MedaSorb Technologies Corporation Improves Cash Position and Hits Midway Point in Study Enrollment
February 17 2010 - 7:30AM
Marketwired
MedaSorb Technologies Corporation (OTCBB: MSBT) and its
wholly-owned subsidiary, CytoSorbents, Inc., announced that it was
approved to participate, for its second year, in the New Jersey
Emerging Technology and Biotechnology Financial Assistance Program.
CytoSorbents was approved by the State to sell additional net
operating losses, which has resulted in net proceeds of
approximately $299,000 to the Company.
"This additional improvement in our cash resources will be used
to continue the funding of our European Sepsis Trial -- evaluating
the treatment of patients with severe sepsis and respiratory
failure," commented Dr. Phillip Chan, CEO. "The proceeds from the
sale of our net operating losses have additional benefit as a
non-dilutive event for our shareholders. We are also pleased to
announce the receipt of $80,000 from the University of Pittsburgh
Medical Center, for our fourth year of sub-contracting work in
support of their NIH grant studying sepsis. Additionally, we are
excited to have enrolled our 50th patient, reaching the midway
point in our 100 patient trial, and are continuing to work with all
sites to maximize enrollment."
About MedaSorb, CytoSorbents and CytoSorb™
MedaSorb Technologies Corporation, and its operating subsidiary,
CytoSorbents, is a therapeutic device company in clinical trials to
treat severe sepsis, often called "overwhelming infection," with a
novel blood purification device called CytoSorb™. Severe sepsis is
typically caused by bacterial infections like pneumonia, or viral
infections like influenza. It afflicts more than 1 million people
in the United States and an estimated 18 million people worldwide
each year, killing one in every three patients despite the best
treatment. In the United States, more die from severe sepsis than
from either heart attacks, strokes or any single form of cancer.
Much of the organ failure and mortality in severe sepsis is caused
by the abnormal massive production of cytokines by the immune
system, often called "cytokine storm." CytoSorb™ is a cartridge
containing highly porous polymer beads that are designed to filter
cytokines and treat potentially fatal cytokine storm. As blood is
pumped through the CytoSorb™ cartridge using standard dialysis
equipment, the beads bind and remove cytokines and other toxins
from blood. The treated blood is then returned to the patient. The
Company is currently conducting its European Sepsis Trial -- a
multi-center, randomized, controlled clinical trial using its
flagship CytoSorb™ device to treat up to 100 patients with severe
sepsis in the setting of respiratory failure. CytoSorb™ is one of a
number of different resins designed for different medical
applications, including improved dialysis, the potential treatment
of inflammatory and autoimmune disorders, treatment of
rhabdomyolysis in trauma, drug detoxification and others.
Forward-Looking Statements
This press release includes forward-looking statements intended
to qualify for the safe harbor from liability established by the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release are not promises or guarantees and
are subject to risks and uncertainties that could cause our actual
results to differ materially from those anticipated. These
statements are based on management's current expectations and
assumptions and are naturally subject to uncertainty and changes in
circumstances. We caution you not to place undue reliance upon any
such forward-looking statements. Actual results may differ
materially from those expressed or implied by the statements
herein. MedaSorb Technologies Corporation and CytoSorbents, Inc.
believe that its primary risk factors include, but are not limited
to: obtaining government approvals including required FDA and CE
Mark approvals; ability to successfully develop commercial
operations; dependence on key personnel; acceptance of the
Company's medical devices in the marketplace; the outcome of
pending and potential litigation; compliance with governmental
regulations; reliance on research and testing facilities of various
universities and institutions; the ability to obtain adequate
financing in the future when needed; product liability risks;
limited manufacturing experience; limited marketing, sales and
distribution experience; market acceptance of the Company's
products; competition; unexpected changes in technologies and
technological advances; and other factors detailed in the Company's
Form 10-KSB filed with the SEC on April 10, 2009, which is
available at http://www.sec.gov.
Contact: David Lamadrid CytoSorbents, Inc. (732) 329-8885 ext.
816 davidl@cytosorbents.com