FAIRFIELD, Conn., March 23, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) announced that a premier physician oncology practice based in Virginia has begun using CTT's Calmare® Therapy pain therapy medical device to treat patients suffering from pain related to cancer, under the direction of several medical oncologists. This group with more than 30 years of experience caring for cancer patients is affiliated with a national cancer treatment and research network.
"We are excited to have this group, which has several locations in Virginia, evaluating our Calmare Therapy Treatment device," said Aris Despo, CTT's Executive Vice President, Business Development. "We are all committed to improving cancer patients' quality of life with this highly effective, non-invasive medical device for treating high intensity oncologic and neuropathic pain, including pain resistant to morphine, without the adverse and harmful side effects linked to narcotic painkillers. This 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's relationship with this medical practice developed through the actions of Steven R. May, President, Atlantic Coast Medical Products, Inc., CTT's sales representative in Virginia. CTT recently signed seven individuals experienced in sales to represent the company and is in discussions with several other potential representatives. Armed with an innovative, effective pain treatment device and the appropriate insurance reimbursement codes, these representatives have already begun enthusiastic sales discussions with medical professionals throughout the U.S.
''The Calmare Therapy Treatment is a prime example of CTT's strategy to connect clinical science to patient care with proven efficacy and safety," said John B. Nano, CTT's Chairman, President and CEO. "We have put together a talented team with this physician group and our medical billing consulting firm Medical Technology Partners to treat the many affected cancer patients whose pain is resistant to morphine and opioids, while addressing the challenges new technologies present in the marketplace related to reimbursement issues faced by an oncology physician practice."
The "Scrambler Therapy" technology was developed in Italy by CTT's client, Professor Giuseppe Marineo. The non-invasive Calmare Therapy medical device was brought to CTT through the efforts of the Zangani Investor Community™ and with the cooperation of Mr. Guiseppe Belcastro, Legal Counsel for Professor Marineo. The device has US FDA 510(k) clearance and European Union CE certification, which opened the doors to CTT's current distribution agreements covering 45 countries around the world, accounting for nearly 55% of the world's population.
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 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.