MedaSorb Technologies CEO Resigns Remaining as Director, Board Appoints Dr. Phillip Chan Interim Chief Executive Officer
William Miller, Chairman of the Board, stated, "We thank Al for his significant contributions and leadership over the past 5 years of distinguished service and look forward to his continued involvement as a Board Director in the future. "
Phillip Chan, M.D., Ph.D. has been named interim Chief Executive Officer. Dr. Chan is a current MedaSorb Board Director and Partner at NJTC Venture Fund, specializing in the investment and development of therapeutic and medical device companies. He is a Board-certified Internal Medicine physician, trained at the Beth Israel Deaconess Medical Center at Harvard, and received his M.D. and Ph.D. from Yale University Medical School.
Al Kraus stated, "Phillip has been heavily involved at MedaSorb since his firm led the Series B investment, and with his strong medical and financial background, we expect a smooth transition."
"Al has been a driving force at MedaSorb, responsible for taking MedaSorb public in a merger transaction, raising more than $10M, and guiding the Company to its current human clinical trial in sepsis in Germany," remarked Dr. Chan. "Both Al and I share a passion for MedaSorb's unique hemopurification CytoSorb™ resin technology and the potential benefit it may have on the poor outcomes of more than 2 million people worldwide who contract sepsis each year."
About Medasorb and CytoSorb™
MedaSorb Technologies Corporation is a clinical-stage medical device company focused on the development of critical therapies for complex medical conditions. MedaSorb is currently conducting an important human clinical trial to assess the impact of its proprietary CytoSorb™ resin on cytokine removal and respiratory failure in sepsis patients. Sepsis, often called "overwhelming infection" in the lay press, is a major cause of mortality, killing approximately 1,400 people each day worldwide. Treatment of severe sepsis and septic shock remains a major unmet clinical need.
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. MedaSorb Technologies Corporation believes that its primary risk factors include, but are not limited to: obtaining government approvals including required FDA 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 Current Report on Form 8-K filed with the SEC on July 6, 2006, which is available at http://www.sec.gov.
Contact: MedaSorb Technologies Corporation David Lamadrid (732) 329-8885 info@medasorb.com