FAIRFIELD, Conn., Nov. 7, 2008 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (NYSE Alternext US:CTT) (AMEX:CTT) announced today that it has signed an agreement with Able Global Healthcare Sdn. Bhd. (AG Healthcare) granting them exclusive distribution rights in Malaysia for CTT's pain management medical device. CTT has exclusive worldwide rights to the device, a non-invasive method for rapid treatment of high-intensity oncologic and neuropathic pain, including pain resistant to morphine and other drugs. CTT's continues to review and select distributors representing the U.S. and global markets including Europe, Asia and Latin America. CTT and the inventor will share in revenue derived from sales of the device to AG Healthcare.
"AG Healthcare provides CTT with an established and resourceful partner in Malaysia," said Aris D. Despo, CTT's Executive VP, Business Development. "Malaysia's population of over 25 million people represents a key market for our innovative pain management technology. The country has a strong multi-sector economy, with focused development on the medical, high-tech and pharmaceutical sectors. They are known for their high standard of health, and excellent medical treatment, providing healthcare to all their citizens through both private and public facilities. This agreement provides CTT with momentum as we execute our plan for establishing a distribution network for our pain therapy device in countries accepting the CE Mark."
"We look forward to bringing this innovative technology to the people of Malaysia," said Wilfred Lim, AG Healthcare's Medical Marketing Director. "We have built a niche market for products that require comprehensive knowledge and experience, and are developing a market presence for dynamic medical innovations; new product branding of principal manufacturers, and day-to-day product sales in Malaysia."
AG Healthcare, based in Kuala Lumpur, provides medical devices and equipment, laboratory products and healthcare services to medical facilities and organizations throughout their country.
John B. Nano, CTT's Chairman, President and CEO, noted, "As the pain management medical device attains mature market levels, we believe it will reach approximately $200 million per year in distributor sales to hospital and clinics. At that time, our revenue and profits from the device will dramatically exceed those produced by any other technology in CTT's 40-year history, resulting in approximately $20 million per year to CTT, with limited related costs. 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. The technology allows CTT to connect clinical science to patient care, improving healthcare for mankind."
Earlier distribution agreements granted country-exclusive rights to Excel Life Sciences, Inc. for India, to GEOMC Co., Ltd. for Korea, and to Biogene Pharma Limited for Bangladesh. 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.
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. 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).
About Able Global Healthcare Sdn. Bhd.
AG Healthcare provides healthcare services to improve efficiency and productivity in private and public medical centers, hospital and teaching centers throughout Malaysia. By leveraging their relationships with leading global manufacturers/principals of healthcare industry products, they provide a comprehensive range of products and services that allow the firm to provide better services to their clients. AG Healthcare's management is comprised of an experienced team of professionals with many years of combined experience in local and international organizations of the healthcare services industry. They utilize their marketing, sales, technical and communication skills to develop a broad range of successful strategies for manufacturers of healthcare products from the US, Europe, Asia and Australia. One of their many goals, Future Project Vision, will extend and continue providing dedicated affordable general healthcare services to various regions in Malaysia.
Visit AG Healthcare's website: http://www.ableglobalhealthcare.com/
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.