FAIRFIELD, Conn., Sept. 9, 2009 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) announced today that it has entered into a joint venture with XION Corporation for the research, development and commercialization of its patented melanocortin analogue compounds which have shown promise in treating sexual dysfunction and obesity. Ownership in the joint venture will be divided equally between CTT and XION. Peptide analogues of alpha-MSH (alpha-melanocyte-stimulating hormone), were invented by a team of researchers at CTT's client, the University of Arizona.
"The melanocortin analogue technology has long been a valuable part of CTT's portfolio of innovative technologies," said John B. Nano, CTT's Chairman, President and CEO. "CTT's goal is to maximize the value and to protect the rightful interests of our clients, the University of Arizona and the inventors, and of our shareholders."
Mr. Nano added, "CTT continues to aggressively market its portfolio of technologies to drive revenue growth, improve profitability and create shareholder value. Technologies include CTT's pain therapy medical device that treats chronic neuropathic and oncologic pain, including pain resistant to morphine and other narcotic pain killers. CTT has installations at several prestigious medical centers and is in the process of adding additional medical centers to treat patients with CTT's pain therapy." For more information on CTT's pain therapy, visit www.CalmareTT.com.
About XION Corporation
XION, a New York-based, privately held company, is a leader in the marketing and distribution of innovative medical devices, pharmaceutical therapies, and scientifically proven nutraceuticals. XION brings cutting-edge medical device options and alternatives to the healthcare provider, thereby achieving a market distinction in the provision of healthcare to the general public. Trust, quality, integrity, and excellence in research and development are the focus for XION and the future of our customers. Visit XION's websites: www.xioncorporation.com and www.xionmedical.net.
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.