FAIRFIELD, Conn., Oct. 22, 2009 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Amex:CTT) announced today that the University of Wisconsin-Madison will use CTT's pain therapy medical device to treat patients at its Carbone Cancer Center in the School of Medicine and Public Health, under the direction of Toby C. Campbell, M.D., Miroslav "Misha" Backonja, M.D., and James Cleary, M.D. Drs. Cleary and Campbell are national leaders in palliative care at the University of Wisconsin Carbone Cancer Center. Dr. Backonja is recognized as a global authority in neuropathic pain treatment and is Professor of Neurology at the University of Wisconsin School of Medicine and Public Health. Dr. Cleary is Director Palliative Care at the University of Wisconsin School of Medicine and Public Health. Dr. Campbell's clinical research interests are in lung cancer therapeutics, chemotherapy-induced peripheral neuropathy, symptom management, and interdisciplinary medical teams.
"We are pleased to be partnering with the University of Wisconsin and Drs. Backonja, Cleary and Campbell to offer this non-invasive option for their patients suffering from debilitating pain," said John B. Nano, CTT's Chairman, President and CEO. "With all the negative press about narcotic painkillers, it is incredibly rewarding to be able to provide this effective alternative."
"Our device completely avoids the addictive properties, adverse side effects and risk of death associated with narcotic painkillers," said Aris Despo, CTT's Executive VP, Business Development. "The CDC's National Center for Health Statistics reported last month that the number of fatal poisonings involving opioid analgesics more than tripled from 1999 to 2006, largely due to the increased use of these powerful narcotic painkillers. In that same period, deaths from opioid poisoning overtook traffic fatalities as the largest cause of injury-related deaths in 16 states, including our home state of Connecticut. One opioid analgesic, hydrocodone, topped the AARP Bulletin's "50 Most Prescribed Drugs" list, with over 121 million prescriptions written in 2008, nearly double the number of prescriptions for the next drug on the list. Our pain therapy medical device has none of these adverse side effects."
This non-invasive technology brings CTT to the forefront in meeting the needs of patients and improving palliative healthcare globally. The pain therapy medical device is currently being used by clinical investigators at the Virginia Commonwealth University Massey Cancer Center for independent clinical research to examine the device's ability to decrease pain associated with chemotherapy-induced peripheral neuropathy (CIPN). Principal investigator Thomas J. Smith, MD, is an international leader in palliative care and pain management. Carbone Cancer Center and Massey Cancer Center are planning an independent multi-center study of the MC-5A to further research its efficacy in the treatment of oncology patients affected by CIPN.
CTT has exclusive worldwide rights to the device, which has U.S. FDA clearance for sales in the U.S. as well as Medical Device CE certification from the E.U. Developed in Italy by CTT's client, Prof. Giuseppe Marineo, the device has been used to treat over 3,000 patients in Europe and the U.S. CTT partner, GEOMC Co., Ltd. of Korea, is producing the device commercially for worldwide distribution. Distribution agreements are in place in 42 countries around the world, accounting for more than 50% of the world's population. For more information about the device, visit www.CalmareTT.com.
About University of Wisconsin Carbone Cancer Center
The University of Wisconsin Carbone Cancer Center is recognized throughout the Midwest and the nation as one of the leading innovators in cancer research, quality patient care and active community involvement. UW Carbone Cancer Center is the only comprehensive cancer center, as designated by the National Cancer Institute, in Wisconsin. An integral part of the UW School of Medicine and Public Health, the UW Carbone Cancer Center unites more than 250 physicians and scientists who work together in translating discoveries from research laboratories into new treatments that benefit cancer patients. Learn more about clinical studies and other initiatives at the UW Carbone Cancer Center Research and Health Professionals Site at http://www.cancer.wisc.edu.
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.