FAIRFIELD, Conn., Oct. 7, 2009 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) announced today that it has signed an agreement with Athens, Greece-based Fintrade Medical granting them the exclusive rights to market and sell its pain therapy medical device in Greece and Cyprus. In anticipation of its sales, Fintrade Medical is sending physicians and medical technicians to professional training courses on the use of the device at the Fondazione Parco Biomedico San Raffaele of Rome, Italy.
"Fintrade Medical is excited to partner with Competitive Technologies in bringing 21st century cutting edge pain therapy treatment technology to the birthplace of Hippocrates, Greece and Cyprus," stated Mr. Stergios Papageorgiou, Fintrade's Director. "Being able to offer a non-invasive alternative to powerful narcotic painkillers will be a welcome option for our medical professionals."
"It has been incredibly rewarding to see this pain therapy treatment gain recognition within the medical community by offering relief to those suffering from chronic pain," said John B. Nano, CTT's Chairman, President and CEO. "Pain therapy treatment has become high priority, especially in Europe. This Greek interest in the device echoes what I saw on my recent trip to Europe, when I met with several physicians that have been using our non-invasive medical device to successfully treat patients suffering from high-intensity oncologic and neuropathic pain, including pain resistant to morphine and other narcotic painkillers."
"This non-invasive technology brings CTT to the forefront in meeting the needs of patients and improving palliative healthcare globally, without the side effects of narcotic painkillers noted in a recent Wall Street Journal article," said Aris Despo, CTT's Executive VP, Business Development. "In addition to the side effects of addiction, depression and drowsiness, the article reported that over 230 million prescriptions for narcotic painkillers were written in 2007, in the U.S. alone, and that between 40% and 90% of patients who take these painkillers get severe constipation that cannot be relieved by traditional laxatives. In fact, new drugs are being considered with estimated sales value of $1.3 billion to treat just the constipation side effects. The other adverse side effects go untreated. Our device avoids these side effects and provides a valuable pain therapy option to the clinician by offering an effective non-invasive treatment for patients without the addictive properties and adverse side effects of many powerful narcotic painkillers."
CTT has exclusive worldwide rights to the device which has Medical Device CE certification from the E.U. allowing sales throughout Europe and several other countries, as well as U.S. FDA clearance for sales in the U.S. Seven other distribution agreements are already in place for 40 countries, comprising over 50% of the world's population, including the U.S. and most of Europe and Asia. CTT partner, GEOMC Co., Ltd. of Korea, is producing the device commercially for worldwide distribution.
This device is a prime example of CTT's strategy to connect clinical science to patient care. Developed in Italy by CTT's client, Prof. Giuseppe Marineo, 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 to treat over 3,000 patients in Europe and the U.S. For more information on the therapy treatment or the device, visit www.CalmareTT.com.
About Fintrade
The privately held Fintrade was established in Athens, Greece, in 2006 as an import and trading firm whose principals have a combined business experience in excess of 60 years in the Greek and U.S. markets.
Fintrade Medical will be supported in the import and distribution of the Calmare MC-5A device by a team of medical field professionals; including Mr. Nick P. Protopapas, M.D., F.R.C.S., a vascular and general surgeon with more than 25 years of experience. The team also includes MedLine, a specialized medical and pharmaceutical industry communication and promotion company with 17 years of experience working with both international and local pharmaceutical firms.
Stergios Papageorgiou, a Greek citizen, holds a Master's in Business Administration, in Finance and Investments from the University of Scranton, PA, and a Bachelor in Business Administration, in Marketing from The American College of Greece, (Deree), where he has also been a professor of finance for several years.
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.