By: Tomas Ronolski - AllPennyStocks.com News

Thursday, June 25, 2015

Pain is an unpleasant result of tissue damage or illness that affects more people in the United States than cancer, heart disease and diabetes combined. The range of causes span an extremely broad landscape, including forms of arthritis, cancer, ulcers, muscle damage, fibromyalgia, phantom limb syndrome and multiple sclerosis, just to name a few. Often people turn to prescription drugs like opioids to control pain, but these drugs are often the subject of addiction and abuse, even with more educational resources available and technologies being employed to try and stem the problem. For some, a biophysical approach, such as the Calmare Pain Therapy device of Calmare Therapeutics, Inc. (OTCPK:CTTC), is delivering a drug-free solution to pain management. Calmare works on the principle of switching the “pain” message that is transmitted to the nerve into a “no pain” message via surface electrodes applied to the skin in the region of the pain. Calmare, which CTI claims can deliver immediate and durable relief with an initial treatment and follow-on therapy for chronic neuropathic and oncologic pain, has 510(k) clearance from the US FDA and a CE Mark for marketing clearance in Europe. Calmere has even been featured on the popular TV show “The Doctors” last June.

Interestingly, insurance giant Allstate (NYSE:ALL) tried to fight reimbursement for Calmare treatment, calling it an unproven method. New York Civil Court Judge Theresa Ciccotto rejected Allstate’s claim, ordering payment be made to Forest Rehabilitation Medicine P.C. in a decision underscored by the FDA approval.

Calmare sales aren’t exactly roaring, but they did expand some in 2014. The company said on Thursday that revenue for the year ended December 31, 2014 increased 60 percent from $653,000 in 2013 to $1.05 million in 2014. 17 Calmare devices were sold for the year, versus only 9 a year earlier. Net loss for the year totaled $3.41 million, or $0.15 per share, compared to a net loss of $2.67 million, or $0.16 per share, in 2013. The wider per-share net loss in 2013 on a lower dollar amount is due to more shares being issued in 2014. At the year end, Calmare only had $5,745 in cash.

Separately, Calmare announced that it has been awarded a preliminary three-month extension of its General Services Administration (GSA) military contract, which provides a simple buying process of Calmare Pain Therapy Devices and consumables for U.S. military hospitals, clinics and medical practitioners. CTI was first awarded the primary contract in 2010.

“With this extension, we can broaden our military contract footprint and gain contracts with embedded device sales components that will drive revenues – the Company’s prime directive in pursuing U.S. government sales,” said Conrad Mir, president and CEO of Calmare in a statement today.

Shares of CTTC are trading ahead by 11.14% at 38 cents in early afternoon trading.

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