MONMOUTH JUNCTION, N.J.,
Nov. 14, 2014 /PRNewswire/
-- CytoSorbents Corporation (OTCQB: CTSO), a critical care
immunotherapy company commercializing its CytoSorb® cytokine
adsorber to treat critically-ill patients in multiple countries
worldwide, announced today the appointment of Alan D. Sobel, CPA to its Board of
Directors.
Al Kraus, Chairman of the Board
of Directors of CytoSorbents, commented "We are very pleased to
announce the addition of Alan to our Board of Directors.
Alan's history of business leadership, financial expertise, and
in-depth knowledge of manufacturing organizations will add to the
breadth of our current Board of Directors."
Alan D. Sobel is the Managing
Member of Sobel & Co., LLC, a Livingston, NJ based full-service accounting,
auditing, taxation, and business consulting firm with a diverse
clientele including small and mid-sized businesses, non-profit
agencies, SEC-registered companies, and individuals. He has
provided corporate advisory and consulting services, including
mergers and acquisitions, for clients in the real estate,
manufacturing, pharmaceutical, and distribution businesses, amongst
others. Alan is a Certified Public Accountant, and has served
in various leadership roles including Chairman of the Audit
Committee of the New Jersey Society of Certified Public
Accountants. He earned a Bachelor of Science degree in
Accountancy from Bentley College, and a
Master of Science in Taxation from Fairleigh
Dickinson University.
Dr. Phillip Chan, Chief Executive
Officer of CytoSorbents, commented "In addition to being a member
of our Board of Directors, Alan will serve as the Chairperson of
our newly-formed Audit Committee, and also will serve as
Chairperson of our newly-formed Nominating and Corporate Governance
Committee. With his financial expertise and guidance, we feel
confident we will have the proper oversight to ensure the adequate
functioning of our system of internal controls over financial
reporting. In his role as Chairman of the Audit Committee,
Alan will be working closely with our Chief Financial Officer,
Kathleen Bloch, CPA, and with our
outside auditors, WithumSmith+Brown, to provide an even higher
level of financial reporting scrutiny, helping to further ensure
that our financial statements fairly present our financial
position, results of operations, and cash flows in all material
respects. We are very fortunate to have his involvement at
CytoSorbents."
About CytoSorbents Corporation
CytoSorbents Corporation is a critical care focused
immunotherapy company using blood purification to control severe
inflammation -- with the goal of preventing or treating multiple
organ failure in life-threatening illnesses. Organ failure is the
cause of nearly half of all deaths in the intensive care unit, with
little to improve clinical outcome. CytoSorb®, the Company's
flagship product, is approved in the European Union as a safe and
effective extracorporeal cytokine adsorber, designed to reduce the
"cytokine storm" that could otherwise cause massive inflammation,
organ failure and death in common critical illnesses such as
sepsis, burn injury, trauma, lung injury, and pancreatitis. These
are conditions where the risk of death is extremely high, yet no
effective treatments exist. CytoSorb® is also being used
during and after cardiac surgery to remove inflammatory mediators,
such as cytokines and free hemoglobin, which can lead to
post-operative complications, including multiple organ
failure.
CytoSorbents' purification technologies are based on
biocompatible, highly porous polymer beads that can actively remove
toxic substances from blood and other bodily fluids by pore capture
and surface adsorption. CytoSorbents has numerous products
under development based upon this unique blood purification
technology, protected by 32 issued US patents and multiple
applications pending, including HemoDefend™, ContrastSorb,
DrugSorb, and others. Additional information is available for
download on the Company's website:
http://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. These
forward-looking statements include, but are not limited to,
statements about our plans, objectives, representations and
contentions and are not historical facts and typically are
identified by use of terms such as "may," "should," "could,"
"expect," "plan," "anticipate," "believe," "estimate," "predict,"
"potential," "continue" and similar words, although some
forward-looking statements are expressed differently. You should be
aware that the forward-looking statements in this press release
represent management's current judgment and expectations, but our
actual results, events and performance could differ materially from
those in the forward-looking statements. Factors which could cause
or contribute to such differences include, but are not limited to,
the risks discussed in our Annual Report on Form 10-K, filed with
the SEC on March 31, 2014, as updated
by the risks reported in our Quarterly Reports on Form 10-Q, and in
the press releases and other communications to shareholders issued
by us from time to time which attempt to advise interested parties
of the risks and factors which may affect our business. We caution
you not to place undue reliance upon any such forward-looking
statements. We undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise, other than as required
under the Federal securities laws.
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SOURCE CytoSorbents Corporation