Competitive Technologies, Inc. (OTCQX:CTTC) today announced that the Korea Food & Drug Administration (KFDA) has authorized sales of the Calmare(R) medical device featuring "Scrambler Therapy(TM)" in the Republic of Korea. CTTC's partner, GEOMC Co., Ltd. of Seoul, Korea, which manufactures the Calmare device, will now begin distributing the device in South Korea, in accordance with its agreement with CTTC.
The Calmare device has successfully treated CIPN and other neuropathic pain in thousands of patients without any of the adverse side effects typically associated with the powerful opioid pain medications that are often used to treat pain. Calmare treatments have been especially effective in treating CIPN, which is often resistant to any drug therapies.
"The pain market in Korea has increased dramatically in recent years as the population ages, and this trend is true for Japan and other Asian countries as well," said Ms. Young H. Lim, President and CEO of GEOMC. "The KFDA authorization brings this breakthrough medical device to the forefront of the Asian market by offering a new solution for patients suffering from intractable pain and improving pain treatment. We see a huge potential in the Asian market for this unmet demand."
"We are encouraged by the recent AMA announcement of the new CPT(R) III Code for the Scrambler Therapy in the US, and now with this decision in the Asian market, we can see worldwide acceptance of Calmare growing," said Johnnie D. Johnson, CTTC's CEO. "We provide full support to our global partners, and our professional medical trainers, with the guidance of "Scrambler Therapy(TM)" technology inventor Professor Giuseppe Marineo, have developed standardized procedures for Calmare use, as well as a certification program for medical professionals worldwide."
About Competitive Technologies, Inc
Competitive Technologies is a global leader in developing and commercializing innovative products and technologies. CTTC is multifaceted, providing distribution, patent and technology transfer, sales and licensing services. CTTC's staff is focused on the needs of customers and matching those requirements with commercially viable products or technology solutions.
CTTC is the licensed worldwide distributor of the non-invasive Calmare(R) pain therapy medical device, which incorporates the biophysical "Scrambler Therapy(TM)" technology developed in Italy by CTTC's client, Professor Giuseppe Marineo to treat neuropathic pain, including cancer pain. The Calmare(R) device is currently being manufactured for sale by CTTC's partner, GEOMC Co., Ltd. of Seoul, Korea. For more information on the device, visit www.calmarett.com. Visit CTTC'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, 2010, filed with the SEC on October 27, 2010, 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.
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