MONMOUTH JUNCTION, NJ--(Marketwire - October 09, 2009) - MedaSorb Technologies Corporation
(OTCBB: MSBT) and its wholly-owned subsidiary CytoSorbents, Inc., announced
that it has raised $1.3 million in the exercise of the warrant attached to
the Series B financing completed in August 2008. Dr. Phillip Chan, Chief
Executive Officer, stated, "We are pleased to have the continued support of
our existing investors. These funds help provide additional runway to
finance our ongoing European Sepsis Trial and the CE Mark application
process."
Additional information regarding the warrant exercise can be viewed in the
Company's 8-K filed with the SEC on October 9, 2009, which is available at
http://www.sec.gov.
About MedaSorb, CytoSorbents and CytoSorb™
MedaSorb Technologies Corporation, and its operating subsidiary
CytoSorbents, is a therapeutic device company in clinical trials to treat
severe sepsis, often called "overwhelming infection," with a novel blood
purification device called CytoSorb™. Severe sepsis is typically caused
by bacterial infections like pneumonia, or viral infections like influenza.
It afflicts more than 1 million people in the United States and an
estimated 18 million people worldwide each year, killing one in every three
patients despite the best treatment. In the United States, more die from
severe sepsis than from either heart attacks, strokes or any single form of
cancer. Much of the organ failure and mortality in severe sepsis is caused
by the abnormal massive production of cytokines by the immune system, often
called "cytokine storm." CytoSorb™ is a cartridge containing highly
porous polymer beads that are designed to filter cytokines and treat
potentially fatal cytokine storm. As blood is pumped through the
CytoSorb™ cartridge using standard dialysis equipment, the beads bind
and remove cytokines and other toxins from blood. The treated blood is
then returned to the patient. The Company is currently conducting its
European Sepsis Trial -- a multi-center, randomized, controlled clinical
trial using its flagship CytoSorb™ device to treat up to 100 patients
with severe sepsis in the setting of respiratory failure. Pending a
successful trial, the Company will seek CE Mark approval and
commercialization of CytoSorb™ in the European Union in 2010.
CytoSorb™ is one of a number of different resins designed for different
medical applications, including improved dialysis, the potential treatment
of inflammatory and autoimmune disorders, treatment of rhabdomyolysis in
trauma, removal of chemotherapy during treatment of cancer with high dose
regional chemotherapy, drug detoxification and others. Additional
information is available for download on the Company's website:
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. 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 and CytoSorbents, Inc believe that its primary
risk factors include, but are not limited to: obtaining government
approvals including required FDA and CE Mark 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 Form 10-KSB filed with the SEC on April 10, 2009, which is
available at http://www.sec.gov.
