FAIRFIELD, Conn., May 22, 2008 (PRIME NEWSWIRE) -- Competitive Technologies, Inc. (AMEX:CTT) announced today that it has provided a pain therapy device to the major cancer hospice center, The Scientific Institute of Romagna for the Study and Treatment of Cancer (IRST). John B. Nano, CTT's Chairman, President and CEO and Prof. Giancarlo Elia Valori of the Italian business development group, Sviluppo Lazio S.p.A made the presentation in a ceremony today Thursday, May 22, 2008 in Rome. The device was presented during the Gala Dinner of Pharma Finance 2008 sponsored by the Zangani Investor Community(tm). Prof. Valori highlighted how this pain device known as a "merciful machine" will assist terminally ill patients, providing a dignified end of life. The device will be used for pain therapy and for demonstration during the training of staff of other health care centers.
CTT has exclusive worldwide distribution rights to its pain therapy 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 has Medical Device CE certification from the European Union allowing European sales and CTT has applied for FDA 510(k) medical device authorization for U.S. sales of the device. The patented device uses a multi-processor able to simultaneously treat multiple pain areas by applying surface electrodes to the skin.
"There is no event worse than observing any human being suffer from pain such as from cancer, especially pain that is drug resistant," said Mr. Nano. "We believe there is no other product like ours on the market anywhere in the world today that can successfully treat high intensity oncologic pain resistant to morphine and other drugs."
Developed in Italy by CTT's client, Prof. Giuseppe Marineo, DSc, MD, the device was brought to CTT through the efforts of Prof. Valori, and assistance from the Zangani Investor Community(tm). CTT partner, GEOMC Co. Ltd. of Korea, formerly Daeyang E&C, is producing the device commercially for worldwide distribution.
"CTT's objective is to commercialize this device worldwide," said Mr. Nano. "Based upon the European CE approval status, we have signed a letter of agreement with a multi-billion-dollar European healthcare company for exclusive European distribution rights. 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."
About The Scientific Institute of Romagna for the Study and Treatment of Cancer
IRST is a Limited Liability Partnership that forms the core of the integrated oncological network in the Rome Regional Health Care System and provides governance for oncological research in the Region. It provides primary health care for the Forli territory and is an oncological center for secondary and tertiary health care for the whole of the Rome area. Its main aims are to reorganize and rationalize the care and treatment of cancer, to introduce a new organizational and management solution allowing the public and private sectors to work together, and to define and improve the standards of oncological research.
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, is a full service technology transfer and licensing provider focused on the technology needs of its customers and transforming those requirements into commercially viable solutions. CTT is a global leader in identifying, developing and commercializing innovative 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.