MONMOUTH JUNCTION, NJ--(August 5, 2014) - CytoSorbents Corporation (OTCQB: CTSO), a critical care immunotherapy company using blood purification to treat life-threatening illnesses, announced distribution of its CytoSorb® extracorporeal cytokine adsorber in Taiwan through an exclusive agreement with Hemoscien Corporation. This multi-year agreement is subject to annual minimum guaranteed orders of CytoSorb® to maintain exclusivity.
Ms. Saurina Jaw, General Manager of Hemoscien commented, "We are very excited to add CytoSorb® to our portfolio of extracorporeal, critical care therapies. Sepsis is a large and growing challenge in Taiwan. Because there are no good treatment options available today, health care professionals are very enthusiastic about the introduction of CytoSorb® to Taiwan. In addition, physicians have expressed a strong interest in using CytoSorb® to treat other typical conditions in the intensive care unit including trauma, burns, severe lung inflammation, and liver failure. Together with CytoSorbents, we look forward to leveraging our in-depth experience in marketing innovative critical care therapies, and our ability to rapidly access potential new customers to successfully launch and grow CytoSorb® in Taiwan."
Dr. Phillip Chan, CEO of CytoSorbents Corporation stated, "We are pleased to be working with such an established and well-respected organization like Hemoscien. Hemoscien has been very successful in the Taiwan critical care market and understands how to introduce and promote innovative extracorporeal therapies like CytoSorb®. We look forward to a successful partnership in Taiwan with Hemoscien."
Mr. Chris Cramer, CytoSorbents' Vice President of Business Development added, "With its universal access to high quality healthcare and advances in medical technology, Taiwan represents an excellent opportunity for CytoSorbents. In addition, we view Taiwan as a first step towards establishing a broader presence in the Asia-Pacific and China markets. We are delighted to be working with Hemoscien and look forward to expanding our presence in this region."
Taiwan is an island nation located off of the coast of mainland China. Taiwan spends approximately $29 billion annually on healthcare and offers universal coverage to its people through its National Health Insurance System. There are over 200 major medical centers and regional hospitals serving an estimated population of 23 million people. With rising medical standards, use of advanced technology to increase administrative and provider efficiency, and access to high quality healthcare, Taiwan boasts one of the most progressive healthcare systems in the world. Like many other parts of the world, sepsis is a major problem in Taiwan. With over 120,000 estimated new cases of severe sepsis reported each year and mortality rates as high as 30-50%, sepsis is the eleventh leading cause of death in the Taiwan. Today, the emerging medical device market in Taiwan is valued at approximately $2 billion and growing at over 5% per year.
CytoSorb® is the only specifically approved extracorporeal cytokine adsorber available for sale in 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, Russia, Kingdom of Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Qatar, Yemen, Iraq, Jordan and Oman.
Established in 2005, Hemoscien Corporation is a leading supplier of medical equipment and disposables for renal and critical care applications in Taiwan. Headquartered in Taipei, Hemoscien promotes a wide range of extracorporeal therapies including blood purification equipment, hemofilters, plasmafilters, and other devices for separating and filtering blood. For more information, please visit www.hemoscien.com.tw
CytoSorbents Corporation is a critical care focused immunotherapy company using blood purification to modulate 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 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.
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/
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 March 31, 2014, which is available at http://www.sec.gov.
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