FAIRFIELD, Conn., Nov. 29, 2007 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today at a media event in Seoul, Korea that together with licensee Daeyang E&C, Co., Ltd. (KOSDAQ:033030) they have launched the worldwide commercialization program for CTT's pain management therapy. The therapy device, from the research of CTT client Professor Giuseppe Marineo of Delta Research & Development in Rome, treats oncological and neuropathic pain that has proven resistant to traditional drug protocols. CTT coordinated with Professor Giancarlo Elia Valori, President of the Italian economic development group, Sviluppo Lazio, on its agreement for license rights to the pain management therapy. A multi-processor device shipped from Italy to Korea was used to treat patients in a demonstration at today's event for about 50 television and print media representatives. This device will be utilized to develop commercial production in Korea for worldwide distribution.
CTT's agreement with Korea-based Daeyang is for the production of the therapy's multi-processor device for worldwide sales. Daeyang will invest about $1 million for re-design and tooling, placing the technology algorithms within the system operating chips, to produce a sleeker, smaller, fully commercial product for institutional and home markets. The agreement provides equally shared profits between CTT and Daeyang in a new CTT business model to increase profit margins.
Young Hyun Lim, Daeyang's CEO, said, "We are confident about working with CTT to bring this patented technology to commercialization in the worldwide pain management market. Daeyang has successfully created and marketed similar products with sales exceeding 1.5 million units, valued at over $500 million."
"CTT's business model in this agreement allows the company to move beyond our usual royalty arrangement and share in the profits of manufacturing and distribution as well," said John B. Nano, CTT's Chairman, President and CEO. "Launching commercialization of this important device is another example of a CTT technology being at the forefront of the paradigm shift to treat individuals with biophysical as well as biochemical methods. It is estimated that the pain management market is growing by 30% per year, and will reach $40 billion by 2010. Worldwide, the high cost for healthcare has led to a re-examination of treatment processes. This has lead to the integration of traditional and holistic medical methods for treating illness and pain, resulting in the inclusion of biophysical treatment methodologies. Two of CTT's important technologies, this pain management therapy and our MC Square device for stress reduction (www.relaxmc.com), are applications of our healthcare strategy. The paradigm shift in healthcare and energy, added to our expertise in technology commercialization, creates opportunities for CTT to exploit for the benefit of our shareholders."
The non-invasive treatment from the research of CTT client Professor Marineo has already been used with successful results in seven hospitals in Italy on over 2,000 patients suffering from intense drug-resistant pain. The device has received Medical Device CE certification from the European Union as an approved electronic-analgesic apparatus. The treatment is performed by applying surface electrodes to the skin to simultaneously treat multiple pain areas. CTT will be seeking device approvals from the U.S. FDA and other global regulators, as well as signing license agreements for marketing and distribution of the Daeyang produced device in the U.S., European and Asian markets.
Mr. Nano added, "In addition to the pain management and stress reduction technologies, we are aggressively marketing our newly acquired solar panel technology, the UAD tubular-connection, LED portfolio, bone biomaterial, Radio Alert Warning System, and Lupus diagnostic and monitoring technologies. CTT is focused on creating value from our technologies, utilizing our strong sales team and effective global alliances to drive revenue growth, improve profitability and create shareholder value. Our full technology portfolio may be viewed on our website."
About Daeyang E&C, Co., Ltd.
Daeyang E&C, founded in 1979, is a publicly traded company in Korea (KOSDAQ:03303) with a market capitalization of $200 million. With a stated corporate philosophy of "Customer success is equivalent to corporate success," Daeyang is the market leader in its unique product segments. To fulfill the company's principle of returning profit to its customers, Daeyang created the MC Square Scholarship in 1993 with over 1,600 scholarships granted to date. Daeyang manufactures and markets a neuroscience device for increasing study efficiency called MC Square that has been established as a strong consumer brand name in Korea. Daeyang E&C accesses multiple business fields, especially in the IT and biotechnology industries, through the resources available from its affiliate Daeyang Venture Capital Ltd., also of Korea. Daeyang develops these VC business lines in health-related fields based on neuroscience technologies. Visit Daeyang's website: www.daeyangenc.com
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, is a full service technology transfer and licensing provider focused on the technology needs of its customers and transforming those requirements into commercially viable solutions. CTT is a global leader in identifying, developing and commercializing innovative 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 about our future expectations are "forward-looking statements" within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. When used herein, the words "may," "will," "should," "anticipate," "believe," "appear," "intend," "plan," "expect," "estimate," "approximate," and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties inherent in our business, including those set forth in Item 1A under the caption "Risk Factors," in our most recent Annual Report on Form 10-K for the year ended July 31, 2007, filed with the SEC on October 29, 2007, 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.