US-based Competitive Technologies has reported that its bone nanoparticle biomaterial technology has been issued a third patent supporting the first two patents and providing additional claims regarding the preparation of the primary components of the bone cement.
Competitive Technologies (CTT) said that it has an exclusive agreement with the University of South Carolina Research Foundation (USCRF) to license and commercialize the injectable, flowable, fast-curing, calcium phosphate-based nanotechnology biomaterial developed by Brian Genge, a research professor in the department of chemistry and biochemistry at USC.
CTT’s licensee for human spinal applications of the bone biomaterial, Soteira, completed a third fund raise providing Soteira a total of approximately $24 million and access to an additional $6 million. Soteira is using the funds on their program to gain FDA and European CE Mark clearance for sales of the bone biomaterial. CTT said that it has the opportunity to offer licenses to the bone biomaterial for other skeletal applications, as well as dental and veterinary repairs.
CTT also announced the development of a financing unit, Competitive Technologies Financial Services, which offers customers opportunities for leasing of CTT’s pain therapy medical device in the US market.
According to CTT, the breakthrough medical 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 device has FDA 510(k) clearance for US sales, as well as medical device CE certification from the EU allowing sales throughout Europe and several other countries. CTT has exclusive worldwide rights to this device.
John Nano, CTT’s chairman, president and CEO, said: This blockbuster medical device treats pain without the harmful side effects of most drugs, including morphine. This technology brings CTT to the forefront in providing a solution to the needs of patients and the improvement of palliative healthcare in the US and internationally. We believe that revenue and profits from the pain therapy technology will significantly increase CTT’s market capitalization.