FAIRFIELD, Conn., July 14, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) today announced that the Securities and Exchange Commission (SEC) has declared its S-1 Registration statement effective. This will allow CTT to proceed with its sale of 2 million shares of CTT common stock to Crisnic Fund. The fund raise will provide CTT capital to more aggressively sell its non-invasive Calmare Pain Therapy Treatment device and to increase shareholder equity toward meeting the NYSE Amex listing requirement.
"We continue to be gratified by the positive results physicians are having in treating patients' pain using our Calmare Pain Therapy," said John B. Nano, CTT's Chairman, President and CEO. "The growing body of evidence-based patient outcomes that shows Calmare successfully treats various types of oncologic and neuropathic pain is a real indication of the impact we can have on patients' quality of life. We know that our 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.
"Just last week, Stephen J. D'Amato, MD FACEP, Medical Director of Calmar Pain Relief, LLC, in North Providence, RI, shared with me two of his most recent patient success stories. A 92-year-old woman described by her granddaughter as a 'beautiful, vibrant woman whose eternal optimism had been overshadowed by decades of debilitating back pain,' was treated by Dr. D'Amato and is now 'filled with hope and gratitude' as her pain was alleviated by Calmare treatments. Another moving story was of a teenager whose parents traveled from Texas to Rhode Island in search of this treatment. As Dr. D'Amato told me, 'When the boy was 12, he suffered an injury to his right lower leg that developed into Complex Regional Pain Syndrome (CRPS) Type 1, which he has suffered from for 5 years. I discharged him Friday after a 10-treatment cycle that resulted in 100% resolution of his pain from his mid-thigh to his ankle.' Hearing stories like these, in addition to the evidence-based clinical research presented at the American Society of Clinical Oncologists (ASCO) meeting in early June, makes it clear that we are creating a paradigm shift in how chronic pain is treated globally and making a real difference in the quality of life of individual patients."
Being able to offer physicians a non-invasive, effective method for treating chronic pain without the harmful, adverse side effects of opioids such as morphine is a key focus of CTT's mission to improve the quality of life for patients suffering from debilitating oncologic and neuropathic pain. Calmare is now 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 Europe and Asia.
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 manufacturing the Calmare device, which has U.S. FDA clearance and European Union CE Mark clearance for sales. For more information about Calmare Pain Therapy Treatment, visit www.CalmareTT.com.
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.