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.
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
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
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
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,
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).