CytoSorbents Enters Into Exclusive Distribution Agreement for CytoSorb(R) With
L.IN.C. Medical Systems in the United Kingdom and Ireland
MONMOUTH JUNCTION, N.J., May 6, 2013 (GLOBE NEWSWIRE) -- CytoSorbents
Corporation (OTCBB:CTSO), a critical care focused therapeutic device company
using blood purification to treat life-threatening illnesses, announced today
that is has entered into an exclusive distribution agreement with L.IN.C
Medical Systems LTD to distribute CytoSorb® in the United Kingdom and Ireland.
The initial term of the agreement is three years, and is subject to annual
minimum guaranteed orders of CytoSorb® to maintain exclusivity.
Mr. Stephen Bailey, Managing Director of L.IN.C., stated, "We are excited and
privileged to bring CytoSorb® to the market in the U.K. and Ireland. By
controlling cytokine storm and working to prevent or treat organ failure,
CytoSorb® is a unique and innovative product that has the opportunity to
transform the way critical care illnesses are managed. CytoSorb® treatment is
simple to implement and leverages our own expertise in therapeutic blood
purification. With few, if any, alternative treatments available, we expect a
receptive and smooth introduction into the market."
Dr. Christian Steiner, CytoSorbents' Vice President of Sales and Marketing,
stated, "We are looking forward to working closely with L.IN.C. Their
significant experience in extracorporeal blood purification and their
established network in critical care and nephrology make them an ideal partner
to introduce CytoSorb® to intensive care units throughout the U.K. and
Ireland. We plan to leverage our own key opinion leader relationships in the
U.K. with those of L.IN.C.'s to accelerate the sales and adoption process
while working in parallel with L.IN.C. to obtain reimbursement for CytoSorb®
in these territories."
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents, remarked, "The
L.IN.C. relationship immediately expands our reach into other countries of the
European Union where CytoSorb is currently approved. It is part of our
strategic plan to accelerate product sales by layering distributor revenues on
top of our direct sales of CytoSorb® in Germany, Austria, and Switzerland."
The United Kingdom is the 6th largest economic market in the world and is tied
as second largest medical device market in Europe with France, behind Germany.
The U.K. and Ireland represents approximately 68 million people. In these
countries, there are more than 200,000 hospitalized cases of severe sepsis or
septic shock, trauma, burn injury, acute respiratory distress syndrome, acute
pancreatitis, and other critical illnesses annually where CytoSorb® may be
applicable. It represents a total addressable market opportunity of
approximately $750M to $1 billion dollars.
About L.IN.C. Medical Systems
L.IN.C. Medical Systems Ltd is an established supplier of medical equipment
and devices to UK healthcare providers and is located in Countesthorpe, South
Leicestershire, UK. Its core products and business expertise focus on the
areas of intensive care, nephrology, blood transfusion, rehabilitation, and
other products. L.IN.C. has made a significant commitment towards ethical and
corporate responsibility, with at least 10% of the company's gross profit
being donated to community charities. For more information, please visit:
About CytoSorbents Corporation
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 adsorption.
CytoSorb®, the Company's flagship product, is approved in the European Union
as a safe and effective extracorporeal cytokine filter, designed to reduce the
"cytokine storm" that could otherwise cause massive inflammation, organ
failure and death in common critical illnesses such as sepsis, burn injury,
trauma, lung injury, and pancreatitis. CytoSorb® also removes myoglobin from
blood, making it a potential treatment of rhabdomyolysis in trauma. These are
conditions where the mortality is extremely high, yet no effective treatments
exist. Additional information is available for download on the Company's
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. Risk factors are detailed
in the Company's Form 10-K filed with the SEC on April 3, 2013, which is
available at http://www.sec.gov.
CONTACT: Company Contact:
Dr. Phillip Chan
Chief Executive Officer
(732) 329-8885 ext. *823
Alliance Advisors, LLC
(914) 669-0222 x201
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