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CytoSorbents Corporation Filing of 10-Q Delayed Due to Superstorm Sandy



   CytoSorbents Corporation Filing of 10-Q Delayed Due to Superstorm Sandy

PR Newswire

MONMOUTH JUNCTION, N.J., Nov. 16, 2012

MONMOUTH JUNCTION, N.J., Nov. 16, 2012 /PRNewswire/ -- CytoSorbents
Corporation (OTCBB: CTSO), a critical care focused company using blood
purification to treat life-threatening illnesses such as sepsis, trauma, and
burn injury, announced today that due to a loss of power for an extended
period of time caused by Superstorm Sandy, the Company has been granted
additional time by the Securities and Exchange Commission to file its Form
10-Q for the quarter ended September 30, 2012. Although the Company did not
sustain any physical damage to its facilities, the Company was without
electric, heat or communications services for an extended period of time which
has delayed the completion of its Form 10-Q.  CytoSorbents expects to file its
third quarter 10-Q with the SEC, as well as a business update, on or before
November 21, 2012.

About CytoSorbents, CytoSorb®, and HemoDefend

CytoSorbents Corporation is a critical care focused therapeutic device company
using blood purification to modulate the immune system and fight multi-organ
failure in life-threatening illnesses. Its purification technology is 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. In 2011, CytoSorb®, the Company's flagship product, achieved
European regulatory approval as an extracorporeal cytokine filter, and can now
be sold throughout the European Union (E.U.) under the CE Mark to be used in
clinical situations where cytokines are elevated. The goal of CytoSorb® is to
modulate the immune system by reducing "cytokine storm" in critically-ill
patients that could otherwise lead to deadly inflammation, multiple organ
failure, immune dysfunction, and often death in common illnesses such as
sepsis, trauma, burn injury, acute respiratory distress syndrome, and
pancreatitis. CytoSorb® has demonstrated statistically significant reductions
in mortality in septic patients at high risk of death in early studies and is
now being sold in Germany for the treatment of critical care illnesses, with
availability in other E.U. countries planned in the future, assuming adequate
and timely funding, and continued positive results from clinical studies.

HemoDefend is a development-stage blood purification technology platform for
the blood transfusion industry intended to reduce transfusion reactions and
safeguard the quality and safety of the blood supply. The HemoDefend
technology utilizes the Company's polymer bead technology to remove many
substances, such as antibodies, free hemoglobin and inflammatory mediators
that can cause potentially serious and sometimes fatal transfusion reactions.

CytoSorb® and HemoDefend are just two of a number of different polymers the
Company has designed for various medical applications, including improved
dialysis, reduction of post-surgical complications in cardiac surgery,
treatment of inflammatory and autoimmune disorders, radioimaging contrast
removal in imaging and interventional radiology procedures, and the treatment
of rhabdomyolysis, drug overdose, and others. Additional information is
available for download on the Company's website: http://www.cytosorbents.com.

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. CytoSorbents Corporation
and CytoSorbents, Inc believe that its primary risk factors include, but are
not limited to: obtaining government approvals including required FDA and
additional 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 and timely 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-K filed with the SEC on
March 30, 2012, which is available at http://www.sec.gov.

Contact:
CytoSorbents, Inc
Dr. Phillip Chan
Chief Executive Officer
(732) 329-8885 ext. *823
pchan@cytosorbents.com  

 

SOURCE CytoSorbents Corporation

Website: http://www.cytosorbents.com
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