Nanotechnology Now

Our NanoNews Digest Sponsors

Heifer International

Wikipedia Affiliate Button

Home > Press > Competitive Technologies Announces New Patent for Nanoparticle Bone Biomaterial: CTT Establishes U.S. Leasing Unit for Medical Device Sales

Abstract:
Competitive Technologies, Inc. (NYSE Amex:CTT) announced today that its bone nanoparticle biomaterial technology has been issued a third patent supporting the first two patents and providing additional claims regarding the preparation of the primary components of the bone cement. CTT has an exclusive agreement with the University of South Carolina Research Foundation (USCRF) to license and commercialize the injectable, flowable, fast-curing, calcium phosphate-based nanotechnology biomaterial developed by Dr. Brian R. Genge, a research professor in the Department of Chemistry and Biochemistry at USC.

Competitive Technologies Announces New Patent for Nanoparticle Bone Biomaterial: CTT Establishes U.S. Leasing Unit for Medical Device Sales

FAIRFIELD, CT | Posted on May 12th, 2009

CTT's licensee for human spinal applications of the bone biomaterial, Soteira Inc., completed a third fund raise providing Soteira a total of approximately $24 million and access to an additional $6 million. Soteira is using the funds on their program to gain U.S. FDA and European CE Mark clearance for sales of the bone biomaterial. CTT has the opportunity to offer licenses to the bone biomaterial for other skeletal applications, as well as dental and veterinary repairs.

CTT also announced the development of a financing unit, Competitive Technologies Financial Services (CFS), which offers customers opportunities for leasing of CTT's pain therapy medical device in the U.S. market.

"This blockbuster medical device treats pain without the harmful side effects of most drugs, including morphine," said John B. Nano, CTT's Chairman, President and CEO. "This technology brings CTT to the forefront in providing a solution to the needs of patients and the improvement of palliative healthcare in the U.S. and internationally. It is a prime example of our strategy to connect clinical science to patient care. We believe that revenue and profits from the pain therapy technology will significantly increase CTT's market capitalization.

"The establishment of CFS allows our U.S. hospitals, clinics and medical practices to purchase the device directly, or to lease it over periods of time ranging from 24 -- 60 months. In this difficult economic climate, CFS, created through an agreement with Americorp Financial, LLC (AFS), allows greater flexibility for these customers in managing their organization's cash flow. Upon execution of each lease, CTT will receive the full sales price of the device, while AFS carries the lease."

In early June, Mr. Nano, as the guest of the Italian government, will be co-moderating a roundtable discussion in Rome, Italy with Prof. Giuseppe Marineo, the developer of the pain therapy technology. Participants in the roundtable will include scientific and medical professionals from Europe, the U.S., Singapore, the UAE and Australia.

The breakthrough 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. The device has U.S. FDA 510(k) clearance for U.S. sales, as well as Medical Device CE certification from the E.U. allowing sales throughout Europe and several other countries. CTT has exclusive worldwide rights to this device.

Mr. Nano added, "In many cases, the non-invasive use of our innovative device allows the patient to avoid or reduce the use of drugs. In turn, this reduces the multiple adverse side effects of the drug use, including addiction, depression, drowsiness and collateral damage to other organs. Several studies report that nearly 10% of adults in the U.S. suffer from moderate-to-severe pain, with over 50% experiencing chronic or recurrent pain. The U.S. market for prescription pain drugs, the prevailing treatment for pain management, is nearly $5.0 billion, with nearly half for treatment of cancer pain, and about 40% for orthopedic pain, including lower back pain. Our device also treats neuropathic pain, the result of nerve damage, which is difficult to treat with traditional pain medications."

Developed in Italy by CTT's client, Prof. Marineo, the pain therapy technology was brought to CTT through the efforts of the Zangani Investor Community(tm). The unit, 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's 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).

####

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.

For more information, please click here

Contacts:
IR Services, LLC
Johnnie D. Johnson
860 434 2465

Copyright © GlobeNewswire, Inc.

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Leti IEDM 2016 Paper Clarifies Correlation between Endurance, Window Margin and Retention in RRAM for First Time: Paper Presented at IEDM 2016 Offers Ways to Reconcile High-cycling Requirements and Instability at High Temperatures in Resistive RAM December 6th, 2016

Tokyo Institute of Technology research: 3D solutions to energy savings in silicon power transistors December 6th, 2016

Physicists decipher electronic properties of materials in work that may change transistors December 6th, 2016

Infrared instrumentation leader secures exclusive use of Vantablack coating December 5th, 2016

Nanomedicine

Fast, efficient sperm tails inspire nanobiotechnology December 5th, 2016

Journal Nanotechnology Progress International (JONPI) Volume 6, issue 2 coming out soon! December 5th, 2016

UTSA study describes new minimally invasive device to treat cancer and other illnesses: Medicine diffusion capsule could locally treat multiple ailments and diseases over several weeks December 3rd, 2016

Nanobiotix Provides Update on Global Development of Lead Product NBTXR3: Seven clinical trials across the world: More than 2/3 of STS patients recruited in the “act.in.sarc” Phase II/III trial: Phase I/II prostate cancer trial now recruiting in the U.S. November 28th, 2016

Announcements

Leti IEDM 2016 Paper Clarifies Correlation between Endurance, Window Margin and Retention in RRAM for First Time: Paper Presented at IEDM 2016 Offers Ways to Reconcile High-cycling Requirements and Instability at High Temperatures in Resistive RAM December 6th, 2016

Tokyo Institute of Technology research: 3D solutions to energy savings in silicon power transistors December 6th, 2016

Physicists decipher electronic properties of materials in work that may change transistors December 6th, 2016

Infrared instrumentation leader secures exclusive use of Vantablack coating December 5th, 2016

Patents/IP/Tech Transfer/Licensing

Keystone Nano Announces The US FDA Has Awarded Orphan Drug Designation For Ceramides For The Treatment Of Liver Cancer November 8th, 2016

Leti to Tackle Tomorrow's Research Strategies with Stanford University’s SystemX Alliance: French R&D Center Is the First Research Institute to Join the Collaboration and Provides Bridges Between Academia and Industry, Leveraging Alliance’s Potential October 4th, 2016

Picosun patents ALD nanolaminate to prevent electronics from overheating September 28th, 2016

NIST Patents Single-Photon Detector for Potential Encryption and Sensing Apps September 16th, 2016

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project