FAIRFIELD, Conn., Oct. 5, 2010 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) announced today that it has entered into a sales agreement with Spero Pain Relief Therapy, LLC ("Spero"). Spero, based in St. George, UT, opened its first of 14 planned pain clinics using CTTC's Calmare® Pain Therapy medical device last month. The 13 additional clinics will open over the next two years and will treat those suffering from chronic pain in Utah, Nevada and southern California. Spero has committed to purchase a minimum of 114 Calmare medical devices for the 14 clinics and the devices purchased will produce approximately $3 million in net revenue for CTTC over the two-year period.
"As a physician, it has been very rewarding to observe the extraordinary results from treating a number of my patients suffering from chronic pain with the Calmare Pain Therapy medical device,'' said Dr. Robert Chalmers, Spero's Medical Director. "I am very excited to be offering this non-narcotic treatment to long-suffering patients."
"We are thrilled that Spero has committed to opening these clinics in the Western U.S.," said Johnnie D. Johnson, CTTC's CEO. "Their plan to open additional clinics is a validation of the success Dr. Chalmers has already seen from treating patients with our Calmare device.
"We are convinced that, in addition to successfully treating patients suffering from chemotherapy-induced peripheral neuropathy (CIPN), our Calmare device successfully treats chronic neuropathic pain resulting from cancer, cancer chemotherapy, phantom limb syndrome, failed back surgery, sciatica, spinal stenosis, shingles and other maladies, said Aris Despo, CTTC's Executive Vice President, Business Development. "And it does so non-invasively, without the use of harmful narcotic pain relievers."
About Spero Pain Relief Therapy, LLC
Spero Pain Relief Therapy was founded by Dr. Robert Chalmers and Mr. Scott Miller, to provide innovative solutions to patients suffering from chronic pain. Visit Spero Pain Relief Therapy's website: www.sperotherapy.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. CTTC 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. CTTC maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit CTTC's website: www.competitivetech.net.
The non-invasive Calmare® pain therapy device uses the biophysical "Scrambler Therapy" technology, which was developed in Italy by CTTC's client, Professor Giuseppe Marineo. CTTC's partner, GEOMC Co., Ltd of Seoul, Korea is manufacturing the Calmare device, which has U.S. FDA clearance and European Union CE Mark Clearance for sales. For more information about Calmare Pain Therapy Treatment, visit www.calmarett.com.
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.