BioSpace.com

Biotech and Pharmaceutical
News & Jobs
Search the Site
 
   
Biotechnology and Pharmaceutical Channel Medical Device and Diagnostics Channel Clinical Research Channel BioSpace Collaborative    Job Seekers:  Register | Login          Employers:  Register | Login  

NEWSLETTERS
Free Newsletters
Archive
My Subscriptions

NEWS
News by Subject
News by Disease
News by Date
PLoS
Search News
Post Your News
JoVE

CAREER NETWORK
Job Seeker Login
Most Recent Jobs
Browse Biotech Jobs
Search Jobs
Post Resume
Career Fairs
Career Resources
For Employers

HOTBEDS
Regional News
US & Canada
  Biotech Bay
  Biotech Beach
  Genetown
  Pharm Country
  BioCapital
  BioMidwest
  Bio NC
  BioForest
  Southern Pharm
  BioCanada East
  US Device
Europe
Asia

DIVERSITY

INVESTOR
Market Summary
News
IPOs

PROFILES
Company Profiles

START UPS
Companies
Events

INTELLIGENCE
Research Store

INDUSTRY EVENTS
Biotech Events
Post an Event
RESOURCES
Real Estate
Business Opportunities

 News | News By Subject | News by Disease News By Date | Search News
eNewsletter Signup
Miles
Km80.5

   

Competitive Technologies, Inc. (CTCC) Enters Into Equity Purchase Agreement With Southridge Partners II, Ltd. for Up to $10 Million


2/26/2013 11:29:34 AM

FAIRFIELD, Conn., Feb. 25, 2013 (GLOBE NEWSWIRE) -- Competitive Technologies, Inc. (OTCQX:CTTC) 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").

"This Agreement represents an important step forward as we look towards executing our Business and Marketing Plans," said CEO Carl O'Connell. "We will first be taking steps to improve our balance sheet and then investing, in a very controlled manner, in those fundamental building blocks needed to develop a sustainable growth model for ongoing cash flow and the successful commercializion of the Calmare medical device for treatment of chronic pain, and most importantly, increasing shareholder value."

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.

About Southridge Partners II, L.P.

Southridge is a diversified financial holding company specializing in direct investment and advisory services to small and middle market companies. Southridge has successfully participated in providing over $1.7 billion in capital to companies in the United States, Asia, Canada, the United Kingdom and Australia amongst other markets.

About Competitive Technologies, Inc.

Competitive Technologies is a global leader in developing and commercializing innovative products and technologies. CTTC is multifaceted, providing distribution, patent and technology transfer, sales and licensing services.

CTTC is the licensed distributor of the non-invasive Calmare® pain therapy medical device, which incorporates the biophysical "Scrambler Therapy"® system developed in Italy by CTTC's client, Professor Giuseppe Marineo to treat neuropathic pain, including cancer pain. (The official "Scrambler Therapy"® scientific and clinical information website is at http://www.scramblertherapy.org/english.htm.) The Calmare® device is currently being manufactured for sale by CTTC's partner, GEOMC Co., Ltd. of Seoul, Korea. For more information on the device, visit www.calmarett.com. Visit CTTC's website: www.competitivetech.net.

Statements made about our future expectations are forward-looking statements and subject to risks and uncertainties as described in our most recent Annual Report on Form 10-K for the year ended December 31, 2011, filed with the SEC on April 16, 2012, and 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.

Direct inquiries to: Jean Wilczynski, IR Services, LLC

(860.434.2465 / )



Read at BioSpace.com

   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES