MedaSorb Technologies Announces Q3 2009 Results and Files Form 10-Q, Quarterly Report
Published: Nov 13, 2009
MONMOUTH JUNCTION, NJ--(Marketwire - November 13, 2009) - MedaSorb Technologies Corporation (OTCBB: MSBT) and its wholly-owned subsidiary, CytoSorbents, Inc., today announced the filing of Q3 2009 financial results as reported in its Form 10-Q with the SEC.
The Company's research and development costs were, $1,602,636 and $1,376,921, for the nine months ended September 30, 2009 and 2008 respectively and $532,705 and $594,358 for the three months ended September 30, 2009 and 2008, respectively. The Company had losses of $841,058 and $2,453,154 for the three and nine month periods ended September 30, 2009. In comparison, the Company had losses of $862,751 and $2,364,478 for the three and nine month periods ended September 30, 2008. Historically, the Company's losses have resulted principally from costs incurred in the research and development of its polymer technology, and general and administrative expenses, which together were $740,107 and $2,231,227 for the three and nine month periods ended September 30, 2009 and $755,021 and $2,055,468 for three and nine month periods ended September 30, 2008.
Dr. Phillip Chan, Chief Executive Officer, stated, "As a development stage company it is particularly important to manage our financial resources prudently. We have been pleased with our ability to stay within our budget for cash requirements during 2009. In October 2009, we raised approximately $1.3 million through the exercise of the Series B warrants that were attached to last year's Series B financing. These funds will provide additional runway to finance our working capital needs, our ongoing trial and the CE Mark application process into the second quarter of next year.
"We believe we have a compelling message and as more people have learned of our technology and company, our investor base has grown. In the past year, we have been selected to present at a number of conferences including the BIO International Conference, the recent Rodman and Renshaw Healthcare Conference, Windhover's IN3 East and West conferences among others. We were recently chosen to present at the 2009 Mid-Atlantic Capital Conference on November 4, 2009. Earlier in the quarter, we also were featured in two interviews, one by The Wall Street Transcript and the other by CEO-CFO Interviews. These can be downloaded from the website of our operating subsidiary, CytoSorbents, Inc., at http://www.cytosorbents.com/invest.htm Please note that these interviews are dated July 2009 and we have since updated our guidance on trial completion."
Dr. Chan concluded, "Many thanks to our shareholders for their continued support of the Company and its goal to improve the health and lives of people worldwide. We look forward to the next update."
For additional information please see our Form 10Q filed with the SEC on November 13, 2009, which is available at 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. 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
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.
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