Competitive Technologies is a pain mitigation company that develops and commercializes innovative wound and pain management products and technologies.
It is the exclusive licensed global distributor of the non-invasive Calmare(R) Pain Therapy Device, its flagship product. The device is both U.S. FDA cleared and European CE mark-certified for the non-invasive treatment of chronic neuropathic and oncologic pain. Using a multi-processor and applying surface electrodes to the skin, the device creates and sends a no-pain signal to the brain, thus overriding the pain signal and providing relief to the patient.
It has been used to successfully treat more than 4,000 patients worldwide, where it has been shown to be effective in treating neuropathic and oncologic pain, including chemotherapy-induced peripheral neuropathy, phantom limb syndrome, sciatica, post-surgical neuropathic pain, and back and neck pain. Patients typically undergo 12 treatments over a two week period, at a national average cost of $250 per treatment. Physicians can lease the Calmare(R) device for approximately $2,000 per month, resulting in a very attractive economic value to their practices.
Subsequent to the release of the research report, the company gained a favorable reimbursement ruling from the New York City Civil Courts, which instructed insurance giant Allstate to reimburse Forest Rehabilitation Medicine for its use of the Calmare(R) device on patients who suffer pain as a result of car accident injuries.
The company currently trades at $0.31, well below the $0.79 target price, and with 22.4 million shares outstanding, the company is capitalized at $6.9 million.
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