FAIRFIELD, Conn., July 13, 2009 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) and its pain therapy medical device were featured in an article on Friday, July 10, 2009 in three newspapers.
"Our non-invasive pain therapy treats pain without the harmful side effects of narcotic painkillers, including morphine, Demerol, Vicodin, Percocet and Acetaminophen, that have recently caused serious concerns by the U.S. Food and Drug Administration (FDA)," said John B. Nano, CTT's Chairman, President and CEO who was interviewed for the article. "Cleared for use by the FDA, the device provides rapid treatment of high-intensity oncologic and neuropathic pain, including pain resistant to morphine and other drugs. CTT's pain therapy also has Medical Device CE certification from the European Union."
In the interview, Nano pointed out, "Our device provides pain sufferers with an alternative to manage their pain while avoiding the hazards of harmful narcotics and surgical implants often used for severe pain. The technology used by many doctors for pain treatment may include permanent spinal implants that require invasive spinal surgery in a hospital and harmful narcotics. The spinal implantation includes electrodes into the spine monitored by a control device that must be used continuously to block the pain. Pain medication to recover from the surgery may also be required. With our non-invasive pain therapy, patients have the option of having up to ten 45-minute treatments over a two-week period. Over the course of treatment, our pain therapy progressively alters the signals sent through the nerve pathway from pain into no-pain signals. By altering the pain signal, our therapy quickly and cost-effectively provides relief from debilitating pain.
"For 3,000 years people have attempted to block the pain signal by methods that appear almost barbaric in comparison to our pain therapy that changes the signal to no pain, similar to noise cancellation technology. Why would a patient want to have an electrical device surgically and permanently implanted in their spine involving harmful narcotics and a very costly hospital surgery and stay, when an alternative is available with a non-invasive treatment that has no harmful side effects, and is administered in a doctor's office during ten 45-minute sessions," Nano commented.
"Our non-invasive pain therapy without harmful side effects brings CTT to the forefront in providing a solution to the needs of patients seeking pain relief and improves palliative healthcare while addressing the FDA's safety concerns regarding a number of harmful, narcotic pain relievers, and reducing healthcare costs. It is a prime example of our strategy to connect clinical science to patient care."
Several studies report that nearly 10% of adults in the U.S. suffer from moderate-to-severe pain, with over 50% of that group experiencing chronic or recurrent pain. The U.S. market for prescription pain drugs is nearly $5.0 billion, with nearly half for treatment of cancer pain, and about 40% for orthopedic pain, including lower back pain. "Additionally, our pain therapy also treats neuropathic pain, the result of nerve damage, which is difficult to treat with traditional pain medications," Mr. Nano added.
Developed in Italy by CTT's client, Prof. Giuseppe Marineo, the technology was brought to CTT through the efforts of the Zangani Investor Community(tm). The unit, 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's partner, GEOMC Co. Ltd. of Korea, is manufacturing the device commercially for worldwide distribution. For more information on the device, visit www.CalmareTT.com.
Links to newspaper articles: http://www.connpost.com/businessnews/ci_12804694 http://www.stamfordadvocate.com/ci_12804694 http://www.greenwichtime.com/ci_12804694
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.