FAIRFIELD, Conn., Jan. 12, 2009 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE:CTT) announced today that it has received a sales order from Excel Life Sciences, Inc. (ELS) for pain management therapy devices. 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. ELS, CTT's country-exclusive distributor in India, recognizing the benefits of the innovative device, was the first announced healthcare services provider to sign a distribution agreement for the device. Subsequent distribution agreements granted country-exclusive distribution rights to GEOMC Co., Ltd. for Korea, to AG Healthcare for Malaysia, and to Biogene Pharma Limited for Bangladesh.
The order from ELS has an approximate retail value of up to $1 million. Shipment of the devices to ELS is scheduled to begin immediately.
ELS is a U.S.-based, India-focused provider of clinical research and healthcare services. They have a special focus on improving patient care in the markets in which they operate. ELS has a fully-owned Indian subsidiary with its main office in New Delhi, and 21 operational locations serving a network of over 700 hospitals across India.
The CTT device has Medical Device CE certification from the European Union allowing sales of the device throughout Europe and several other countries, including India. Approval of CTT's pending FDA 510(k) medical device application will authorize U.S. sales of the device. The review and selection process for distributors in Europe, Asia, the U.S. and Latin America is continuing. CTT has exclusive worldwide rights to this patented device.
Dr. Vijai Kumar, ELS's President and Chief Medical Officer, said, "We have seen this device in action, and have witnessed its pain relieving capabilities. ELS is starting formal clinical studies using this new pain management device at four leading healthcare facilities in India within the month. The protocol for these studies will follow U.S. FDA guidelines and treat a total of 160 patients divided into four specific neuropathies. We expect this new device to initiate a paradigm shift in the perception and treatment of pain in India. There are over four million people in the country suffering from severe cancer, neuropathic pain and other forms of chronic disabling pain."
Mohit Mehrotra, ELS's Founder and Chief Operating Officer, commented, "We are proud to work with CTT to bring this progressive medical technology to India. We are focusing considerable resources on this technology and our relationship with CTT. We will be launching the device at the All India Institute of Medical Sciences' (AIIMS) International Conference of Indian Association of Palliative Care in February, where we expect it to generate a high level of activity and interest among the participants. ELS is a sponsor of the New Delhi-based conference, the largest of its type. Our extensive knowledge about healthcare in India, along with a large network of research hospitals and clinics, helps us understand the needs and expectations of both patients and healthcare providers. We believe this device will revolutionize pain management for both constituents."
"ELS is a key element in our strategy for building a strong distribution base across the Indian continent through Southeast Asia," said Aris D. Despo, CTT's Executive VP, Business Development. "They are an effective and strategic partner for CTT in the important Indian market. India's $1.75 billion medical device market, supported by its growing middle and upper classes of over 150 million people, represents a significant opportunity for sales of our innovative pain management technology."
"We believe that revenue and profits from the pain management technology will dramatically exceed those produced by any other technology in our 40-year history and reach approximately $200 million per year in distributor sales to hospitals and clinics as the device attains mature market levels," said John B. Nano, CTT's Chairman, President and CEO. "We expect financial results generated by this medical device to have the potential to significantly increase CTT market capitalization. This medical device is a prime example of our strategy to connect clinical science to patient care, improving healthcare for mankind."
Developed in Italy by CTT's client, Prof. Giuseppe Marineo, the technology 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 technology, 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 manufacturing the device commercially for worldwide distribution. For more information on the device, visit www.CalmareTT.com.
The device has been used on over 3,000 patients in Europe, including at the Pain Management Center at Tor-Vergata University Medical Center in Rome (www.ptvonline.it/uo_ter_ant_ing.asp), and at Fondazione Parco Biomedico San Raffaele in Rome (www.scienceparkrome.eu).
About Excel Life Sciences, Inc.
ELS is a U.S.-based, India-focused provider of comprehensive clinical research and healthcare services, helping to advance science and improve patient care. ELS is a privately owned Delaware corporation, with 21 operational locations across India and a network of approximately 1,000 physicians serving over 700 hospitals. ELS has U.S. offices in Boston, Chicago, and Durham, N.C. Its success is built around passionate and experienced individuals working alongside clients to accelerate clinical research and deliver new drugs and medical devices to the markets, while maintaining the highest standards of quality. ELS is committed to improving and expanding the clinical research enterprise in India. Visit ELS's website: www.ExcelLifeSciences.com
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.