Competitive Technologies has launched a pain management therapy for treatment of oncological and neuropathic pain that has proven resistant to traditional drug protocols with its partner Daeyang E&C.
Competitive Technologies (CTT’s) agreement with Korea-based Daeyang is for the production of the therapy’s multi-processor device for worldwide sales. Daeyang will invest about $1 million for re-design and tooling, placing the technology algorithms within the system operating chips, to produce a sleeker, smaller, fully commercial product for institutional and home markets.
The agreement provides equally shared profits between CTT and Daeyang in a new CTT business model to increase profit margins.
The device has received medical device CE certification from the EU as an approved electronic-analgesic apparatus. The treatment is performed by applying surface electrodes to the skin to simultaneously treat multiple pain areas.
CTT will be seeking device approvals from the FDA and other global regulators, as well as signing license agreements for marketing and distribution of the Daeyang produced device in the US, European and Asian markets.
John Nano, chairman, president and CEO of CTT, said: CTT’s business model in this agreement allows the company to move beyond our usual royalty arrangement and share in the profits of manufacturing and distribution as well.