DGAP-News: Competitive Technologies' Calmare(R) Pain Therapy Medical Device Receives Korean FDA Authorization
ID: 439152
11.07.2011 19:54
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FAIRFIELD, Conn., July 11, 2011 (GLOBE NEWSWIRE) -- Competitive Technologies,
Inc. (OTCQX:CTTC) today announced that the Korea Food&Drug Administration
(KFDA) has authorized sales of the Calmare(r) medical device featuring 'Scrambler
Therapy(tm)' in the Republic of Korea. CTTC's partner, GEOMC Co., Ltd. of Seoul,
Korea, which manufactures the Calmare device, will now begin distributing the
device in South Korea, in accordance with its agreement with CTTC.The Calmare
device has successfully treated CIPN and other neuropathic pain in thousands of
patients without any of the adverse side effects typically associated with the
powerful opioid pain medications that are often used to treat pain. Calmare
treatments have been especially effective in treating CIPN, which is often
resistant to any drug therapies.
'The pain market in Korea has increased dramatically in recent years as the
population ages, and this trend is true for Japan and other Asian countries as
well,' said Ms. Young H. Lim, President and CEO of GEOMC. 'The KFDA
authorization brings this breakthrough medical device to the forefront of the
Asian market by offering a new solution for patients suffering from intractable
pain and improving pain treatment. We see a huge potential in the Asian market
for this unmet demand.'
'We are encouraged by the recent AMA announcement of the new CPT(r) III Code for
the Scrambler Therapy in the US, and now with this decision in the Asian
market, we can see worldwide acceptance of Calmare growing,' said Johnnie D.
Johnson, CTTC's CEO. 'We provide full support to our global partners, and our
professional medical trainers, with the guidance of 'Scrambler Therapy(tm)'
technology inventor Professor Giuseppe Marineo, have developed standardized
procedures for Calmare use, as well as a certification program for medical
professionals worldwide.'
About Competitive Technologies, Inc
Competitive Technologies is a global leader in developing and commercializing
innovative products and technologies. CTTC is multifaceted, providing
distribution, patent and technology transfer, sales and licensing services.
CTTC's staff is focused on the needs of customers and matching those
requirements with commercially viable products or technology solutions.
CTTC is the licensed worldwide distributor of the non-invasive Calmare(r) pain
therapy medical device, which incorporates the biophysical 'Scrambler Therapy(tm)'
technology developed in Italy by CTTC's client, Professor Giuseppe Marineo to
treat neuropathic pain, including cancer pain. The Calmare(r) device is currently
being manufactured for sale by CTTC's partner, GEOMC Co., Ltd. of Seoul, Korea.
For more information on the device, visit www.calmarett.com. Visit CTTC'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, 2010, filed with the SEC on
October 27, 2010, 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.
Direct inquiries to: Jean Wilczynski, IR Services, LLC (860.434.2465 /
info@corpirservices.com)
* CPT is a registered trademark of the American Medical Association
CONTACT: Direct inquiries to:
Jean Wilczynski
IR Services, LLC
860.434.2465
info@corpirservices.com
News Source: NASDAQ OMX
11.07.2011 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: Competitive Technologies, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US2045121074
WKN:
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