FAIRFIELD, Conn., Nov. 18, 2008 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Alternext US:CTT) announced today that they will present their pain management medical device on November 18, 2008 at Fondazione Parco Biomedico San Raffaele in Rome, Italy. Known as Science Park Rome (SPR), the center is a non-profit science and medical foundation that was established to create communication between science and technology, and for the development of innovations with medical and economical significance. The presentation will be made to a gathering of biotechnology, pharmaceutical, nanotechnology, and medical device leaders from throughout Europe. One of CTT's devices will be permanently available at SPR for educational courses to be held by a specialized staff, and for research to broaden the applications of the device.
"We are proud to present our pain management medical device to this outstanding organization," said John B. Nano, CTT's Chairman, President and CEO. "A purpose of SPR is to bring innovation to the medical industry, and we believe this technology connects clinical science to patient care, improving healthcare for mankind. Experience has shown that pain, regardless of its intensity, can be completely removed during each treatment with the device. Additional treatments raise the pain threshold of the patient, with the pain recurring with steadily diminishing intensity."
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. CTT partner GEOMC Co., Ltd. of Korea, is producing the device commercially for worldwide distribution.
The device has been used on over 2,300 patients in European hospitals, including the Pain Management Center at Tor-Vergata University Medical Center in Rome (http://www.ptvonline.it/uo_ter_ant_ing.asp).
Mr. Nano continued, "As the pain management medical device attains mature market levels, we believe it will reach approximately $200 million per year in distributor sales to hospitals and clinics. At that time, our revenue and profits from the device will dramatically exceed those produced by any other technology in CTT's 40-year history, resulting in approximately $20 million per year to CTT, with limited related costs. 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. 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 has exclusive worldwide distribution rights to the device, a non-invasive method for rapid treatment of high-intensity oncologic and neuropathic pain, including pain resistant to morphine and other drugs. The CTT device has Medical Device CE certification from the European Union allowing sales throughout Europe, and in all countries accepting the CE Mark. CTT has provided additional information to the U.S. FDA, and is working with them for 510(k) authorization for U.S. sales of the device. Country-exclusive distribution agreements have been signed in four markets: India, Korea, Bangladesh and Malaysia.
About Fondazione Parco Biomedico San Raffaele (SPR)
Established in 2002 in Italy, in a natural reserve south of Rome, the science park was created by the Banca di Roma, the Chamber of Commerce of Rome, and the Fondazione San Raffaele Monte Tabor in response to the recognized need to have a biomedical research center in the Lazio region. The park is now home to two companies and nine research groups from Universities and centers working in: oncology, leukemia and immunology; molecular cardiology; skeletal regeneration; cell therapy and tissue engineering; muscular dystrophies; biomedical quality control; neurological disorders; stem cells; and diabetes. Visit SPR's website: www.scienceparkrome.eu
About Competitive Technologies, Inc.
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. CTT 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. 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, 2008, filed with the SEC on October 28, 2008, 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.