FAIRFIELD, Conn., Dec. 19, 2007 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that its European CE-certified pain management therapy device has been successfully used to treat pain related to herpes zoster, commonly known as shingles or zoster, in a pregnant woman in Italy. Developed by CTT's client, Prof. Giuseppe Marineo in Italy, and brought to CTT through the efforts of Prof. Giancarlo Elia Valori of the Italian business development group, Sviluppo Lazio S.p.A., CTT has exclusive worldwide rights to the therapy for a non-invasive method for rapid treatment of high-intensity oncologic, neuropathic and morphine-resistant pain through a biophysical rather than a biochemical approach. The pain management device allowed the woman, in her twenty-fifth week of pregnancy, to be successfully treated for her painful zoster outbreak in a manner that did not interfere with her condition or that of the fetus.
The non-invasive treatment has already been used with successful results in seven hospitals in Italy on over 2,000 patients suffering from intense drug-resistant pain. The treatment uses a multi-processor device designed to create self-like neurons by applying surface electrodes to the skin to simultaneously treat multiple pain areas.
The device has Medical Device CE certification from the European Union allowing European sales. Sales and distribution in Europe are expected to begin in a few months, by April 2008. The device will be manufactured by CTT licensee Daeyang E&C. Korea-based Daeyang is producing the device for worldwide distribution.
CTT also announced today that they signed an agreement with Medical Device Consultants, Inc. (MDCI) for MDCI to assist CTT in obtaining U.S. FDA 510(k) approval to market the pain management technology as a Class II device in the U.S. CTT is also taking steps to obtain regulatory approval for sales of the product in Korea.
"We fully expect revenue and profits from the pain management technology to dramatically exceed the financial results produced by any technology in CTT's 40-year history," said John B. Nano, CTT's Chairman, President and CEO. "When the phenomenal potential of this technology is fully recognized by the investment community, we anticipate a substantially favorable improvement in the market valuation of the company. The pain management market is estimated to reach $40 billion by 2010."
Mr. Nano continued, "This is an example of a CTT technology being at the forefront of the paradigm shift to treat individuals with integrative medicine, combining both traditional medicine and holistic medicine. Our strategy is to exploit the resulting dynamic opportunities by broadening our base of technologies that treat individuals with biophysical as well as biochemical methods. We believe this paradigm creates opportunities for new technologies for CTT to exploit. The pain management technology is an important part of our rapidly developing medical strategy."
Daeyang is investing about $1 million to design and tool the manufacturing of the device for worldwide distribution. CTT's agreement with Daeyang provides equally shared profits between CTT and Daeyang in a new CTT business model to increase profit margins.
Mr. Nano added, "CTT is focused on creating value from technologies, restoring stockholder value by signing new license agreements. We are aggressively marketing this pain management therapy, as well as our MC Square stress reduction device (www.relaxmc.com), solar panels, UAD tubular-connection, LED patents and Radio Alert Warning System technologies to drive revenue growth, improve profitability and create shareholder value. Our full technology portfolio may be viewed on our website."
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
Statements about our future expectations are "forward-looking statements" within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. When used herein, the words "may," "will," "should," "anticipate," "believe," "appear," "intend," "plan," "expect," "estimate," "approximate," and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties inherent in our business, including those set forth in Item 1A under the caption "Risk Factors," in our most recent Annual Report on Form 10-K for the year ended July 31, 2006, filed with the SEC on October 30, 2006, 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.