MONMOUTH JUNCTION, N.J., Dec. 5, 2014 /PRNewswire/ -- CytoSorbents Corporation (CTSO) (OTCQB:CTSOD), a critical care immunotherapy company commercializing its CytoSorb® extracorporeal cytokine adsorber to treat critically-ill patients in multiple countries worldwide, announced an exclusive agreement with Smart Medical Solutions S.R.L., to distribute CytoSorb® for critical care applications in Romania and the neighboring Republic of Moldova. This multi-year agreement is subject to annual minimum guaranteed orders of CytoSorb® to maintain exclusivity.
Romania has 20 million inhabitants and is the seventh most populous country in the European Union. It is classified as an upper-middle income country that provides universal healthcare to its citizens. There are 425 operational hospitals across the country, of which approximately 130 are private hospitals or clinics that are generally paid for by private insurance. Romania is a leader in solid organ transplantation in the E.U., with one of the highest surgical success rates in the European Union. CytoSorb® has now been used successfully multiple times in Romania in this complex patient population.
Mr. Dan Popescu, CEO of Smart Medical Solutions, stated, "In this early phase of our relationship we already have experienced amazing therapeutic results by applying CytoSorb® Therapy to patients who suffered from extremely life-threatening critical illnesses. We are proud to have demonstrated our ability to work with Romanian thought leaders in this field and foresee an impressive development of the therapy as a whole."
Dr. Phillip Chan, CEO of CytoSorbents Corporation, stated, "This agreement marks our first expansion into Eastern Europe and we are pleased to be working with Smart Medical Solutions. They have a proven track record of commercializing blood purification technologies in the intensive care unit, and have a well-established key opinion leader network that can be leveraged when marketing CytoSorb®. We look forward to an outstanding collaboration."
Mr. Stefan Baudis, International Sales Director of CytoSorbents Europe who now manages worldwide distribution, stated, "Smart Medical Solutions has very successfully completed our initial evaluation phase. Already during this period, they have substantially contributed to the development of our business in these new countries and I am looking forward to working with them as an anchor of growth in this part of Europe."
CytoSorb® is the only specifically approved extracorporeal cytokine adsorber approved for sale in all 28 countries of the European Union and in countries that accept CE Mark approval. Now marketed in a total of 21 countries, CytoSorb® is sold directly in Germany, Austria and Switzerland, with expanding distribution in the United Kingdom, Ireland, the Netherlands, Turkey, India, Russia, Taiwan, Kingdom of Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Qatar, Yemen, Iraq, Jordan and Oman, and now Romania and Moldova.
About Smart Medical Solutions
Smart Medical Solutions is a leading medical device distributor located in Bucharest, Romania, that focuses on blood purification, imaging, and operating room equipment, distributing for leading medical device companies. More information can be found at http://smartmedical.ro
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 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/.
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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