Company Press Releases Back
CytoSorbents Teams With INTENSIVMED for CytoSorb® Distribution in Russia
Tuesday November 12, 2013
MONMOUTH JUNCTION, NJ--(Nov 12, 2013) - MONMOUTH JUNCTION, NJ--(Marketwired - Nov 12, 2013) - CytoSorbents Corporation (OTCQB: CTSO), a critical care focused therapeutic device company using blood purification to treat life-threatening illnesses, announced distribution of its CytoSorb® extracorporeal cytokine filter in Russia through an exclusive distribution agreement with INTENSIVMED, LLC based out of Moscow, Russia. This multi-year agreement is subject to annual minimum guaranteed orders of CytoSorb® to maintain exclusivity.
Mr. Victor Gorobets, CEO of INTENSIVMED LLC stated, "We see a big future for CytoSorb® in Russia as well as all over the world. The CytoSorb® technology offers potential rescue to the most needy of recipients -- the critically ill -- and that is a major victory in the modern medical world. All the most challenging conditions -- sepsis, organ failure, massive cytokine storm and many others could be successfully treated with it. This breakthrough technology brings healthcare standards to a new level and we are happy and excited to become part of it."
Dr. Phillip Chan, CEO of CytoSorbents Corporation commented, "Russia represents a tremendous market opportunity for CytoSorb® outside of the European Union. INTENSIVMED's status as a well-established critical care medical device distributor that also distributes heart-lung machines for a leading cardiac surgery device company in Russia, makes them a natural choice to distribute CytoSorb®. We are delighted to be working with INTENSIVMED and look forward to a fruitful collaboration. "
Russia is the largest country in the world in terms of land. Its gross domestic product of $2 trillion makes it the 8th largest economy in the world, driven by a wealth of natural resources including oil, natural gas, coal, timber and minerals. The top 10 cities, including the capital city of Moscow and St. Petersburg, are home to nearly 20% of the country's total population of 145 million. According to the World Health Organization, Russia spends approximately 6% of its GDP (2011), or approximately $125 billion, on healthcare annually. The average life expectancy of its citizens is 63 years of age for men, and 75 years of age for women.
CytoSorb® is the only specifically approved extracorporeal cytokine filter commercially available throughout 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, and Russia.
INTENSIVMED LLC is an established supplier of medical equipment and disposables to the Russian public and private healthcare institutions and is headquartered in Moscow and St. Petersburg, Russia. Its business focus is intensive care line products and its main customers are Anesthesiology, Reanimatology and Intensive Care Units, cardiac surgery operating theaters, and blood transfusion departments. One of the company's main aims is to introduce innovation into doctors' everyday routine, and thus INTENSIVMED is the golden sponsor of the school in AR and ICU post-graduate training. For more information, please visit: www.intensivmed.ru
About CytoSorbents Corporation
CytoSorbents Corporation is a critical care focused therapeutic device company using blood purification to modulate the immune system and fight multi-organ failure in life-threatening illnesses. Its purification technology is based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other bodily fluids by pore capture and adsorption. 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 mortality is extremely high, yet no effective treatments exist. 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 April 3, 2013, which is available at http://www.sec.gov.
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Dr. Phillip Chan
Chief Executive Officer
(732) 329-8885 ext. *823
Alliance Advisors, LLC
(914) 669-0222 x201
Source: CytoSorbents Corporation