Competitive Technologies Reports Third Quarter Fiscal 2010 Results

FAIRFIELD, Conn., June 14, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) today announced financial results for the third quarter fiscal 2010, ending April 30, 2010.

Revenues from sales of the Calmare^® Pain Therapy Treatment for the third quarter of fiscal 2010 were $0.5 million, more than double the revenues from Calmare sales of $0.2 million in the second quarter of fiscal 2010. Revenues from Calmare sales for the first nine months of fiscal 2010 were $0.8 million compared to revenues from Calmare sales of less than $0.1 million in the first nine months of fiscal 2009.

"Our Calmare Pain Therapy Treatment sales have been increasing each quarter this fiscal year. Following the positive reception of the evidence-based research presented at the annual meeting of the American Society of Clinical Oncologists (ASCO) in early June, we expect sales to grow more rapidly as doctors and their patients observe the growing body of evidence that shows Calmare successfully treats the various types of oncologic and neuropathic pain suffered by millions of patients worldwide, including 75 million Americans who suffer from chronic pain. Evidence shows Calmare Pain Therapy effectively treats chronic cancer pain (CCP) and is the only highly effective treatment for chemotherapy-induced peripheral neuropathy (CIPN) without harmful, adverse side effects of opioids," said John B. Nano, CTT's Chairman, President and CEO.

"Providing this new, non-invasive way to treat pain other than prescribing opioids such as morphine continues to be a key focus of our mission to improve the quality of life for patients. We expect to revolutionize how chronic pain is treated globally. I firmly expect our revenue from sales of the Calmare device to continue to grow substantially in the fourth quarter of fiscal 2010 and into the future."

Total revenues for the third quarter of fiscal 2010 were over $0.5 million, compared to less than $0.2 million in the same period of the prior year. Expenses increased in the third quarter for fiscal 2010, leading to a net loss for the quarter of approximately $0.7 million, or $0.07 per share, compared to the net loss of approximately $0.8 million, or $0.09 per share, for the prior year quarter. 

Revenue for the first nine months of fiscal 2010 was more than $0.9 million as compared to $0.3 million in the first nine months of fiscal 2009. Expenses in the first nine months of fiscal 2010 were $3.2 million leading to a net loss for the nine months of $2.2 million, or $0.21 per share, a 32% per share improvement over the net loss of approximately $2.7 million, or $0.31 per share, in the first nine months of fiscal 2009.

"Pain treatment is moving to the forefront of medical care, in the U.S. and globally, and we are in an excellent position at the right time to exploit this attractive business opportunity," Mr. Nano continued. "The Calmare Pain Therapy Treatment is a prime example of CTT's strategy to connect clinical science to patient care. We are convinced that the ability to help patients with debilitating pain by using our non-invasive pain therapy treatment device is an increasingly attractive alternative for physicians who may be reluctant to prescribe powerful, harmful narcotic painkillers that have been linked to multiple adverse side effects.

"The funds we expect to raise from our previously announced sale of 2 million shares of our common stock will further strengthen our balance sheet and provide working capital for our expanded sales programs.

"In addition to the Calmare Pain Therapy Treatment, we continue to actively seek out new technologies and to aggressively market and license technologies currently in our portfolio," Mr. Nano affirmed. "Our joint venture with XION Corporation for the research, development and commercialization of our patented melanocortin analogue compounds which have shown promise in treating sexual dysfunction and obesity is showing very encouraging progress. Our management team is focused on creating profitable revenue growth, restoring shareholder value, building global alliances, and maximizing the commercial opportunities for our technologies."

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.