UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
AUGUST 1, 2008 (JULY 29, 2008)
DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED)
COMPETITIVE TECHNOLOGIES, INC.
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
DELAWARE
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(STATE OR OTHER JURISDICTION OF INCORPORATION)
1-8696 36-2664428
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(COMMISSION FILE NUMBER) (IRS EMPLOYER IDENTIFICATION NO.)
777 COMMERCE DRIVE, SUITE 100, FAIRFIELD, CONNECTICUT 06825
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(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES)(ZIP CODE)
(203) 368-6044
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REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE:
N/A
(FORMER NAME OR FORMER ADDRESS, IF CHANGED SINCE LAST REPORT)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On July 29, 2008, we signed an agreement granting Excel Life Sciences, Inc.
exclusive distribution rights in India for our pain management therapy device.
On July 29, 2008, Competitive Technologies, Inc. issued the following press
release:
COMPETITIVE TECHNOLOGIES SIGNS AGREEMENT
FOR DISTRIBUTION IN INDIA OF PAIN MANAGEMENT DEVICE
Fairfield, CT - (July 29, 2008) - Competitive Technologies, Inc. (AMEX: CTT)
announced today that it has signed an agreement with Excel Life Sciences, Inc.
(ELS) granting them exclusive distribution rights in India for CTT's pain
management therapy device. The 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 European Union's Medical Device CE
certification allows the device to be registered for sales in India.
ELS is a U.S.-based, India-focused provider of clinical research and healthcare
services. They also have a special focus on improving patient care in the
markets in which they operate. ELS has a fully-owned Indian subsidiary with its
main office in New Delhi, with 16 operational locations serving a network of
over 700 hospitals across India.
"ELS will be a strong, strategic partner for CTT in the important Indian
market," said Aris D. Despo, CTT's Executive VP, Business Development. "India's
$1.75 billion medical device market, supported by its growing middle and upper
classes of over 150 million people, represents a significant opportunity for
sales of our innovative pain management technology."
"Over four million people in India suffer from severe cancer, neuropathic pain
and other forms of chronic disabling pain. We expect this pain management device
to usher in a paradigm shift in perception and treatment of pain. This device
will go a long way in reducing dependence on narcotic analgesics, and improving
quality of life for millions of patients," said Dr. Vijay Kumar, ELS' President
and Chief Medical Officer.
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.
Mohit Mehrotra, ELS's Founder and Chief Operating Officer, commented, "We are
proud to work with CTT to bring this important device and progressive medical
technology to India. Our extensive knowledge about healthcare in India, along
with a large network of research hospitals and clinics, helps us understand the
expectations and needs of both patients and healthcare providers. This device
will revolutionize pain management for both constituents."
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).
CTT has filed for FDA 510(k) medical device authorization for U.S. sales, as
well as seeking approval for sales in other countries. CTT is currently in the
process of selecting distributors from a targeted list of companies representing
the U.S. and global markets in Europe, Asia and Latin America. Revenue is
expected to grow in succeeding years as global market penetration increases. CTT
expects revenues to be approximately $20 million per year, as the device attains
mature market levels.
"We believe that revenue and profits from the pain management technology will
dramatically exceed those produced by any other technology in our 40-year
history," said John B. Nano, CTT's Chairman, President and CEO. "There is
exciting potential for its success in the global pain management market; a
market estimated to reach $40 billion by 2010."
Mr. Nano continued, "This is another example of a CTT technology being at the
forefront of the paradigm shift to treat individuals with integrative medicine,
combining traditional and holistic medicine. CTT's management team is focused on
creating value from technologies, restoring stockholder value by signing new
license agreements. In addition to the pain management therapy, we are
aggressively marketing the breast cancer detection test, MC Square stress
reduction device (www.relaxmc.com), UAD surgical prosthetics, and solar
technologies to drive revenue growth, improve profitability and create
shareholder value. Our full technology portfolio may be viewed on our website."
About Excel Life Sciences, Inc.
ELS is a U.S.-based, India-focused provider of comprehensive clinical research
and healthcare services, helping to advance science and improve patient care.
ELS is a privately-owned Delaware corporation, with 16 operational locations
across India and a network of approximately 1,000 physicians serving over 700
hospitals. ELS has U.S. offices in Boston, Chicago, and Durham, N.C. Its success
is built around passionate and experienced individuals working alongside clients
to accelerate clinical research and deliver new drugs and medical devices to the
markets, while maintaining the highest standards of quality. ELS is committed to
improving and expanding the clinical research enterprise in India. Visit ELS's
website: www.ExcelLifeSciences.com
About Competitive Technologies, Inc.
Competitive Technologies, established in 1968, is a full service technology
transfer and licensing provider focused on the technology needs of its customers
and transforming those requirements into commercially viable solutions. CTT is a
global leader in identifying, developing and commercializing innovative
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, 2007, filed with the SEC on October 29,
2007, 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.
Direct inquiries to: Johnnie D. Johnson, IR Services, LLC
Tel: 860 434 2465 E-mail: jdjohnson@corpirservices.com
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits.
10.1 Master Distribution Agreement - Pain Device - ELS, dated July 29, 2008
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
COMPETITIVE TECHNOLOGIES, INC.
(Registrant)
Dated: August 1, 2008 By:\s\ Johns B. Nano
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John B. Nano
Chairman and Chief Executive Officer