Agreement brings increased commitment with 3-year renewal,
guaranteed minimum orders of CytoSorb, and establishes joint
CytoSorb marketing efforts in active sales territories
MONMOUTH JUNCTION, New Jersey,
Jan. 11, 2017 /PRNewswire/ --
CytoSorbents Corporation (NASDAQ: CTSO), a critical care
immunotherapy leader commercializing its flagship CytoSorb® blood
adsorber to treat deadly inflammation in critically-ill and cardiac
surgery patients in 42 countries globally, and Fresenius Medical
Care (FMC), the world's largest dialysis company, have agreed to
broaden the terms of their existing partnership and to add an
expansive co-marketing agreement for CytoSorb in countries where
the therapy is available today.
Increased commitment with 3-year renewal and guaranteed
minimum orders of CytoSorb – Under the terms of the revised
3-year agreement, CytoSorbents extends FMC's exclusive
distributorship of CytoSorb for critical care applications in
France, Poland, Sweden, Denmark, Finland, and Norway through 2019. Within these
countries, FMC will develop and promote an integrated CytoSorb CRRT
kit consisting of CytoSorb and FMC's CytoSorb-compatible blood
tubing set. As part of the deal, FMC agrees to make guaranteed
minimum quarterly orders and payments, evaluable every one and a
half years.
Signed Co-marketing agreement for all existing CytoSorb
markets – Under the terms of a new comprehensive co-marketing
agreement, CytoSorbents and FMC will jointly market CytoSorb and
FMC's CytoSorb-compatible blood tubing sets to FMC's critical care
customer base in all countries where CytoSorb is being actively
commercialized, where feasible. CytoSorbents and its existing
distributors will continue to market, take, sell, and fulfill all
CytoSorb orders. FMC and its affiliates will identify and
open new CytoSorb sales opportunities, make customer introductions
with CytoSorbents and its assigned distributors, and take and
fulfill orders for FMC's CytoSorb-compatible blood tubing
sets. Both groups will jointly develop co-branded
international marketing materials to support this program.
FMC will also provide a written endorsement of CytoSorb for use
with FMC's multiFiltrate and multiFiltratePRO acute care dialysis
machines that can be used by CytoSorbents and its distribution
partners to promote CytoSorb worldwide. It is expected that the
written endorsement, joint marketing materials, and co-marketing
program will commence starting in the second half of 2017.
"CytoSorb is an integral part of FMC's acute care growth
strategy and we are delighted to renew and enhance our commitment
to CytoSorbents and this important therapy," stated Mr.
Christian Schlaeper, Vice President
of Therapy Marketing at Fresenius Medical Care. "With our
significant sales and marketing capabilities throughout the world,
we plan to accelerate awareness, adoption, and usage of
CytoSorb. This is a win-win scenario, giving our doctors
access to an important therapy to help save the lives of their
critically-ill patients, while increasing the utilization of our
large international installed base of multiFiltrate and
multiFitratePRO machines, and driving usage of our own
disposables. We have enjoyed an excellent relationship with
CytoSorbents to date, and look forward to this next chapter of our
partnership."
Mr. Chris Cramer, Vice President
of Business Development for CytoSorbents stated, "This revised
multi-year agreement with FMC, the global leader in dialysis,
brings our partnership to the world stage and is expected to result
in many synergies on both sides. In particular, the support
of CytoSorb by FMC's world-class sales and marketing teams will
significantly augment the coverage of our existing direct sales and
distributor efforts in many of the current 42 counties where
CytoSorb is being commercialized today. In addition, we will have
the ability to bring this program and its benefits to new CytoSorb
territories as they are added in the future. The anticipated access
to many new FMC physician relationships under this agreement is
predicted to spark strong interest and excitement in the therapy,
helping to power future sales growth of both CytoSorb and FMC's
multiFiltrate and multiFiltratePRO platforms. This agreement
is a major milestone in the evolution of our partnership."
Financial terms of this agreement have not been disclosed.
About CytoSorbents Corporation (CTSO)
CytoSorbents Corporation is a leader in critical care
immunotherapy, specializing in blood purification. Its flagship
product, CytoSorb® is approved in the European Union with
distribution in 42 countries around the world, as a safe and
effective extracorporeal cytokine adsorber, designed to reduce the
"cytokine storm" or "cytokine release syndrome" that could
otherwise cause massive inflammation, organ failure and death in
common critical illnesses such as sepsis, burn injury, trauma, lung
injury and pancreatitis, as well as in cancer immunotherapy. 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 has
completed its REFRESH (REduction in FREe Hemoglobin) 1 trial - a
multi-center, randomized controlled study that supports the safety
of intra-operative CytoSorb® use in a heart-lung machine during
complex cardiac surgery. In 2017, the company plans to
initiate a pivotal REFRESH 2 trial intended to support U.S. FDA
approval. CytoSorb® has been used safely in more than 17,000
human treatments to date.
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. Its technologies have received non-dilutive
grant, contract, and other funding in excess of $20 million from DARPA, the U.S. Army, the U.S.
Air Force, the U.S. Department of Health and Human Services, the
National Institutes of Health (NIH), National Heart, Lung, and
Blood Institute (NHLBI), U.S. Special Operations Command (SOCOM)
and others. The Company has numerous products under development
based upon this unique blood purification technology, protected by
32 issued U.S. patents and multiple applications pending, including
CytoSorb-XL, HemoDefend™, ContrastSorb, DrugSorb, and others.
For more information, please visit the Company's websites at
www.cytosorbents.com and www.cytosorb.com or follow us
on Facebook and Twitter.
About Fresenius Medical Care
Fresenius Medical Care is the world's largest provider of
products and services for individuals with renal diseases of which
around 2.8 million patients worldwide regularly undergo dialysis
treatment. Through its network of 3,579 dialysis clinics, Fresenius
Medical Care provides dialysis treatments for 306,366 patients
around the globe. Fresenius Medical Care is also the leading
provider of dialysis products such as dialysis machines or
dialyzers. Along with the core business, the company focuses on
expanding the range of related medical services in the field of
Care Coordination. Fresenius Medical Care is listed on the
Frankfurt Stock Exchange (FME) and on the New York Stock Exchange
(FMS).
For more information about Fresenius Medical Care, visit the
company's website at www.freseniusmedicalcare.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 9, 2016, 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.
Please Click to Follow Us
on Facebook and Twitter
CytoSorbents
Contact: Amy Vogel
Investor
Relations
(732)
398-5394
avogel@cytosorbents.com
|
CytoSorbents
Public Relations Contact:
Amy
Phillips
Pascale
Communications
412-327-9499
amy@pascalecommunications.com
|
Logo -
http://photos.prnewswire.com/prnh/20140408/MM00899LOGO