FAIRFIELD, Conn., June 14, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) announced today that the Department of Veterans Affairs' Federal Supply Schedule Service has accepted CTT's application to be an approved vendor for its Calmare® Pain Therapy Treatment. This decision will enable CTT to sell Calmare Pain Therapy to physicians throughout the Federal government, with the expectation of significant sales in that market sector, which includes the Department of Veterans Affairs, the Department of Defense, the Indian Health Service, the Bureau of Prisons, and State Veteran Homes.
"This approval by the Federal government will place our Calmare Pain Therapy Treatment on the Federal Supply Schedule, enabling physicians in the VA and DoD healthcare systems to purchase Calmare devices to treat our many veterans and wounded warriors who are suffering from debilitating pain every day," said John B. Nano, CTT's Chairman, President and CEO. "With as many as 60% of our returning war veterans suffering from significant pain, we are grateful to be able to offer these wounded warriors and their physicians a non-invasive pain relief option without the harmful, adverse side effects associated with powerful opioids, such as morphine."
Calmare is being used to treat pain patients at universities including Virginia Commonwealth University's Massey Cancer Center, under the direction of Thomas J. Smith, M.D., Endowed Chair of Palliative Care Research and Medical Director of the Thomas Palliative Care Unit; the University of Wisconsin, Madison's Paul Carbone Cancer Center under the direction of Toby Campbell, M.D.; and the University of Miami's Pain Management Center, under the direction of Salahadin Abdi, MD, PhD, Professor and Chief, University of Miami Pain Management Center. Additionally, patients are being treated with Calmare at hospitals and clinics in Massachusetts, New York, Virginia, Florida, Connecticut, Rhode Island, and Utah, as well as in Italy, India, Greece, and Bangladesh. Calmare Pain Therapy successfully treats chronic neuropathic and oncologic pain resulting from cancer, phantom limb syndrome, failed back surgery, sciatica, spinal stenosis, shingles and other maladies.
The non-invasive Calmare pain therapy device uses the biophysical "Scrambler Therapy" technology, which was developed in Italy by CTT's client, Professor Giuseppe Marineo. CTT's partner, GEOMC Co. Ltd. of Seoul, Korea is currently manufacturing the Calmare device, which has U.S. FDA clearance and European Union CE Mark clearance for sales. For more information on the device, visit visit www.calmarett.com.
About the VA Federal Supply Schedule Service (FSSS)
Over 40 years ago, the General Services Administration (GSA) delegated authority to the Department of Veterans Affairs, via the National Acquisition Center (NAC), to manage the Federal Supply Schedule for medical equipment & supplies, pharmaceuticals, and allied and professional healthcare services.
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.