Competitive Technologies Licenses Nanotechnology Bone Biomaterial to Soteira
Applications in this agreement are limited to human spinal use. However, the technology can be applied to a variety of additional human orthopedic procedures, such as craniofacial reconstruction, hip replacement or other skeletal uses, as well as dental and veterinary uses. The bone biomaterial technology is based on Dr. Genge's development of nanoparticle calcium phosphate materials. The final bone cement is an easily flowable, moldable paste that conforms to and interdigitates with the host bone. It rapidly hardens itself in situ, forming a solid bone-like structure capable of stabilizing fractured bone within ten minutes and whereby the cement resorption is predicted to remodel into bone over a period of time. The technology has superior compressive strength making it suitable for weight and non-weight bearing bones, and is both machinable and drillable.
“Soteira will leverage its extensive management experience in product development to complete testing, gain swift FDA approval and achieve rapid commercialization of this technology for use in treating degenerative diseases of the spine.”
"The agreement with Soteira to develop products using USCRF's innovative nanoparticle biomaterial technology in the $2.5 billion spinal products market is an excellent example of CTT fulfilling unsatisfied market needs from our portfolio of technology solutions," said D. J. Freed, Ph.D., CTT's President and Chief Executive Officer. "We are proud to partner with Soteira in enabling commercialization of Dr. Genge's technology. Soteira's management brings a history of spinal applications know-how and marketing success. This licensing agreement further expands CTT's position as a valued player in the medical device industry."
"We look forward to working with CTT and USCRF to commercialize this important technology," said Larry Jasinski, Soteira's President and CEO. "Soteira will leverage its extensive management experience in product development to complete testing, gain swift FDA approval and achieve rapid commercialization of this technology for use in treating degenerative diseases of the spine."
About Soteira, Inc.
Soteira, Inc. develops and markets advanced spinal products used in the treatment of degenerative diseases of the spine. The company's primary goal is to improve the safety and ultimately the number of potentially treatable patients with vertebral fractures due to osteoporosis, cancer and trauma. Soteira management brings extensive experience in product development, sales and marketing gained during their employment at Boston Scientific Corp. and Johnson & Johnson Corp.
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 and physical sciences, electronics, and nanotechnologies developed by universities, companies and inventors. CTT maximizes the value of intellectual assets for the benefit of its customers, clients and shareholders. Visit our website at: www.competitivetech.net.
Statements about our future expectations, including development and regulatory plans, and all other statements in this press release other than historical facts are "forward-looking statements" within the meaning of applicable Federal Securities Laws, and are not guarantees of future performance. If and when used herein, the words "anticipate," "believe," "intend," "plan," "expect," "estimate," "approximate," and similar expressions, as they relate to us or our business or management, are intended to identify such forward-looking statements. These statements involve risks and uncertainties related to market acceptance of and competition for our licensed technologies, growth strategies, operating performance, industry trends, and other risks inherent in our business, including those set forth in Item 7 under the caption "Risk Factors," in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on October 29, 2004, and other factors that may be described in our 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.