MONMOUTH JUNCTION, N.J.,
March 16, 2017 /PRNewswire/ --
CytoSorbents Corporation (NASDAQ: CTSO), manufacturer of the
CytoSorb® extracorporeal blood purification therapy that
reduces excessive levels of inflammatory mediators in
critically-ill and cardiac surgery patients, announced today that
they have entered into a partnership with Dr. Reddy's Laboratories
Ltd for the South African market.
Under the terms of the agreement, Dr. Reddy's has the exclusive
rights to distribute CytoSorb for intensive care, cardiac surgery,
and other hospital applications in South Africa. This multi-year agreement is
subject to annual minimum purchases of CytoSorb to maintain
exclusivity.
M.V. Ramana, Executive Vice
President and Head of Emerging Markets & India Business, Dr.
Reddy's Laboratories said, "We are happy to partner with
CytoSorbents, which we believe will strengthen our endeavor to
enhance patient access to novel treatment options in South Africa."
"Dr. Reddy's is a leading global pharmaceutical firm operating
in over 25 countries with more than $2.3B in annual sales." commented Dr.
Phillip Chan, Chief Executive
Officer of CytoSorbents. "Their influential presence and solid
reputation in South Africa make
them an excellent partner for CytoSorb."
Chris Cramer, CytoSorbents' Vice
President of Business Development added, "Dr. Reddy's combines the
strengths and resources of a large organization with the agility
and experience required to introduce CytoSorb. We look forward to
supporting Dr. Reddy's in South
Africa and we are confident that this will lay the
groundwork for an expanded partnership in the future."
There are approximately 55 million people in South Africa. Throughout the sub-Saharan
Africa region, infectious diseases like HIV/AIDS and malaria
represent major public health challenges. As a result, these
patients are at greater risk for contracting sepsis. Healthcare in
South Africa varies from the most
basic primary health care, offered free by the state, to highly
specialized, hi-tech health services available in the both the
public and private sector. According to The Economist Intelligence
Unit, South Africa's health care
spending, which totaled $29.8 billion
in 2013, is projected to increase steadily from 2014 to 2018, to a
total of $39 billion.
Financial terms of this agreement have not been disclosed.
About CytoSorbents Corporation (NASDAQ:
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 has demonstrated 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 20,000
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 $18 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
31 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 Dr. Reddy's Laboratories
About Dr. Reddy's: Dr. Reddy's Laboratories Ltd. (BSE: 500124,
NSE: DRREDDY, NYSE: RDY) is an integrated pharmaceutical company,
committed to providing affordable and innovative medicines for
healthier lives. Through its three businesses - Pharmaceutical
Services & Active Ingredients, Global Generics and Proprietary
Products – Dr. Reddy's offers a portfolio of products and services
including APIs, custom pharmaceutical services, generics,
biosimilars and differentiated formulations. Our major therapeutic
areas of focus are gastrointestinal, cardiovascular, diabetology,
oncology, pain management and dermatology. Dr. Reddy's operates in
markets across the globe. Our major markets include – USA, India,
Russia & CIS countries, and
Europe. For more information, log
on to: www.drreddys.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 3, 2017, 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.
Cytosorbents
Contact:
Amy Vogel
Investor
Relations
(732) 329-8885 ext.
*825
avogel@cytosorbents.com
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Public Relations
Contact:
Amy
Phillips
Pascale
Communications
412-327-9499
amy@pascalecommunications.com
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SOURCE CytoSorbents Corporation