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MONMOUTH JUNCTION, N.J., Sept. 23, 2016 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a critical care immunotherapy leader commercializing its flagship CytoSorb® cytokine adsorber to treat deadly inflammation in critically-ill and cardiac surgery patients around the world, today announced that it has signed an exclusive distribution agreement with Armaghan Salamat Kish Group (Arsak) to distribute CytoSorb® for all critical care, cardiac surgery, and other hospital applications in Iran.
Mr. Mohammadreza Hosseini, Chief Executive Officer of Armaghan Salamat Kish stated, "This is a historic moment. In the past, we have seen many hospitalized patients fall victim to sepsis, the systemic inflammatory response syndrome (SIRS), and other related critical conditions. At those times, we had wished somebody, someday could do something for them and end this nightmare of the critical care world. Now, we are proud to have this agreement with CytoSorbents to help these patients ourselves."
Mr. Hosseini continued, "In our pre-marketing studies, CytoSorb® therapy has generated a lot of attention and interest from key opinion leaders as a new way to control and manage SIRS, treat bacterial infection and toxemia, and prevent multiple organ failure in life-threatening illnesses and complications of cardiac and transplant surgery. As the CEO of one of the leading medical device distributors in Iran, we are fully-committed to the commercial and humanitarian success of CytoSorb® in the country, particularly for patients and their families. As our two companies embrace this opportunity, we are reminded of the words of Jacob Bronowski who said, 'Science is the acceptance of what works and what does not. That needs more courage than we might think.'"
Dr. Phillip Chan, CEO of CytoSorbents stated "We are pleased that Armaghan Salamat Kish will be working with us to bring CytoSorb® to hospitalized patients throughout the country. Their extensive experience and established dedicated sales force in our common markets make them an ideal partner and will ensure strong synergy. In addition, we share a common dedication to help those patients in greatest need, wherever they may be."
CytoSorb® is now distributed in 39 countries throughout the world. Iran has a population of 78 million people, with approximately 550 government funded hospitals that provide inpatient medical care. Health insurance is provided through either private insurance or the Social Security Organization.
About Armaghan Salamat Kish Group
Armaghan Salamat Kish Group (Arsak), a biomedical engineering company, was founded in 2005 with highly skilled and experienced engineers and experts. The company focuses on the importation of high impact medical devices in the areas of Anesthesia, Otolaryngology (ENT), Cardiac surgery, Ophthalmology, and Intensive Care and Regenerative medicine. Having developed professional relationships with important clinical centers throughout the country, as well as scientific and technical interactions with remarkable doctors and specialists, Armaghan Salamat Kish Co. has maintained considerable collaborations and business partnerships with leading European and American medical device companies. Relying on the wealth of experience and expertise, its long-term commitment is to deliver and equip clinical centers with innovative, cost-effective high-tech solutions to help physicians and patients throughout the country.
About CytoSorbents Corporation (NASDAQ: CTSO)
CytoSorbents Corporation is a leader in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb® is approved in the European Union with distribution in 39 countries around the world, as a safe and effective extracorporeal cytokine adsorber, designed to reduce the "cytokine storm" or "cytokine release syndrome" that could otherwise cause massive inflammation, organ failure and death in common critical illnesses such as sepsis, burn injury, trauma, lung injury and pancreatitis, as well as in cancer immunotherapy. 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 is in the process of completing its REFRESH (REduction in FREe Hemoglobin) 1 trial - a multi-center, randomized controlled study evaluating the safety of intra-operative CytoSorb® use in a heart-lung machine during complex cardiac surgery. In early 2017, the company plans to initiate a pivotal REFRESH 2 trial intended to support U.S. FDA approval. CytoSorb® has been used safely in more than 14,000 human treatments to date.
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. Its technologies have received non-dilutive grant and contract funding in excess of $18 million from DARPA, the U.S. Army, the U.S. Air Force, the U.S. Department of Health and Human Services, the National Institutes of Health (NIH), National Heart, Lung, and Blood Institute (NHLBI), U.S. Special Operations Command (SOCOM) and others. The Company has numerous products under development based upon this unique blood purification technology, protected by 32 issued U.S. patents and multiple applications pending, including CytoSorb-XL, HemoDefend™, ContrastSorb, DrugSorb and others. For more information, please visit the Company's websites: http://www.cytosorbents.com and http://www.cytosorb.com or follow us on Facebook and Twitter.
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 9, 2016, 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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