Fairfield, Conn., Feb. 27, 2009 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Alternext US:CTT) announced today several elements in its corporate strategy. Mr. John B. Nano, CTT's Chairman, President and CEO confirmed that the authorization by the U.S. Food and Drug Administration and the Medical Device CE certification for sales of its pain management medical device are central items in the strategy. Distributors have been signed for countries covering over 45% of the world population for this medical device and discussions are underway with potential U.S. distributors to expand this coverage. The contractual minimums have a retail sales value of over $25 million for 2009 and about $50 million for 2010. CTT will share in revenue derived from sales of the device to distributors and both CTT and distributors expect sales to exceed the contract minimums.
CTT has a successful track record of commercializing over 500 technologies in life sciences, electronics and nanotechnologies, with more than 400 companies and will continue this corporate strategy. CTT has provided over $100 million to world-class research institutions, including two Nobel Prize winners:
Columbia University University of University of
Arizona Iowa
Cornel University University of University of
California Virginia
Lehigh University University of University of
Chicago Maryland
New York University University of University of
Colorado New Mexico
Princeton University University of University of
Connecticut Pennsylvania
Texas A&M University of University of
Illinois South Carolina
Corporate clientele includes world-class companies:
IBM Roche Diagnostics Avery Dennison JDSU TDK Biorad Laboratories Matsushita Pfizer Mitsubishi NEC SONY Toshiba Bayer GE Motorola Merck Abbott Laboratories Lucent
CTT technologies include the NTRU encryption technology developed by professors from Brown University where the flagship encryption algorithm, NTRUEncrypt(tm), has been accepted for standardization by the Institute of Electrical and Electronics Engineers (IEEE). CTT has 10% ownership in NTRU and has the distribution rights to the NTRU technology within Korea, a major country for wireless device innovation with companies like Samsung and LG. Other owners of NTRU include Texas Instruments, Sony, Greylock and 3i.
Nano said, "CTT expects the new pain therapy medical device to produce revenue and profits larger than any other technology in CTT's 40 year history. Further, when CTT had strong sales and earnings, the CTT stock traded at over $15 per share producing a market capitalization over $120 million, over 10 times the current $12 million. Additionally, we have several other technologies that produce revenue for CTT."
The FDA 510(k) letter of authorization allows U.S. sales of CTT's pain therapy medical device, 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 also has Medical Device CE certification from the European Union allowing sales of the device throughout Europe and several other countries. CTT has exclusive worldwide rights to this patented device. CTT partner, GEOMC Co., Ltd. of Korea, is producing the device commercially for worldwide distribution.
CTT has recently signed an agreement with Life Episteme srl granting them exclusive distribution rights in 29 countries throughout Europe, Asia, Africa, the Middle East, South America and Oceania. Earlier country-exclusive distribution rights have been granted to Excel Life Sciences, Inc. for India, to GEOMC Co., Ltd. for Korea, to AG Healthcare for Malaysia, and to Biogene Pharma Limited for Bangladesh. The review and selection process for additional distributors in other countries is continuing.
CTT is debt free and has a $5 million flexible equity financing agreement with Fusion Capital Fund II, LLC who have agreed to purchase newly issued CTT stock over a multi-year period. CTT will control the timing and the amount of stock sold, if any, to Fusion Capital and provides CTT financial flexibility.
Developed in Italy by CTT's client, Prof. Giuseppe Marineo, the pain management medical 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). 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. For more information on the device, visit www.CalmareTT.com.
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.