FAIRFIELD, Conn., July 6, 2012 (GLOBE NEWSWIRE) — Competitive Technologies, Inc. (OTCQX:CTTC) announced today that is has negotiated a five-year extension to its agreement for the Calmare® pain therapy device utilizing “Scrambler Therapy”® technology. The agreement with Professor Giuseppe Marineo and Delta Research & Development, dated April 1, 2011, provided a five-year term expiring March 30, 2016 which has now been extended to March 30, 2021.
In a related decision, CTTC has chosen to concentrate its sales and marketing programs for the Calmare device primarily in the Western Hemisphere including the USA, Canada, Mexico and the countries of Central and South America, as well as Australia and New Zealand. As opportunities arise for Calmare-related sales or distribution activities in countries outside the focus region, CTTC will coordinate with Professor Marineo who will be managing such activities for the mutual benefit of the partners.
“This contract extension resolves our concern regarding the term length of the general contract. Concentrating our resources on sales in the US, the largest medical device market in the world, keeps us from being too widely spread for our capability. Professor Marineo will assume management responsibility for existing distribution agreements for countries outside our focus area and CTTC will retain a financial interest in those relationships,” said Johnnie D. Johnson, CEO for Competitive Technologies, Inc.
“Obtaining insurance reimbursement from private insurers and from Medicare continues to be our operations goal so that patients can receive insurance coverage for the use of Calmare therapy and to allow patients to avoid the use of opioids or habit forming medication for pain therapy,” Mr. Johnson continued. ”Progress is being made on both fronts as we demonstrate the cost-benefit analysis for the Calmare device versus alternative pain treatments.
“The additional funding process is slower than expected,” Mr. Johnson acknowledged. ”However, progress is being made and more announcements will be made as financing arrangements are fully complete.”