MONMOUTH JUNCTION, N.J.,
Dec. 5, 2014 /PRNewswire/ -- CytoSorbents Corporation
(OTCQB: CTSO), a critical care immunotherapy company
commercializing its CytoSorb® extracorporeal cytokine adsorber to
treat critically-ill patients in multiple countries worldwide,
announced an exclusive agreement with Smart Medical Solutions
S.R.L., to distribute CytoSorb® for critical care applications in
Romania and the neighboring
Republic of Moldova. This multi-year agreement is subject to
annual minimum guaranteed orders of CytoSorb® to maintain
exclusivity.
Romania has 20 million
inhabitants and is the seventh most populous country in the
European Union. It is classified as an upper-middle income
country that provides universal healthcare to its citizens.
There are 425 operational hospitals across the country, of which
approximately 130 are private hospitals or clinics that are
generally paid for by private insurance. Romania is a leader
in solid organ transplantation in the E.U., with one of the highest
surgical success rates in the European Union. CytoSorb®
has now been used successfully multiple times in Romania in this complex patient
population.
Mr. Dan Popescu, CEO of Smart
Medical Solutions, stated, "In this early phase of our relationship
we already have experienced amazing therapeutic results by applying
CytoSorb® Therapy to patients who suffered from extremely
life-threatening critical illnesses. We are proud to have
demonstrated our ability to work with Romanian thought leaders in
this field and foresee an impressive development of the therapy as
a whole."
Dr. Phillip Chan, CEO of
CytoSorbents Corporation, stated, "This agreement marks our first
expansion into Eastern Europe and
we are pleased to be working with Smart Medical Solutions.
They have a proven track record of commercializing blood
purification technologies in the intensive care unit, and have a
well-established key opinion leader network that can be leveraged
when marketing CytoSorb®. We look forward to an outstanding
collaboration."
Mr. Stefan Baudis, International
Sales Director of CytoSorbents Europe who now manages worldwide
distribution, stated, "Smart Medical Solutions has very
successfully completed our initial evaluation phase. Already
during this period, they have substantially contributed to the
development of our business in these new countries and I am looking
forward to working with them as an anchor of growth in this part of
Europe."
CytoSorb® is the only specifically approved extracorporeal
cytokine adsorber approved for sale in all 28 countries of the
European Union and in countries that accept CE Mark approval.
Now marketed in a total of 21 countries, CytoSorb® is sold
directly in Germany, Austria and Switzerland, with expanding distribution in
the United Kingdom, Ireland, the
Netherlands, Turkey,
India, Russia, Taiwan, Kingdom of
Saudi Arabia, United Arab
Emirates, Bahrain,
Kuwait, Qatar, Yemen,
Iraq, Jordan and Oman, and now Romania and Moldova.
About Smart Medical Solutions
Smart Medical Solutions is a leading medical device distributor
located in Bucharest, Romania,
that focuses on blood purification, imaging, and operating room
equipment, distributing for leading medical device companies.
More information can be found at http://smartmedical.ro
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