FAIRFIELD, Conn., Sept. 29, 2009 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) announced today that its Geneva, Switzerland-based distributor, Life Episteme Group, has ordered 50 of CTT's pain therapy medical devices with an estimated retail value of approximately $2.75 million. The ordered medical devices will be used to treat patients suffering from chronic pain throughout Italy.
"It has been incredibly rewarding to see this pain therapy treatment gain recognition within the Italian medical community offering relief to those suffering from chronic pain," said John B. Nano, CTT's Chairman, President and CEO. "During my recent trip to Italy, I met with several physicians that have been using our non-invasive medical device to successfully treat patients suffering from high-intensity oncologic and neuropathic pain, including pain resistant to morphine and other narcotic painkillers. Pain therapy treatment has become high priority at Europe's largest university, La Sapienza of Rome. La Sapienza, together with the Fondazione San Raffaele of Rome, has established a new medical school dedicated to the treatment of pain under the direction of Professor Rosanna Cerbo, who is First Chair, Department of Neurological Science, First Medical Clinic, La Sapienza. Our pain therapy treatment will be a major component of the new medical school's program. La Sapienza, founded in 1303, is the largest university in Europe with over 145,000 students, including three other medical schools with 7,000 beds.
"This non-invasive technology brings CTT to the forefront in meeting the needs of patients and improving palliative healthcare globally, without the side effects of narcotic painkillers noted in a recent Wall Street Journal article. In addition to the side effects of addiction, depression and drowsiness, the article reported that over 230 million prescriptions for narcotic painkillers were written in 2007 in the U.S. alone and that between 40% and 90% of patients who take these painkillers get severe constipation that cannot be relieved by traditional laxatives. In fact, new drugs are being considered with estimated sales value of $1.3 billion to treat just the constipation side effects. The other adverse side effects go untreated. Our device avoids these side effects and provides a valuable pain therapy option to the clinician by offering an effective non-invasive treatment for patients without the addictive properties and adverse side effects of many powerful narcotic painkillers."
CTT has exclusive worldwide rights to the device which has Medical Device CE certification from the E.U. allowing sales throughout Europe and several other countries, as well as U.S. FDA clearance for sales in the U.S. 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 in 40 countries around the world, accounting for nearly 50% of the world's population. For more information on the device, visit www.CalmareTT.com.
This device is a prime example of CTT's strategy to connect clinical science to patient care. Developed in Italy by CTT's client, Prof. Giuseppe Marineo, the device was brought to CTT through the efforts of the Zangani Investor Community(TM). 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. The device has been used to treat over 3,000 patients in Europe and the U.S., including at the Pain Management Center at Tor-Vergata University Medical Center in Rome (www.ptvonline.it/uo_ter_ant_ing.asp).
About La Sapienza
La Sapienza, Universitia di Roma, is a public university focused on excellence in education and research and actively participating in the international scientific community. La Sapienza was founded by Pope Boniface VIII in 1303 as Studium Urbis. With its current 145,000 students, including over 5,000 foreign students, it is the largest university in Europe. For more information about La Sapeinza, see http://www.uniroma1.it.
About Life Episteme Group
The privately held Life Episteme Group based in Geneva, Switzerland, was formed in 2009 as a medical device distribution company. The experience of the co-founders, Dr. Domenico Pecorini and Vincenzo de Bustis Figarola, have provided the group with strong relationships in government, business and technology spheres in various countries around the world.
About Zangani Investor Community
The Zangani Investor Community was created to facilitate scientific and commercial relationships between American, European and Chinese entities. Visit Zangani's website: www.zangani.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, 2008, filed with the SEC on October 28, 2008, 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.