MedaSorb Technologies Reports Full Year 2009 Financial Results
Published: Apr 13, 2010
MONMOUTH JUNCTION, NJ--(Marketwire - April 12, 2010) - MedaSorb Technologies Corporation (OTCBB: MSBT) and its wholly-owned subsidiary, CytoSorbents, Inc., announced its financial results for the fiscal year ended December 31, 2009.
The Company's research and development costs were $1,961,960 and $1,983,483 for the years ended December 31, 2009 and 2008, respectively. The Company had net losses of $2,736,715 and $3,017,890 for the years ended December 31, 2009 and December 31, 2008, respectively. Historically, our losses have resulted principally from costs incurred in the research and development of our polymer technology, and general and administrative expenses, which together were $2,719,410 and $2,892,855 for the years ended December 31, 2009 and December 31, 2008 respectively.
Dr. Phillip Chan, Chief Executive Officer and President, stated, "2009 was a positive year for the company, where we demonstrated first human proof of concept of our CytoSorb™ device in septic patients with respiratory failure in a small pilot study. We also had broad support from our Series B shareholders, raising $1.3M in the Series B warrant exercise in October 2009 and supplemented these funds with non-dilutive money from grants and the sale of a portion of our net operating loss carryforwards. We also significantly expanded the market awareness of our Company and technology through a number of conference presentations, interviews, and greater shareholder communication.
"In 2010, we are pleased with an acceleration of enrollment in our European Sepsis Trial, a direct result of increasing our clinical trial sites to 14 last year and our ongoing efforts to boost recruitment. We now have CytoSorb™ safety data on roughly 550 human treatments, including approximately 175 treatments in sepsis patients in our current trial. We continue to be excited by the many potential opportunities that we are pursuing with CytoSorb and our broad technology platform. As we complete our corporate name change to CytoSorbents Corporation in the near future, we will consolidate our websites and introduce several new features such as a frequently asked questions (FAQ) page to answer questions and keep our shareholder base informed. Select information can still be downloaded from our website http://www.cytosorbents.com/invest.htm."
For additional information please see our Form 10-K filed with the SEC on April 9, 2010, 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-K filed with the SEC on April 9, 2010, which is available at http://www.sec.gov.
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