Company Press Releases Back
MedaSorb Technologies Corporation Improves Cash Position and Hits Midway Point in Study Enrollment
Wednesday, February 17, 2010
Monmouth Junction, NJ – (February 17, 2010) - MedaSorb Technologies Corporation (OTCBB:MSBT) and its wholly-owned subsidiary, CytoSorbents, Inc., announced that it was approved to participate, for its second year, in the New Jersey Emerging Technology and Biotechnology Financial Assistance Program. CytoSorbents was approved by the State to sell additional net operating losses, which has resulted in net proceeds of approximately $299,000 to the Company.
“This additional improvement in our cash resources will be used to continue the funding of our European Sepsis Trial - evaluating the treatment of patients with severe sepsis and respiratory failure”, commented Dr. Phillip Chan, CEO. “The proceeds from the sale of our net operating losses have additional benefit as a non-dilutive event for our shareholders. We are also pleased to announce the receipt of $80,000 from the University of Pittsburgh Medical Center, for our fourth year of sub-contracting work in support of their NIH grant studying sepsis. Additionally, we are excited to have enrolled our 50th patient, reaching the midway point in our 100 patient trial, and are continuing to work with all sites to maximize enrollment.”
About MedaSorb, CytoSorbents and CytoSorb™
MedaSorb Technologies Corporation, and its operating subsidiary CytoSorbents, is a therapeutic device company in clinical trials to treat severe sepsis, often called “overwhelming infection”, with a novel blood purification device called CytoSorb™. Severe sepsis is typically caused by bacterial infections like pneumonia, or viral infections like influenza. It afflicts more than 1 million people in the United States and an estimated 18 million people worldwide each year, killing one in every three patients despite the best treatment. In the United States, more die from severe sepsis than from either heart attacks, strokes or any single form of cancer. Much of the organ failure and mortality in severe sepsis is caused by the abnormal massive production of cytokines by the immune system, often called “cytokine storm”. CytoSorb™ is a cartridge containing highly porous polymer beads that are designed to filter cytokines and treat potentially fatal cytokine storm. As blood is pumped through the CytoSorb™ cartridge using standard dialysis equipment, the beads bind and remove cytokines and other toxins from blood. The treated blood is then returned to the patient. The Company is currently conducting its European Sepsis Trial – a multi-center, randomized, controlled clinical trial using its flagship CytoSorb™ device to treat up to 100 patients with severe sepsis in the setting of respiratory failure. CytoSorb™ is one of a number of different resins designed for different medical applications, including improved dialysis, the potential treatment of inflammatory and autoimmune disorders, treatment of rhabdomyolysis in trauma, drug detoxification and others.
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 and CytoSorbents, Inc believe 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 pending and potential 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 10, 2009, which is available at: http://www.sec.gov.
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Source: CytoSorbents, Inc.