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Dr. Phillip Chan, Chief Executive Officer of CytoSorbents stated, "Following an extensive, multi-year process, we are extremely pleased to announce final registration of CytoSorb® in Russia. It now enables our exclusive distribution partner, INTENSIVMED, to begin actively selling CytoSorb® throughout the Russian Federation. With a comprehensive footprint in critical care and as the official dealer of Sorin Group, a multi-national cardiac surgery company now known as LivaNova, INTENSIVMED is ideally positioned to market CytoSorb® successfully in Russia in both the intensive care unit (ICU) and cardiac surgery markets."
Mr. Victor Gorobets, CEO of INTENSIVMED LLC stated, "We are excited to announce that the registration of CytoSorb® in Russia has been successfully obtained. We will begin marketing CytoSorb® immediately in the Russian medical market, and predict strong interest with doctors for this unique therapy. CytoSorb® is a breakthrough in the modern medical world, opening new horizons in treating the most challenging conditions, such as sepsis, septic shock and the systemic inflammatory response syndrome (SIRS), with the goal of attenuating severe inflammation and successfully preventing organ failure. This innovative technology brings healthcare standards to a new level and we are proud to be its beacon in Russia."
INTENSIVMED has an ambitious near-term marketing agenda and has already been exhibiting CytoSorb® at the 13th All-Russia Scientific-Methodical conference on "Standards and Individual Approaches in Anesthesiology and Resuscitation" in southern Russia this month. It will also be an active partner of the 10th Jubilee International Conference in Moscow, Russia on June 3-4, 2016. This year, the conference will be focused on the "Actual Aspects of Extracorporeal Blood Purification in Intensive Care," and is expected to provide an excellent forum to highlight CytoSorb®. Dr. Zsolt Molnar from University of Szeged, Hungary will discuss his experiences with CytoSorb®, while other distinguished speakers will discuss the expanding role of extracorporeal blood purification in the ICU.
Russia is the largest country in the world in terms of land and the 9th most populous. Its gross domestic product (forecast 2016) of $1.2 trillion is driven by a wealth of natural resources including oil, natural gas, coal, timber and minerals. The top 10 cities, including the capital city of Moscow and St. Petersburg, are home to nearly 20% of the country's total population of 145 million, enabling a focused marketing effort. According to the Ministry of Finance of Russian Federation, the government will spend 3% of GDP, or approximately $38 billion, on healthcare in 2016.
INTENSIVMED LLC is an established supplier of medical equipment and disposables to the Russian public and private healthcare institutions and is headquartered in Moscow and St. Petersburg, Russia. Its business focus is intensive care products and its main customers are anesthesiology and reanimatology (AR) and intensive care units, cardiac surgery operating theaters, and blood transfusion departments. The company is the official dealer of Sorin Group, the exclusive representative of eZono AG, and the exclusive distributor of CytoSorb® in Russia. One of the company's main aims is to introduce innovation into doctors' everyday routine, and thus INTENSIVMED is the golden sponsor of the school in AR and ICU post-graduate training. For more information, please visit: www.intensivmed.ru
About CytoSorbents Corporation (NASDAQ: CTSO)
CytoSorb® is approved in the European Union with distribution in 32 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. CytoSorb® has been used safely in more than 12,000 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. 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 HemoDefend™, ContrastSorb, DrugSorb, and others. Additional information is available for download on the Company's websites: http://www.cytosorbents.com and http://www.cytosorb.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 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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