FAIRFIELD, Conn., Nov. 8, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) today announced that its client Calmar Pain Relief, LLC ("Calmar") was awarded a competitive federal grant under the Therapeutic Discovery Project program. Calmar has been using CTTC's Calmare® Pain Therapy medical device in its North Providence, RI, clinic, and plans to open an additional 10 clinics throughout the US.
The Therapeutic Discovery Project, enacted as part of the Patient Protection and Affordable Care Act of 2010, is supported by the US Departments of the Treasury, Health & Human Services, and the National Institutes of Health (NIH). The program is helping small biotechnology companies, such as Calmar, produce new and cost-saving therapies, support jobs and increase US competitiveness. Kathleen Sebelius, HHS Secretary, said of the grant awards, "The Therapeutic Discovery Project Program is the latest step in our efforts to improve the nation's health care. The grants and tax credits we're announcing ... will support small biotech firms with big potential across the country."
"Thousands of companies across the country applied for the Therapeutic Discovery Project grant funding," said Johnnie D. Johnson, CTTC's Chief Executive Officer. "We are pleased that Calmar has been recognized as one of the selected grant recipients. As the first private medical practice in the US to use our Calmare Pain Therapy medical device, Calmar has had tremendous clinical results, having successfully treated over 150 patients with severe chronic pain.
"Calmar's grant award validates the importance of our Calmare device in the battle against chronic pain, one of the largest health issues affecting Americans," Mr. Johnson continued. "CTTC is proud to work with Calmar as they grow and expand to more locations throughout the country. We look forward to Calmar's continued success using our Calmare device."
About the Therapeutic Discovery Project
Enacted as part of the Patient Protection and Affordable Care Act of 2010, this grant program was designed to support therapeutic discovery projects that show a reasonable potential to result in new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and conditions; reduce the long-term growth of health care costs in the United States; or significantly advance the goal of curing cancer within 30 years. For more information about the program and grants awarded, visit www.irs.gov/businesses/small/article/0,,id=228690,00.html.
About Calmar Pain Relief, LLC
Calmar Pain Relief, LLC, developed the country's first center entirely devoted to the treatment of chronic pain using CTTC's Calmare Pain Therapy medical device (MC-5A) in North Providence, RI, under the medical direction of Stephen J. D'Amato, MD, FACEP. Calmar has plans to open an expanded treatment center in Rhode Island as well as additional treatment centers in the following areas: Baltimore, MD; Boston, MA; San Diego, CA; San Francisco, CA; Palo Alto, CA; Philadelphia, PA; Tampa, FL; Fort Myers, FL; and New Haven, CT. For more information, visit www.calmarpainrelief.com/.
About Competitive Technologies
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. CTTC 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. Currently, CTTC's principal technology is the non-invasive Calmare pain therapy device, which uses the biophysical "Scrambler Therapy" technology, and was developed in Italy by CTTC's client, Professor Giuseppe Marineo. The Calmare device is currently being manufactured for sale by CTTC's partner, GEOMC Co. Ltd. of Seoul, Korea. For more information on the device, visit www.calmarett.com. Visit CTTC'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, 2010, filed with the SEC on October 27, 2010, 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.