Competitive Technologies, Inc. (NYSE Alternext US:CTT) announced today that CTT's pain management medical device will be showcased by Excel Life Sciences, Inc. (ELS), CTT's country-exclusive device distributor in India, at the International Conference of Indian Association of Palliative Care (IAPCON) in New Delhi. The conference has been organized around the theme, "Freedom From Pain." ELS's booth can be visited on February 13-15 at the IAPCON Exhibition Hall at Booth 4. The medical device is a non-invasive method for rapid treatment of high-intensity oncologic and neuropathic pain, including pain resistant to morphine and other drugs.
ELS is conducting clinical trials for the device at four separate medical institutions in India, with a planned enrollment of 160 patients. The studies are expected to further support five earlier clinical trials conducted in Italy that conformed to the Helsinki Declaration, which is a standard that is also accepted by the US FDA. The Italian clinical trials covered over 1,000 subjects suffering from chronic oncologic or neuropathic pain not responding to standard therapeutic protocols, including morphine. Results from the Italian clinical trials validated the efficacy of the device and indicated that it was extremely efficient from both a clinical and statistical respect. The treatment method was found to be an important resource for pain therapists treating cases not responding to other types of treatment.
ELS, a U.S.-based, India-focused provider of clinical research and healthcare services, has a special focus on improving patient care in the markets in which they operate. ELS has a fully-owned Indian subsidiary with its main office in New Delhi, and 21 operational locations serving a network of over 700 hospitals across India.
The CTT device has Medical Device CE certification from the European Union allowing sales of the device throughout Europe and several other countries, including India. Approval of CTT's pending FDA 510(k) medical device application will authorize U.S. sales of the device. The review and selection process for distributors in Europe, Asia, the U.S. and Latin America is continuing. CTT has exclusive worldwide rights to this patented device. Additional distribution agreements granted country-exclusive distribution rights to GEOMC Co., Ltd. for Korea, to AG Healthcare for Malaysia, and to Biogene Pharma Limited for Bangladesh.
"We believe that ELS's studies will provide further support of the strength and excellence of CTT's pain management device," said Aris D. Despo, CTT's Executive VP, Business Development. "Together with the earlier Italian trials, conducted by leading medical authorities in Italy, including Tor-Vergata, the trials have all been conducted under the globally recognized Helsinki Declaration."
"We believe that the financial results generated by this medical device will have the potential to significantly increase CTT's market capitalization," said John B. Nano, CTT's Chairman, President and CEO. "This medical device is a prime example of our business strategy to connect clinical science to patient care, improving healthcare for mankind."
Developed in Italy by CTT's client, Prof. Giuseppe Marineo, the technology was brought to CTT through the efforts of Prof. Giancarlo Elia Valori of the Italian business development group, Sviluppo Lazio S.p.A., and assistance from the Zangani Investor Community(tm). The technology, with a biophysical rather than a biochemical approach, uses a multi-processor able to simultaneously treat multiple pain areas by applying surface electrodes to the skin. CTT partner, GEOMC Co., Ltd. of Korea, is manufacturing the device commercially for worldwide distribution. For more information on the device, visit www.CalmareTT.com.
The device has been used on over 3,000 patients in Europe, including at the Pain Management Center at Tor-Vergata University Medical Center in Rome (www.ptvonline.it/uo_ter_ant_ing.asp), and at Fondazione Parco Biomedico San Raffaele in Rome (www.scienceparkrome.eu).
About Excel Life Sciences, Inc.
ELS is a U.S.-based, India-focused provider of comprehensive clinical research and healthcare services, helping to advance science and improve patient care. ELS is a privately owned Delaware corporation, with 21 operational locations across India and a network of approximately 1,000 physicians serving over 700 hospitals. ELS has U.S. offices in Boston, Chicago, and Durham, N.C. Its success is built around passionate and experienced individuals working alongside clients to accelerate clinical research and deliver new drugs and medical devices to the markets, while maintaining the highest standards of quality. ELS is committed to improving and expanding the clinical research enterprise in India. Visit ELS's website: www.ExcelLifeSciences.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, 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.
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