Key Developments: Competitive Technologies Inc (CTTC.PK)
0.29USD
18 Jun 2013
$0.00 (-0.68%)
$0.29
$0.26
$0.29
$0.25
14,715
33,897
$1.04
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Latest Key Developments (Source: Significant Developments)
Competitive Technologies Inc Announces Liabilities Purchase Agreement
Competitive Technologies, Inc. announced that they have negotiated a Liabilities Purchase Agreement with Southridge Partners II, LP. The agreement takes advantage of a provision in the Securities Act of 1933, Section 3(a)(10), that allows the exchange of claims, securities, or property for stock when the arrangement is approved for fairness by a court proceeding. The process, if approved by the court, has the potential to eliminate about $2 million of our financial obligations to existing creditors. Full Article
Competitive Technologies Inc Enters Into Equity Purchase Agreement With Southridge Partners II
Competitive Technologies Inc announced that it has entered into a two-year Equity Purchase Agreement for up to $10,000,000 of the Company's registered common shares with Southridge Partners II, L.P. (Southridge). Pursuant to the Agreement, the Company has the right, at its discretion, to sell to Southridge up to $10 million of its common stock from time to time over a 24-month period. The Company will have the right, but is not obligated, to sell stock to Southridge depending on certain conditions as set forth in the Agreement which has been filed with the Securities and Exchange Commission (SEC). Both parties have also entered into a Registration Rights Agreement under which, the Company agreed to file a registration statement with the SEC with respect to the Shares. The ability to draw down funds pursuant to the Equity Purchase Agreement is conditioned on an effective registration statement. Full Article
Competitive Technologies Inc Appoints Carl O'Connell As Chief Executive Officer
Competitive Technologies Inc announced that its Board of Directors has named Carl O'Connell as President and Chief Executive Officer (CEO). Mr. O'Connell replaces Johnnie D. Johnson, interim Chief Executive Officer, who will continue serving as Chief Financial Officer and Director of Investor Relations reporting to Mr. O'Connell. The appointments take effect November 1, 2012. Full Article
Competitive Technologies, Inc. Announces Chairman Change-Form 8-K
Competitive Technologies, Inc. reported in its Form 8-K that on May 24, 2012, Competitive Technologies, Inc. (Company) held its annual meeting of Directors. At the meeting, the Board of Directors unanimously elected Peter Brennan as Chairman of the Board of Directors. Rustin Howard opted not to stand for reelection as Chairman due to increased personal business responsibilities that he felt would unfairly impact his ability to perform the duties of Chairman of the Board. Full Article
Competitive Technologies, Inc. Announces Results Of Pilot Trials Using Calmare Medical Device With Scrambler Therapy Technology
Competitive Technologies, Inc. announced the availability of two clinical trial abstracts announced by the American Society of Clinical Oncology (ASCO). Both abstracts indicate positive effects from the use of the Calmare medical device with Scrambler Therapy technology. One study is on patients suffering from chemotherapy-induced peripheral neuropathy (CIPN) and the other is on patients suffering from post-herpetic neuropathy (PHN). The results presented were from a pilot study of the first 11 CIPN patients, with more patients being entered into the trial. The study reported a reduction in mean pain score of 48% while reduction in worst pain scores was 36%. Tingling scores declined 41% to 43% and numbness declined 21% to 28% on mean-worst pain. The second abstract states, "Post-herpetic neuropathy (PHN) is common in cancer and hematologic malignancy patients. It can be debilitating and difficult to treat effectively. Scrambler therapy, a patient-specific neurocutaneous stimulation device, can be effective in treating chemotherapy induced neuropathy (JPSM 2010) and other neuropathic pain (JPSM 2012). These results were from a study of 10 PHN patients. The study reported that the average pain score rapidly diminished from 7.64 at baseline to 0.42 at one month, a 95% reduction, with continued relief at 2 and 3 months. Patients achieved maximum pain relief with less than 5 treatments. Full Article
Competitive Technologies, Inc. Resolves Litigation With Former Chief Executive Officer
Competitive Technologies, Inc. announced that it has settled all disputes with its former Chairman and CEO John B. Nano. Mr. Nano filed an arbitration demand against CTTC in September 2010 claiming that he was entitled to employment severance payments, while CTTC defended on the basis of its position that Mr. Nano was terminated for cause. By decisions in August and September 2011, the arbitrator awarded Mr. Nano the full amount of his claim, and in recent days the Superior Court of Connecticut confirmed the arbitration award to Mr. Nano. Pursuant to the settlement, CTTC has released to Mr. Nano from escrow the $750,000 deposited by CTTC following Mr. Nano's application for a prejudgment remedy. CTTC will pay an additional $25,000 as settlement of additional amounts of statutory interest. The settlement includes mutual general releases of any and all claims either party has or had against the other. Full Article
Competitive Technologies, Inc. Announces New Board Chairman
Competitive Technologies, Inc. announced that Rustin R. Howard, who has served as a Director of CTTC since October of 2007, has been elected Chairman of its Board of Directors, effective immediately. William Reali, who had served as Chairman since September 2010, resigned his position as Chairman, stating his desire to devote more time to his accounting business and his family. Mr. Reali will remain a member of CTTC's Board. Full Article
Competitive Technologies, Inc. Announces Sale of Calmare Scrambler Therapy Medical Device to Department of Veterans Affairs
Competitive Technologies, Inc. announced that it has sold a Calmare Scrambler Therapy medical device to the Veterans Affairs Medical Center in Jamaica Plain, MA. This Calmare device is on site at the Boston area clinic where it continues to successfully treat veterans suffering from chronic pain. Full Article
Competitive Technologies, Inc. Announces Sale of 12 Calmare Pain Therapy Medical Devices To U.S. Military
Competitive Technologies, Inc. announced that it has received an order to ship 12 Calmare devices valued at over $600,000 to nine separate U.S. military medical facilities in the U.S. and overseas. The devices will be shipped within the next 30 days. Full Article
Competitive Technologies, Inc.'s Calmare Pain Therapy Medical Device Receives Korean FDA Authorization
Competitive Technologies, Inc. announced that the Korea Food & Drug Administration (KFDA) has authorized sales of the Calmare medical device featuring "Scrambler Therapy" in the Republic of Korea. CTTC's partner, GEOMC Co., Ltd. of Seoul, Korea, which manufactures the Calmare device, will now begin distributing the device in South Korea, in accordance with its agreement with CTTC. Full Article
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