," said Dr. Smith.
"I have had the honor and pleasure of working with Dr. Smith and Patrick Coyne for about one year and I greatly appreciate their expertise and dedication to improving palliative care for patients, said Aris Despo, CTT's Executive VP, Business Development. "This experience has been very rewarding to me professionally and personally because of the pain relief we offer to patients."
The non-invasive Calmare pain therapy medical device, which uses the biophysical "Scrambler Therapy" technology developed in Italy by CTT's client, Professor Giuseppe Marineo, was brought to CTT through the efforts of the Zangani Investor Community™ and with the cooperation of Mr. Giuseppe Belcastro, legal counsel for Professor Marineo. The device has US FDA 510(k) clearance and European Union CE certification, which opened the doors to CTT's current international distribution agreements covering nearly half of the world's population.
CTT's partner, 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 pain therapy medical device. For more information on the device, visit www.CalmareTT.com.
About Massey Cancer Center
The VCU Massey Cancer Center is one of 65 National Cancer Institute-designated institutions that leads and shapes America's cancer research efforts. Working with all kinds of cancers, the Center conducts basic, translational and clinical cancer research, provides state-of-the-art treatments and clinical trials, and promotes cancer prevention and education. Since 1974, Massey has served as an internationally recognized center of excellence. Its 1,000 researchers, clinicians and staff members are dedicated to improving the quality of human life by developing and delivering effective means to prevent, control and ultimately to cure cancer. Information on its palliative care program is at www.massey.vcu.edu/palliative.
Massey has the largest menu of clinical trials in Virginia, offering patients some of the latest treatments and technologies available. In addition, Massey is one of only six national centers designated by the Robert Woods Johnson Foundation as a Palliative Care Leadership Center, through which Dr. Smith and colleagues train other professionals from across the country in how to develop and administer palliative care programs, which include pain and symptom management.
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.