Company Press Releases Back
MedaSorb Technologies Corporation Improves Balance Sheet
Tuesday February 3, 2009, 12:24 pm EST
MONMOUTH JUNCTION, NJ--(MARKET WIRE)--Feb 3, 2009 -- MedaSorb Technologies Corporation (OTC BB:MSBT.OB - News) and its wholly-owned subsidiary, CytoSorbents, Inc., announced that it was approved to participate in the New Jersey Emerging Technology and Biotechnology Financial Assistance Program and sold its net operating loss, netting approximately $248,000 to the Company. This is in addition to the $840,000 raised in the second close of the Series B financing in August 2008, bringing the total amount of capital raised by the Company to $5.5 million over the past 7 months.
"This further bolsters our balance sheet to facilitate the completion of our European Sepsis Trial -- evaluating the treatment of patients with severe sepsis and respiratory failure with our CytoSorb(TM) resin cartridge," commented Dr. Phillip Chan, CEO. "Severe sepsis, often called 'overwhelming infection,' is so prevalent that most people unfortunately know someone who has died from this terrible disease. CytoSorbents hopes to significantly impact the outcome of sepsis with its unique treatment approach."
About MedaSorb, CytoSorbents and CytoSorb(TM)
MedaSorb Technologies Corporation, with its wholly-owned operating subsidiary, CytoSorbents, Inc., is a medical device company focused on the treatment of sepsis with its proprietary CytoSorb(TM) resin. Severe sepsis afflicts an estimated 18 million people worldwide each year, killing one in every three patients, despite the best medical treatment. CytoSorb(TM) is designed to treat sepsis by broadly reducing cytokines and toxins from blood that can cause organ failure and potentially death. After a patient's blood is pumped through a CytoSorb(TM) cartridge, cytokines and toxins are adsorbed and removed by the resin. Treated blood is then returned to the patient. The Company is currently evaluating CytoSorb(TM) in its 60-80 patient, randomized, controlled, open-label European Sepsis Trial. MedaSorb has also developed a number of different resins using its platform technology. These were designed for a variety of potential healthcare applications. Some examples include improved hemodialysis, cytokine removal in inflammatory disorders, and drug removal or detoxification.
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 believes 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 possible 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 15, 2008, which is available at //www.sec.gov. http://www.sec.gov.
Contact:MedaSorb Technologies Corporation
(732) 329-8885 ext. 816
Source: MedaSorb Technologies