FAIRFIELD, Conn., Sept. 18, 2008 (GLOBE NEWSWIRE) — Competitive Technologies, Inc. (AMEX:CTT) announced today that it has signed an agreement with Biogene Pharma Limited granting them exclusive distribution rights in Bangladesh for CTT’s pain management therapy device. CTT is in the process of selecting distributors from a targeted list of companies representing the U.S. and global markets in Europe, Asia and Latin America. The device is a non-invasive method for rapid treatment of high-intensity oncologic and neuropathic pain, including pain resistant to morphine and other drugs. CTT will share in revenue derived from sales of the device to Biogene.
Biogene, based in Dhaka, Bangladesh, provides medical devices and equipment, and pharmaceutical and healthcare services to medical facilities and organizations throughout their country.
“Biogene provides CTT with a strategic partner in Bangladesh,” said Aris D. Despo, CTT’s Executive VP, Business Development. “Their population of over 150 million people represents a key market for our innovative pain management technology. Bangladesh benefits from the committed activities of both international and national organizations to improve private and public health care systems throughout the country.”
Dr. Shafaitul Islam, Biogene’s Chairman, commented, “We are very pleased to work with CTT to bring this important device to the people of Bangladesh. It is our goal to improve the well-being of our community, and to strengthen and improve the medical capabilities of our country’s healthcare facilities.”
John B. Nano, CTT’s Chairman, President and CEO, noted, “We believe that our revenue and profits from the pain management technology will dramatically exceed those produced by any other technology in CTT’s 40-year history. CTT is aware of the needs expressed worldwide for treatment of pain, and is pleased to be a part of the solution as we aggressively market the device to meet those needs. There is exciting potential for the success of this device in the global pain management market; a market estimated to reach $40 billion by 2010.”
Developed in Italy by CTT’s client, Prof. Giuseppe Marineo, the device 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 device, 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 has exclusive worldwide rights to the therapy device. CTT partner GEOMC Co., Ltd. of Korea, is producing the device commercially for worldwide distribution.
The device has been used on over 2,300 patients in seven hospitals in Europe, including the Pain Management Center at Tor-Vergata University Medical Center in Rome (http://www.ptvonline.it/uo_ter_ant_ing.asp).
CTT has exclusive worldwide rights to the device. An earlier agreement gave Excel Life Sciences, Inc. exclusive distribution rights for the device in India. CTT is working with the FDA for 510(k) approval for sales of the device in the U.S. market. The device has Medical Device CE certification from the European Union allowing European sales.
About Biogene Pharma Limited
Biogene, formed in 2003, is a Bangladesh-based provider of comprehensive pharmaceuticals, and medical nutraceuticals, devices and equipment. Their objective is to develop a professionally managed healthcare organization to bring innovative products and services from both international and local manufacturers to benefit patients in Bangladesh. Biogene markets products from the U.S., Europe and Asia throughout Bangladesh.
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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