FAIRFIELD, Conn., May 10, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) announced today that Thomas J. Smith, M.D., Endowed Chair of Palliative Care Research and Medical Director of the Thomas Palliative Care Unit Virginia Commonwealth University's Massey Cancer Center, will present results of his study evaluating the treatment of patients suffering from pain associated with chemotherapy-induced peripheral neuropathy (CIPN) using CTT's Calmare® Pain Therapy Treatment. The presentation will be at the American Society of Clinical Oncology's Annual Meeting on June 8, 2010. Information about the meeting is available at http://chicago2010.asco.org/Home.aspx.
Calmare, which treats chronic neuropathic and oncologic pain, received FDA certification for sales in the US in February 2009. In July 2009, clinical investigators at VCU Massey Cancer Center began the first U.S. independent clinical study, to specifically examine the ability of CTT's Calmare pain therapy treatment to decrease pain associated with CIPN.
"Our Calmare pain therapy is also in use at the University of Miami Pain Management Center under the direction of Dr. Salahadin Abdi, MD, PhD, Professor and Chief, University of Miami Pain Management Center. The Paul Carbone Cancer Center at the University of Wisconsin, Madison, is using Calmare as well, under the direction of Dr. Toby Campbell, M.D.," said Aris D. Despo, CTT's Executive VP, Business Development. "Both universities are treating patients, evaluating the efficacy of our Calmare pain therapy in treating debilitating pain."
Calmare is also being used to treat US patients in clinics in Rhode Island, Massachusetts, New York, Virginia and Florida.
"Our 2010 revenues are increasing quarter over quarter from the sales of Calmare in the U.S., Italy, Greece, India and Bangladesh," said John B. Nano, CTT's Chairman, President and CEO. "The Calmare Pain Therapy Treatment 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. The Calmare pain therapy is a prime example of our strategy to connect clinical science to patient care."
The non-invasive Calmare pain therapy, which uses the biophysical "Scrambler Therapy" technology developed in Italy by CTT's client, Professor Giuseppe Marineo, was brought to CTT with the assistance of Mr. Giuseppe Belcastro, legal counsel for Professor Marineo.
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 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 available 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.