FAIRFIELD, Conn., May 15, 2008 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced that John B. Nano, CTT's Chairman, President and CEO in an interview today discussed CTT's exclusive worldwide distribution rights to its pain therapy device. 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. The CTT device has Medical Device CE certification from the European Union allowing European sales and CTT has applied for FDA 510(k) medical device authorization for U.S. sales of the device. The patented device uses a multi-processor able to simultaneously treat multiple pain areas by applying surface electrodes to the skin. The complete interview may be heard at http://www.zangani.com/webcasts/20080514/ctt
"We believe there is no other product like ours on the market anywhere in the world," said Mr. Nano. "This product is the only one that can successfully treat high intensity oncologic pain resistant to morphine and other drugs, in my opinion. My belief was reinforced based on comments we received when we launched and displayed the device in the U.S. at the American Pain Society's (APS) 27th Annual Scientific Meeting in Tampa, FL on May 8 and 9, 2008 (www.ampainsoc.org). Representatives from major cancer centers like Sloan-Kettering in New York City and Mass General in Boston, were very interested since the device treats those individuals where pain is resistant to morphine."
The APS is a multidisciplinary community that brings together scientists, clinicians and other professionals to increase the knowledge of pain and transform public policy and clinical practice to reduce pain-related suffering.
Developed in Italy by CTT's client, Prof. Giuseppe Marineo, DSc, MD, 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). It uses a multi-processor designed to create self-like neurons by applying surface electrodes to the skin to simultaneously treat multiple pain areas. CTT partner, GEOMC Co. Ltd. of Korea, formerly Daeyang E&C, is producing the device commercially for worldwide distribution.
"CTT's objective is to commercialize this device worldwide," said Mr. Nano. "Based upon the European CE approval status, we have signed a letter of agreement with a multi-billion-dollar European healthcare company for exclusive European distribution rights. We believe revenues from the device will dramatically exceed those produced by any other technology in our 40-year history, and reach approximately $20 million per year, as the device attains mature market levels. Our full technology portfolio may be viewed on our website."
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.