FAIRFIELD, Conn., April 7, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) announced today that it has established a Medical Advisory Board (MAB), comprised initially of four distinguished experts in diverse fields of medicine dealing with pain management. The mission of the MAB is to ensure that CTT adheres to the highest standards of scientific and clinical protocol as it further develops and commercializes its Calmare® Pain Management Therapy as well as other new medical devices and/or products the Company may choose to invest in and incubate.
Representing a comprehensive range of experience and knowledge in the pain and palliative care fields, the MAB will meet regularly to provide input, guidance and feedback to the CTT Board of Directors and management on latest clinical research in the field, as well as successful commercial strategies and their implementation, as they may relate to CTT's Calmare Therapy Treatment. The MAB will also focus on educating fellow healthcare professionals on the best and most up-to-date pain care methodologies, including new pathways to help reach and communicate with others in the medical field.
Current members of CTT's newly formed Medical Advisory Board include Subash Jain, MD, of the Centers for Pain Management, with offices in New York and New Jersey. Dr. Jain was formerly at Memorial Sloan-Kettering Cancer Center as the founding chief of the Department of Anesthesiology's Pain Service; Lauren Shaiova, MD, of the New York City Health and Hospitals Corporation's Metropolitan Hospital Center Department of Pain Medicine and Palliative Care; Marco Pappagallo, MD, of the Mt. Sinai School of Medicine's Department of Anesthesiology; and Stephen J. D'Amato, MD, FACEP, Medical Director, Calmar Pain Relief, LLC, based in North Providence, RI. International physicians will be added to the Board in due course, to assure a continuing global perspective. The first meeting of CTT's MAB is planned for May 16, 2010, in Boston, MA.
"We are honored to have the commitment of such an esteemed group of pain care experts advising us as we move forward with our goals of meeting the needs of patients and improving palliative healthcare globally," said John B. Nano, CTT's Chairman, President and CEO. "The Calmare medical device is a prime example of our strategy to connect clinical science to patient care. Having practicing physicians with a breadth of experience and expertise working with us has already proven quite helpful as we look to educate more medical professionals about our non-invasive medical device for treating high intensity oncologic and neuropathic pain without the adverse and harmful side effects linked to narcotic painkillers."
The non-invasive Calmare medical device, which uses "Scrambler Therapy" developed in Italy by Professor Giuseppe Marineo, was brought to CTT through the efforts of the Zangani Investor Community™ and with the cooperation of Mr. Giuseppe Belcastro, Legal Counsel for Professor Marineo. CTT's partner, GEOMC Co. Ltd. of Seoul, Korea, has current manufacturing facilities capable of commercially producing 200 pain therapy medical devices per month and the partners have agreed to expand production capacity to an increased production level of 600 units per month to match increased order demand. 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, 2009, filed with the SEC on October 27, 2009, 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.