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MedaSorb Technologies to Begin Trading under the Symbol MSBT

Monday August 7, 6:02 pm ET
Private Placement of $5.25 Million Coincides with Reverse Merger

MONMOUTH JUNCTION, N.J.--(BUSINESS WIRE)--Aug. 7, 2006--MedaSorb Technologies, a medical device company engaged in the development and commercialization of CytoSorb and BetaSorb for removing toxic compounds from the blood, today announced its stock will begin to trade under the symbol OTC BB: MSBT on August 8, 2006. MedaSorb completed the reverse merger transaction on June 30, 2006 and immediately closed a $5.25 million private placement of its Series A 10% Cumulative Convertible Preferred Stock and Warrants to purchase Common Stock.

Al Kraus, the President and CEO said, "We are pleased that we secured funding to further the development of our blood purification technologies. We believe that our medical devices, which use absorption technology, unlike current technologies, could be a dramatic improvement in the care of sepsis and dialysis patients."

MedaSorb's initial products (CytoSorb(TM) and BetaSorb(TM)), are known medically as hemoperfusion devices and incorporate proprietary adsorbent polymer technology. MedaSorb believes that potential healthcare applications for its products include: -- adjunctive treatment and/or prevention of sepsis; -- prevention of damage to organs donated for transplant prior to organ harvest; -- prevention of post-operative complications of cardiac surgery; -- short and long-term treatment of kidney failure; and Drug Detoxification.

MedaSorb's management team is led by Al Kraus, now the Company's President and Chief Executive Officer, who has more than twenty-five years' experience managing companies in the dialysis, medical device products, personal computer and custom software industries. Other members of MedaSorb's management team, who are now officers of the Company, include James Winchester, MD the Company's Chief Medical Officer, Vincent Capponi the Company's Chief Operating Officer, and David Lamadrid, the Company's Chief Financial Officer.

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. 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: ability to successfully develop commercial operations; dependence on key personnel; acceptance of the Company's medical devices in the marketplace; the outcome of pending and potential litigation; obtaining government approvals, including required FDA approvals; 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 Current Report on Form 8-K filed with the SEC on July 6, 2006, which is available at www.sec.gov

Contact:

MedaSorb Technologies Corporation
David Lamadrid
(732) 329-8885 ext. 816
DavidL@medasorb.com

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Source: MedaSorb Technologies


 
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