Competitive Technologies, Inc. (NYSE Amex:CTT) today announced that it has signed an agreement to raise over $5 million by selling 2 million shares of equity to Crisnic Fund, S.A. based on a 15% discount from the volume weighted average price on the date the SEC declares the registration effective, as detailed in the 8-K being filed today. The funds raised will provide financing for CTT to more aggressively sell its innovative Calmare® Pain Therapy Treatment, which treats chronic neuropathic and oncologic pain, both in the U.S. and internationally.
"Our Calmare Pain Therapy Treatment sales have been increasing each quarter, and we expect sales to grow more rapidly as doctors and their patients observe the growing body of evidence-based research that shows Calmare successfully treats the various types of oncologic and neuropathic pain suffered by millions of patients worldwide, including 75 million Americans who suffer from chronic pain. Evidence shows Calmare pain therapy effectively treats chronic cancer pain (CCP) and is the only highly effective treatment for chemotherapy-induced peripheral neuropathy (CIPN) without harmful, adverse side effects," said John B. Nano, CTT's Chairman, President and CEO. "Providing this new, non-invasive way to treat pain other than prescribing opioids such as morphine continues to be a key focus of our mission to improve the quality of life for patients. We expect to revolutionize how chronic pain is treated globally."
Calmare is being used to treat international patients in Italy, India, Greece, Bangladesh, and U.S. patients at clinics in Massachusetts, New York, Virginia, Florida, Connecticut and Rhode Island. In addition to treating pain associated with cancer and cancer treatments, the Calmare device also successfully treats chronic neuropathic pain resulting from shingles, failed back surgery, phantom limb syndrome, sciatica, spinal stenosis and other maladies.
The non-invasive Calmare pain therapy device uses the biophysical "Scrambler Therapy" technology, which was developed in Italy by CTT's client, Professor Giuseppe Marineo. CTT's partner, GEOMC Co. Ltd. of Seoul, Korea is currently manufacturing the Calmare device, which has U.S. FDA clearance and European Union CE Mark clearance for sales. For more information on the device, visit visit www.calmarett.com.
Competitive Technologies, Inc.