FAIRFIELD, Conn., Oct. 20, 2008 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Alternext US:CTT) (AMEX:CTT) announced today that it has provided additional information to the FDA regarding CTT's pain management therapy device. CTT is working with the FDA on the application for 510(k) medical device authorization for U.S. sales of CTT's device.
"We have responded promptly to the FDA and will continue to do so to facilitate and expedite their review process," said Aris D. Despo, CTT's Executive VP, Business Development. "The FDA approval is a critical step in the global commercialization of this amazing device. This device offers relief to patients suffering extreme pain, and greatly improves palliative healthcare. We have high expectations for its use in the U.S. market. It has been successfully used to treat over 2,300 patients in European hospitals. Upon FDA approval, we expect the marketing focus to be on hospitals, pain clinics, hospice centers and pain management specialists."
The CTT device has Medical Device CE certification from the European Union allowing European sales for this non-invasive method for rapid treatment of high-intensity oncologic and neuropathic pain, including pain resistant to morphine and other drugs. CTT has exclusive worldwide rights to this patented device.
"Prospects for this innovative technology are highly encouraging," said John B. Nano, CTT's Chairman, President and CEO. "The pain management technology allows CTT to connect clinical science to patient care, improving healthcare for mankind. CTT is aware of the needs expressed worldwide for treatment of pain, and is pleased to be a part of the solution as we aggressively market the technology to meet those needs. 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.
"We have signed country-exclusive distribution agreements in India, Korea and Bangladesh. We look forward to receiving approval for distribution in the U.S., and will continue to work with the FDA to achieve that status near-term. CTT continues our review and selection process for distributors in Europe, Asia, the U.S. and other countries."
Developed in Italy by CTT's client, Prof. Giuseppe Marineo, DSc, MD, 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 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 partner, GEOMC Co. Ltd. of Korea, is manufacturing the device commercially for worldwide distribution.
CTT's management team is focused on creating profitable revenue growth, restoring shareholder value, building global alliances, and maximizing the dynamic opportunities of its product and technology portfolio.
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, 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.