FAIRFIELD, Conn., Aug. 30, 2007 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that an agreement has been signed for exclusive worldwide rights to license and commercialize the patented Unitary Anastomotic Device (UAD), cylindrical, hollow prostheses for the surgical connection of separate or severed tubular hollow organs to form a continuous channel, as between two parts of vascular or visceral organs. The agreement provides for royalty sharing and an upfront fee to be paid to CTT.
"This surgical device technology has various applications including use in coronary bypass and organ and multi-visceral transplants, as well as treatment of peripheral artery disease," said Joseph P. Ausikaitis, CTT's Sr. Business Development Executive. "Of increasing importance in today's medical culture, we believe the technology will reduce the length of the surgery and overall hospital stay, as well as the number of re-operations. Also, because it does not require suturing or clamping, the postoperative complications are greatly reduced."
The agreement, signed with Recife, Brazil-based Thomas & Cantareli Negocios e Technologia Ltda., is for the innovative technology from the research of Luiz Gonzaga Granja Filho, The UAD, U.S. patent no. 6,503,258. The anastomotic device can be made of many different materials, including Cr-Ni-Mo stainless steel, titanium, silicone, PTFE, gold or silver. Several prototypes have been manufactured to support extensive in vivo and in vitro clinical animal studies.
"We continue our interest in obtaining technologies that fulfill market needs, such as the UAD benefiting the surgical medical device industry," said John B. Nano, CTT's President, Chairman and CEO. "In addition to this new technology, we are aggressively marketing our recently acquired pain management technology and stress reduction technology, as well as our other technologies, including our HB LEDs, bone biomaterial, cholesterol trapping and regeneration, and Lupus diagnostic and monitoring, to drive revenue growth, improve profitability and create shareholder value."
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, is a full service technology transfer and licensing provider focused on the technology needs of its customers and transforming those requirements into commercially viable solutions. CTT is a global leader in identifying, developing and commercializing innovative 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.
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