MONMOUTH JUNCTION, N.J., April 8, 2014 /PRNewswire/ -- CytoSorbents Corporation (OTCQB: CTSO), a critical care immunotherapy company using blood purification to treat life-threatening illnesses, announced distribution of its CytoSorb® extracorporeal cytokine filter in the Middle East, including Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, and Oman (the Gulf Cooperation Council or GCC) and Yemen, Iraq, and Jordan through an exclusive agreement with Techno Orbits. This multi-year agreement is subject to annual minimum guaranteed orders of CytoSorb® to maintain exclusivity.
Mr. Khalid Rushed Al Fagih, General Manager of Techno Orbits commented, "We are very excited to introduce CytoSorb® to the Middle East, an innovative and potentially breakthrough technology that is already saving lives in other parts of the world. Discussions with critical care physicians in Saudi and neighboring countries has been very positive, with initial interest in the therapy for many conditions, including the treatment of sepsis, traumatic injury, severe lung inflammation, and even for the rare but deadly MERS coronavirus infection that has no treatment. Together with CytoSorbents, we look forward to revolutionizing the management of critically-ill patients in the Middle East."
Dr. Phillip Chan, CEO of CytoSorbents Corporation stated, "We are delighted to be working with Techno Orbits, an experienced and successful critical care distributor in the Middle East. Techno Orbits has established the hospital markets for a number of innovative medical devices throughout the GCC region and related states, and is well-positioned to do the same with CytoSorb®. With product registration, the number of countries where CytoSorb® is being sold will have doubled to eighteen."
Dr. Humayra Ali, Senior Manager of Business Development and External Scientific Affairs continued, "The Middle East, and particularly the GCC, represents a substantial opportunity for CytoSorbents. The region's growing population, the provision of universal healthcare for its citizens, strong government finances, and interest in new, innovative medical technologies, makes this an excellent market to target. Techno Orbits maintains a significant network of critical care physicians and thought leaders that can be leveraged for CytoSorb®. We are very pleased to have formed this important alliance with them."
The GCC spends approximately $35 billion annually on healthcare and offers universal healthcare coverage to its citizens, with roughly 70% coming from the governments and Ministries of Health of each country, and the rest from private sources. There are approximately 630 public and private hospitals in the GCC, serving an estimated population of 45 million people. Healthcare standards and investments in healthcare infrastructure continue to increase to meet the needs of the growing population that face chronic illnesses such as diabetes and obesity, major risk factors for future hospitalization and critical illness. Today, the emerging medical device market in the GCC is approximately $2 billion.
Although Yemen, Iraq and Jordan are not currently in the GCC, they also represent large markets. More than 500 hospitals serve an estimated 62 million people in these countries. In total, this distribution agreement covers a market of more than 100 million people.
CytoSorb® is the only specifically approved extracorporeal cytokine filter approved for sale in all 28 countries of the European Union and in countries that accept CE Mark approval. It is currently being sold directly in Germany, Austria and Switzerland, with expanding distribution in the United Kingdom, Ireland, the Netherlands, Turkey, India, Russia, Kingdom of Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Qatar, Yemen, Iraq, Jordan and Oman.
About Techno Orbits
Techno Orbits is an established supplier of medical equipment and disposables to hospitals and healthcare institutions in the Middle East. Headquartered in Riyadh, Saudi Arabia, Techno Orbits focuses on products targeting the intensive care unit, emergency medicine and anesthesiology. Its vision is to supply high quality, innovative, easy to use, and dependable health care technologies that maximize the performance of health care services. For more information, please visit www.medicalorbits.com.
CytoSorbents Corporation is a critical care focused immunotherapy company using blood purification to modulate 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 filter, 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. 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 U.S. 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/
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. Risk factors are detailed in the Company's Form 10-K filed with the SEC on March 31, 2014, which is available at http://www.sec.gov.
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