FAIRFIELD, Conn., Feb. 5, 2013 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC), the licensed distributor of the non-invasive Calmare® pain therapy medical device, which incorporates the biophysical "Scrambler Therapy"® technology for the treatment of neuropathic pain, announced today that its Board of Directors has elected President and Chief Executive Officer Carl O'Connell to the Board, effective immediately. Additionally, Board member Richard D. Hornidge, Jr. officially resigned January 29, 2013.
Peter Brennan, Chairman of the Board, said, "The Board has complete confidence that Carl is a medical device industry veteran who can lead Competitive Technologies in introducing Calmare to the chronic pain therapy marketplace. Carl served as Global Vice President for Stryker Spine, President of the US Healthcare Division of ITOCHU Corporation, and President for Carl Zeiss Surgical, Inc."
"He has the skill sets required to lead a medical device company," Mr. Brennan continued. "Already in the first three months as President and CEO, he has made significant strides towards the completion of first round funding that will contribute to the future expansion and growth of the Company."
Mr. O'Connell said, "Competitive Technologies is at an exciting stage of development and growth. Calmare is a non-invasive treatment with no documented side effects that provides pain relief for chronic neuropathic pain where the patient has exhausted the traditional treatments. There is a critical need for an alternative treatment for patients suffering from intractable chronic pain resistant to narcotic painkillers, traditional TENS, and expensive surgically implanted devices.
"The clinical studies being conducted by preeminent research hospitals and clinics that use Calmare along with the very compelling and significant patient VAS score reductions give me a great deal of confidence that we will bring a much needed solution to the underserved market for the treatment of chronic neuropathic and oncologic pain," Mr. O'Connell continued. "I am honored by the Board's decision and the confidence they have placed in me. I look forward to continue working with the outstanding team at Competitive Technologies, our clinical partners and physicians."
"The Board and I thank Richard Hornidge for his hard work and dedication to Competitive Technologies," Mr. Brennan stated. "Since 2007, he has provided valuable insight and guidance as the Company transitioned to a new phase of growth and opportunity. We wish Richard success in his future endeavors."
About Competitive Technologies, Inc.
Competitive Technologies is a global leader in developing and commercializing innovative products and technologies. CTTC is multifaceted in providing distribution, patent and technology transfer, sales and licensing services.
CTTC is the licensed distributor of the non-invasive Calmare® pain therapy medical device, which incorporates the biophysical "Scrambler Therapy"® system developed in Italy by CTTC's client, Professor Giuseppe Marineo to treat neuropathic pain, including cancer pain. (The official "Scrambler Therapy"™ technical website is at http://www.scramblertherapy.org/english.htm.) 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 December 31, 2011, filed with the SEC on April 16, 2012, 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.