Competitive Technologies, Inc. (NYSE Amex:CTT) announced today that it has signed a sales agreement with Calmar Pain Relief, LLC, a Delaware limited liability company ("Calmar"), with its headquarters in North Providence, Rhode Island. Next month, Calmar will furnish CTT's MC-5A pain therapy medical device to Stephen D'Amato, M.D., F.A.C.E.P., who will open his first pain therapy treatment center exclusively using CTT's device. Calmar will also furnish CTT's MC-5A pain therapy medical device to other medical doctors who will open pain therapy treatment centers in selected U.S. cities. The agreement calls for Calmar to purchase a minimum of 20 of CTT's pain therapy medical devices with an estimated retail value of approximately $1 million over the next 14 months. The agreement also allows Calmar to purchase an additional 38 devices by November 2011, with an estimated retail value of approximately $2 million.
"I am looking forward to becoming an expert in this technology and developing a greater relationship with CTT," said Dr. Stephen D'Amato. "We are excited to work with a company that recognizes the potential of this innovative pain relief technology, which treats pain without the common side affects and potential for abuse of narcotics."
"With all the negative press about narcotic painkillers, it is incredibly rewarding to be able to provide physicians like Dr. D'Amato with this effective alternative. We are pleased to be partnering with Calmar, who will be working in conjunction with licensed medical doctors to offer this non-invasive option for patients suffering from debilitating pain," said John B. Nano, CTT's Chairman, President and CEO.
"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. 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 US. 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 on the device, visit www.CalmareTT.com.
About Calmar Pain Relief, LLC
Calmar Pain Relief, LLC, the privately held company based in North Providence, RI, was established to provide medical equipment, office leasing, and other business services to medical doctors looking to offer this non-invasive pain therapy to patients in a clinical setting. Dr D'Amato was one of the first residency-trained and board certified specialists in Emergency Medicine in the United States, having completed his training in 1980. He has been the Medical Director of the North Providence Medical Services, Inc. since July 1980. This facility was the first freestanding Emergency Room in the country, having been founded in 1974. Being a graduate of the University of Padua, Italy in 1976, Dr D'Amato plans to utilize his fluency in Italian by meeting personally with Prof. Marine, in Rome to learn the advanced applications of the pain therapy medical device directly from its inventor. ''As a physician, I look forward to the opportunity to play a small roll in the evolution of p
ain relief therapy,'' says Dr D'Amato, ''and be able to relieve the suffering of others while fulfilling my medical oath 'Primum Non Nocere' (first do no harm).''
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.
CONTACT: IR Services, LLC
Johnnie D. Johnson
860 434 2465
jdjohnson@corpirservices.com