Competitive Technologies (CTT) has reviewed the company's performance and highlighted the progress on its sales and distribution plan for Calmare pain therapy medical device and other selected technologies.
CTT said that in addition, shareholders ratified the appointment of MHM Mahoney Cohen CPAs, the New York Practice of Mayer Hoffman McCann P.C., as CTT’s independent public accounting firm.
John Nano, chairman, president and CEO of CTT, said: “The implementation of the roll-out plan for our Calmare pain therapy medical device is well under way. We believe revenue and profits from this technology will exceed those of any other technology in CTT history and significantly increase CTT’s market capitalization.
“The device, with both FDA clearance and European CE Mark authorization for sales, is a highly effective, non-invasive method for treating high intensity oncologic and neuropathic pain, including pain resistant to morphine, without the adverse and harmful side effects linked to narcotic painkillers. The Calmare medical device is a prime example of our strategy to connect clinical science to patient care.
“Our revenues are increasing from the sales of the Calmare device in the US, Italy, Greece, India and Bangladesh. Country-exclusive distribution agreements are in place around the world, accounting for about 50% of the world’s population.
“We have several technologies that we believe will generate revenue, including our bone biomaterial which is licensed to Soteira, Inc. for human-spine applications, our melanocortins for female and male sexual dysfunction, and MPEG-4 image coding and compression. CTT’s management team is focused on increasing shareholder value by successfully commercializing these technologies.”