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Competitive Technologies, Inc. (AMEX:CTT) announced today that they will display their pain management therapy device at the BIO International Convention in San Diego, CA from June 17 - 20 (www.bio2008.org). The convention is the world's largest gathering of biotechnology, pharmaceutical, nanotechnology, and medical device leaders.
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.
"We are proud to present this device, together with our full portfolio of innovative technologies, to this gathering of international biotech leaders," said John B. Nano, CTT's Chairman, President and CEO. "One of the purposes of BIO is to help heal the world through innovation. 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. Giancarlo Elia Valori of the Italian business group, Sviluppo Lazio S.p.A., 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.
"CTT will feature several other technologies at the convention in addition to the pain management device. These include our melanocortins, nanotechnology bone biomaterial, antimicrobial peptides, UAD surgical prosthetic, and Lupus diagnostic and monitoring technologies. Our full technology portfolio may be viewed on our website."
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.
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