MedaSorb Technologies Announces Company Name Change to CytoSorbents Corporation
May 06 2010 - 6:18PM
Marketwired
MedaSorb Technologies Corporation, formerly trading under the
symbol (OTCBB: MSBT), has formally changed its company name to
CytoSorbents Corporation. Pursuant to the name change, effective at
the open of business on May 7, 2010, the new ticker symbol for the
Company will be (OTCBB: CTSO).
For additional information on the Company, please see our Form
10-K filed with the SEC on April 9, 2010 under our former name
MedaSorb Technologies Corporation, which is available at
www.sec.gov.
About CytoSorbents and CytoSorb™
CytoSorbents Corporation, and its operating subsidiary
CytoSorbents, Inc., 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 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.
Severe sepsis is typically triggered by bacterial infections like
pneumonia, or viral infections like influenza. However, it is the
body's abnormal immune response to the trigger that leads to the
unregulated, massive production of cytokines, often called
"cytokine storm," that then causes severe inflammation, organ
failure and often death.. 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 CytoSorb™ to treat up
to 100 patients with severe sepsis in the setting of respiratory
failure. Pending a successful trial, the Company will seek CE Mark
approval and commercialization of CytoSorb™ in the European Union.
CytoSorb™ is one of a number of different resins designed for
various medical applications, including improved dialysis, the
potential treatment of inflammatory and autoimmune disorders,
treatment of rhabdomyolysis in trauma, removal of chemotherapy
during treatment of cancer with high dose regional chemotherapy,
drug detoxification and others. Additional information is available
for download on the Company's website: www.cytosorbents.com
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. CytoSorbents 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-K filed with the SEC on April 9, 2010,
which is available at http://www.sec.gov.
Contact: CytoSorbents Corporation David Lamadrid (732) 329-8885
ext. 816 davidl@cytosorbents.com