MONMOUTH JUNCTION, N.J., Jan. 30, 2015 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ CM: CTSO), a critical care immunotherapy company commercializing its CytoSorb® extracorporeal cytokine adsorber to treat critically-ill patients and cardiac surgery patients in multiple countries worldwide, announced its exclusive distribution agreement with Aferetica SRL to distribute CytoSorb® in Italy for critical care applications. This multi-year agreement is subject to annual minimum guaranteed orders of CytoSorb® to maintain exclusivity.
Mr. Mauro Atti, Chief Executive Officer of Aferetica SRL, stated, “Extracorporeal blood purification to treat disease is common in Italy, particularly for complex conditions such as sepsis. My colleagues and I have been directly involved with the development and commercialization of many of these novel therapies in the critical care community. Because of this, we clearly recognize the innovation that CytoSorb® brings to this pre-existing market. The treatment opportunities with CytoSorb® in critical care are enormous. I am amazed with the initial results we have seen with this easy-to-use therapy inside Italian hospitals and truly believe, with CytoSorb®, that we are introducing a therapy that gives real hope to critically-ill patients, their families, and medical professionals facing terrible odds. “
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents, commented, “We are extremely pleased to be working with Aferetica to introduce CytoSorb® to Italy, one of Europe’s largest medical device markets and a country where physicians have embraced the value of blood purification. Mauro Atti and his colleagues have helped pioneer the use of extracorporeal therapies to treat life-threatening illnesses such as sepsis in the past at major international corporations, and have established strong relationships with key medical opinion leaders throughout Italy and the rest of the world. In addition, this highly experienced veteran team understands the nuances and specifics of the Italian medical device market, making them ideal partners going forward.”
With 60 million people, Italy is the fourth largest country in Europe. It spends approximately 9% of its gross domestic product, or approximately $150 billion, on healthcare annually, and has an excellent standard of medical care, administered through a mixed public and private payer system. In 2007, there were 1,271 hospitals in Italy, split approximately evenly between public and private hospitals. CytoSorb® is now marketed in 29 countries worldwide.
About Aferetica SRL
Founded by Mauro Atti and Stefano Rimondi, leaders with decades of experience in dialysis, intensive care, cardiology and medical devices in general, Aferetica is an Italian-based innovative start-up specializing in blood purification to provide the Health care system with systems for therapeutic apheresis to support special procedures like Organ Transplant and to treat critical illnesses such as sepsis, autoimmune diseases, and other illnesses caused by undesirable mediators. For more information, visit: http://www.aferetica.com
About CytoSorbents Corporation
CytoSorbents Corporation is a critical care focused immunotherapy company using blood purification to control severe 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 and marketed in 29 countries around the world, as a safe and effective extracorporeal cytokine adsorber, 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. CytoSorb® is also being used during and after cardiac surgery to remove inflammatory mediators, such as cytokines and free hemoglobin, which can lead to post-operative complications, including multiple organ failure.
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 US 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/.
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. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions and are not historical facts and typically are identified by use of terms such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements in this press release represent management’s current judgment and expectations, but our actual results, events and performance could differ materially from those in the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, the risks discussed in our Annual Report on Form 10-K, filed with the SEC on March 31, 2014, as updated by the risks reported in our Quarterly Reports on Form 10-Q, and in the press releases and other communications to shareholders issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business. We caution you not to place undue reliance upon any such forward-looking statements. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required under the Federal securities laws.
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SOURCE CytoSorbents Corporation
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