FAIRFIELD, Conn., Nov. 30, 2009 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) announced today that its Geneva, Switzerland-based distributor, Life Episteme SARL, has established a joint venture, Life Episteme Italia srl, with Florence, Italy-based Hospital Consulting SpA, to distribute CTT's pain therapy medical device, Calmare(R) Therapy Treatment throughout Italy.
"Life Episteme is eager to embark on this joint venture with Hospital Consulting, which is well known in the Italian healthcare sector," said Life Episteme co-founder Dr. Domenico Pecorini. "This agreement with Hospital Consulting finalizes the first of several regional joint ventures we have in negotiation as part of our strategy for distributing CTT's innovative Calmare(R) Therapy Treatment in the global marketplace."
"Hospital Consulting has the infrastructure in place, and has extensive experience working with healthcare providers throughout Italy," said John B. Nano, CTT's Chairman, President and CEO. "We're pleased to have them join the distribution team for our Calmare(R) Therapy Treatment, which has already successfully treated more than 3,000 patients in Europe and the U.S.
"Pain treatment is moving to the forefront of medical care, globally. In Italy, Europe's largest university, La Sapienza of Rome, will prominently feature our Calmare(R) Therapy Treatment at its newly-established medical school dedicated to the treatment of pain. Hospital Consulting's recognition of important trends in healthcare confirms our belief that the ability to help patients with debilitating pain by using our non-invasive pain therapy treatment device is an attractive alternative for physicians who may be reluctant to prescribe powerful, addictive narcotics that have been linked to harmful, potentially fatal, adverse side effects.
"Recently, the University of Chicago Medical Center announced that, '... a growing body of evidence is showing that opiate-based painkillers can stimulate the growth and spread of cancer cells.' This makes the rapid introduction of our Calmare(R) Therapy Treatment into the global healthcare marketplace even more compelling. In fact, similar to the Hippocratic Oath, a fundamental principle taught to all medical students is 'Primum Non Nocere,' meaning, 'First, do no harm.'"
The Calmare(R) Therapy Treatment is a prime example of CTT's strategy to connect clinical science to patient care. Developed in Italy by CTT's client, Professor Giuseppe Marineo, the 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. CTT has exclusive worldwide rights to the Calmare(R) Therapy Treatment which has U.S. FDA acceptance and Medical Device CE Mark certification from the E.U. allowing sales throughout the U.S., Europe and several other countries. CTT partner, GEOMC Co., Ltd. of Korea, is producing the device commercially for worldwide distribution. Several distribution agreements, including the one with Life Episteme, are in place covering 45 countries around the world, accounting for nearly 55% of the world's population. For more information on the device, visit www.CalmareTT.com.
About Hospital Consulting, SpA
Based in Florence, Italy, Hospital Consulting SpA provides advisory, management and organizational services to the healthcare and environment sectors. Hospital Consulting provides hospitals and other health care providers throughout Italy with valuable training, facility design and development as well as innovative risk assessment and information technology solutions. For more information, see Hospital Consulting's website: www.hospital-consulting.it.
About Life Episteme SARL
The privately held Life Episteme SARL based in Geneva, Switzerland, is a medical device distribution company. The experience of the co-founders, Dr. Domenico Pecorini, Vincenzo de Bustis Figarola, and Paolo Pepe, has provided the group with strong relationships in government, business, and technology spheres in various countries around the world. Visit Dr. Pecorini's website: www.scienceparkrome.eu.
About Life Episteme Italia, srl
This newly formed Joint Venture will benefit from the know-how and contacts of both Hospital Consulting (HC) and Life Episteme SARL group (LEG). The success of the operation will be pursued sharing competencies and dedicating high-profile resources. LEG will bring strong relationships, financial services and internationalization to the partnership. HC will provide decades of presence, success and experience in the market. The President of Life Episteme Italia (LEI) will be Dott.ssa Marisa Giampaoli, Managing Director of Hospital Consulting group, who is well respected at the highest levels of the Italian public and private health sector. Umberto Marangoni, the Country General Manager for Hospital Consulting, will serve as LEI's Managing Director. Before becoming the Country General Manager, he worked many years in the same positions in Italy and abroad, for Ohmeda and Draeger Medical, the world leaders in Anesthesia and Critical Care. LEI and the Italian activities will become fully operational beginning January 1, 2010.
About Zangani Investor Community(TM)
The Zangani Investor Community(TM) was created to facilitate scientific and commercial relationships between American, European and Chinese entities. Visit Zangani's website: www.zangani.com.
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 with a unique history. 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.