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Competitive Technologies, Inc. (NYSE Alternext US:CTT) (AMEX:CTT) today announced its outlook for fiscal 2009, and financial results for the fiscal fourth quarter and full year ended July 31, 2008.
"Sales and profit prospects for our innovative pain management therapy device are highly encouraging," said John B. Nano, CTT's Chairman, President and CEO. "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, with limited related costs, as the device attains mature market levels. CTT has exclusive worldwide rights to this patented device. We have already signed country-exclusive distribution agreements in three important markets: India, Korea and Bangladesh. Additional information was recently provided to the FDA, and we are working with them for 510(k) authorization for U.S. sales. We are continuing our review and selection process for distributors in Europe, Asia, the U.S. and other countries.
"The non-invasive treatment device, with European CE mark approval allowing product sales, has been successfully used in European hospitals to treat over 2,300 patients who suffer from drug-resistant pain, including cancer, back and cranial pain, as well as sciatic pain. The device, a method for treatment of high-intensity oncologic and neuropathic pain including pain resistant to morphine and other drugs, is being manufactured by CTT licensee GEOMC Co., Ltd. of Korea for worldwide distribution.
"We believe we are moving in the right direction toward restoring profitability, with several factors contributing to our improving financial picture. We continue to reduce costs and believe revenue will grow as we progress with our sales program for the therapy device and other products and technologies. Our 40% staff reduction and other cost-cutting actions continue to lower operating costs. In fiscal 2008, CTT collected royalties of over $700,000, 40% for CTT, and the balance for our client, by successfully enforcing our homocysteine patent rights that expired in July 2007. The settled arbitration with Palatin Technologies, Inc. provided CTT with approximately $800,000 and allowed CTT to reclaim its proper rights to the important sexual dysfunction technology. In July 2008, we signed an agreement with Fusion Capital Fund II, LLC to sell, at our option, up to $5 million in common stock over a 24-month period. The additional working capital would be used for targeted marketing and sales development of high profit potential technologies, including our pain management technology. In September 2008, we received $400,000 from Federal Insurance Co. under our theft insurance policy relating to the Marcovitch, et al case."
Expenses were substantially reduced for the fiscal fourth quarter ended July 31, 2008 decreasing 64% to approximately $1.3 million, compared to approximately $3.6 million in the prior year quarter. Expenses for the fiscal year decreased 45% to approximately $7.2 million, compared to $13.1 million for the prior year period.
Total revenue for the fiscal fourth quarter ended July 31, 2008, was approximately $0.2 million, compared to approximately $1.5 million in the same period of the prior year. Revenue for the fiscal year was $1.2 million compared to $4.2 million in the same period of the prior year. The decrease in total revenue was primarily due to the decrease in retained royalties for homocysteine, partially offset by increased royalties for the sexual dysfunction technology. CTT is attempting to collect additional homocysteine royalties by pursuing litigation against alleged infringers of the homocysteine patent.
The net loss for the fiscal fourth quarter ended July 31, 2008 is approximately $1.1 million, or $0.13 per share, 50% lower than the net loss of approximately $2.2 million, or $0.28 per share, for the prior year quarter. The net loss for the fiscal year is approximately $6.0 million, or $0.73 per share, 33% lower than the net loss of approximately $8.9 million, or $1.11 per share, for the prior-year period. Cash position at fiscal year end was $2.2 million, with no long-term debt.
Mr. Nano continued, "The licensee for our nanoparticle bone biomaterial for human spinal applications, Soteira Inc., completed a second fund raise for a total of approximately $18 million in Series A and B financing. Soteria is seeking FDA approval for the bone biomaterial. We believe FDA approval will allow CTT to use the technology for other applications. Our expanded medical technology strategy includes a license to Percept BioSciences for development of a library of patented attention and cognitive enhancement compounds from our client, the Medical College of Georgia, and an agreement to represent Angioscan's non-invasive early-detection test for breast cancer. We proudly announced the NIH grant for Asthma study at the University of Connecticut's School of Medicine for research supported by CTT that we believe will rapidly lead to an Asthma assay. Also, we obtained rights to a compressed air drying device from SECO in Italy and signed an agreement to represent NTRU in Korea for their suite of products for embedded security software solutions.
"CTT's management team is focused on creating profitable revenue growth, restoring shareholder value, building global alliances, and maximizing the dynamic opportunities of our products and technologies."
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.
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.
COMPETITIVE TECHNOLOGIES, INC. FOURTH QUARTER AND FULL YEAR FISCAL 2008 CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (dollars in thousands, except per share amounts) (unaudited) Fourth Quarter Fiscal Year Ended July 31, Ended July 31, 2008 2007 2008 2007 ---- ---- ---- ---- Revenue $ 225 $ 1,475 $ 1,194 $ 4,167 Operating expenses 1,322 3,642 7,160 13,061 Provision for income tax -- -- -- -- ------- ------- ------- ------- Net (loss) $(1,097) $(2,167) $(5,966) $(8,894) ======= ======= ======= ======= Net (loss) per share: Basic and diluted $ (0.13) $ (0.28) $ (0.73) $ (1.11) ======= ======= ======= ======= Weighted average number of common shares outstanding: Basic and diluted (000) 8,180 8,107 8,156 8,040 At July 31, At July 31, 2008 2007 ---- ---- Other Financial Data Cash and cash equivalents $ 2,237 $ 6,572 ======= ======= Total assets $ 3,111 $ 9,713 ======= ======= Total liabilities $ 1,518 $ 2,114 ======= ======= Shareholders' equity $ 1,593 $ 7,599 ======= =======
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