FAIRFIELD, Conn., Sept. 19, 2008 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that it has signed an agreement with Seoul-based GEOMC Co., Ltd. (KOSDAQ:033030) granting them exclusive distribution rights in Korea for CTT's pain management therapy device. CTT is in the process of selecting distributors from a targeted list of companies representing the U.S. and global markets in Europe, Asia and Latin America. The device is a non-invasive method for rapid treatment of high-intensity oncologic and neuropathic pain, including pain resistant to morphine and other drugs. CTT will share in revenue derived from sales of the device in Korea.
"GEOMC has extensive experience in both manufacturing and distributing electronic healthcare devices throughout Korea, Japan and China," said Aris D. Despo, CTT's Executive VP, Business Development. "GEOMC provides CTT with a strong partner for distribution of the pain management device in their important home market. As our partner in the production of this device, GEOMC has invested about $2.0 million in design and tooling to produce a fully commercial product for worldwide distribution. Korea's $2.5 billion medical device market, supported by its highly developed economy and universal health care program for its population of about 49 million people, represents a significant opportunity for sales of our innovative pain management technology."
Young Hyun Lim, GEOMC's CEO said, "Our successful experience with electronic healthcare devices provides us with a strong base on which to build distribution of the pain management device. We have been working with CTT as their partner in commercial production of the device. Signing this agreement gives us exclusive product distribution rights in Korea. Our involvement with the device, revealing its amazing capabilities, has resulted in us feeling strongly about the benefits it will bring to the people of Korea."
John B. Nano, CTT's Chairman, President and CEO, noted, "The pain management device allows CTT to connect clinical services to patient care, improving healthcare for mankind. CTT is aware of the needs expressed worldwide for treatment of pain, and is pleased to be a part of the solution as we aggressively market the device to meet those needs. We believe that our revenue and profits from the pain management technology will dramatically exceed those produced by any other technology in CTT's 40-year history. There is exciting potential for the success of this device in the global pain management market; a market estimated to reach $40 billion by 2010. CTT expects revenues to be approximately $20 million per year, as the device attains mature market levels."
Developed in Italy by CTT's client, Prof. Giuseppe Marineo, the device was brought to CTT through the efforts of Prof. Giancarlo Elia Valori of the Italian business development group, Sviluppo Lazio S.p.A., and assistance from the Zangani Investor Community(tm). The device, with a biophysical rather than a biochemical approach, uses a multi-processor able to simultaneously treat multiple pain areas by applying surface electrodes to the skin.
The device has been used on over 2,300 patients in nine hospitals in Europe, including the Pain Management Center at Tor-Vergata University Medical Center in Rome (http://www.ptvonline.it/uo_ter_ant_ing.asp).
CTT has exclusive worldwide rights to the therapy device. Earlier distribution agreements granted country-exclusive rights to Excel Life Sciences, Inc. for India, and to Biogene Pharma Limited for Bangladesh. The device has Medical Device CE certification from the European Union, which allows sales in all of Europe, plus other related markets. CTT is working with the FDA for 510(k) medical device authorization for U.S. sales, and is seeking approval for sales in other countries. GEOMC is in discussion with Korean regulators for their approval for sale of the device in Korea.
About GEOMC Co., Ltd.
GEOMC Co., Ltd., founded in 1979 as Daeyang E&C, is a publicly traded company in Korea (KOSDAQ:03303) with a market capitalization of $200 million. With a stated corporate philosophy of "Customer success is equivalent to corporate success," GEOMC is the market leader in its unique product segments. To fulfill the company's principle of returning profit to its customers, GEOMC created the MC Square Scholarship in 1993 with over 1,600 scholarships granted to date. GEOMC manufactures and markets a neuroscience device for increasing study efficiency called MC Square that has been established as a strong consumer brand name in Korea. GEOMC accesses multiple business fields, especially in the IT and biotechnology industries, through the resources available from its affiliate GEOMC Venture Capital Ltd., also of Korea. GEOMC develops these VC business lines in health-related fields based on neuroscience technologies.
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 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, 2007, filed with the SEC on October 29, 2007, 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.