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.
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).