CytoSorbents Expands Distribution to the Vast Middle Eastern Market of Saudi
Arabia, United Arab Emirates, and Other GCC Countries with Techno Orbits
MONMOUTH JUNCTION, N.J., April 8, 2014
MONMOUTH JUNCTION, N.J., April 8, 2014 /PRNewswire/ --CytoSorbents
Corporation (OTCQB: CTSO), a critical care immunotherapy company using blood
purification to treat life-threatening illnesses, announced distribution of
its CytoSorb^® extracorporeal cytokine filter in the Middle East, including
Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, and Oman (the
Gulf Cooperation Council or GCC) and Yemen, Iraq, and Jordan through an
exclusive agreement with Techno Orbits. This multi-year agreement is subject
to annual minimum guaranteed orders of CytoSorb^® to maintain exclusivity.
Mr. Khalid Rushed Al Fagih, General Manager of Techno Orbits commented, "We
are very excited to introduce CytoSorb^® to the Middle East, an innovative and
potentially breakthrough technology that is already saving lives in other
parts of the world. Discussions with critical care physicians in Saudi and
neighboring countries has been very positive, with initial interest in the
therapy for many conditions, including the treatment of sepsis, traumatic
injury, severe lung inflammation, and even for the rare but deadly MERS
coronavirus infection that has no treatment. Together with CytoSorbents, we
look forward to revolutionizing the management of critically-ill patients in
the Middle East."
Dr. Phillip Chan, CEO of CytoSorbents Corporation stated, "We are delighted to
be working with Techno Orbits, an experienced and successful critical care
distributor in the Middle East. Techno Orbits has established the hospital
markets for a number of innovative medical devices throughout the GCC region
and related states, and is well-positioned to do the same with CytoSorb^®.
With product registration, the number of countries where CytoSorb^® is being
sold will have doubled to eighteen."
Dr. Humayra Ali, Senior Manager of Business Development and External
Scientific Affairs continued, "The Middle East, and particularly the GCC,
represents a substantial opportunity for CytoSorbents. The region's growing
population, the provision of universal healthcare for its citizens, strong
government finances, and interest in new, innovative medical technologies,
makes this an excellent market to target. Techno Orbits maintains a
significant network of critical care physicians and thought leaders that can
be leveraged for CytoSorb^®. We are very pleased to have formed this
important alliance with them."
The GCC spends approximately $35 billion annually on healthcare and offers
universal healthcare coverage to its citizens, with roughly 70% coming from
the governments and Ministries of Health of each country, and the rest from
private sources. There are approximately 630 public and private hospitals in
the GCC, serving an estimated population of 45 million people. Healthcare
standards and investments in healthcare infrastructure continue to increase to
meet the needs of the growing population that face chronic illnesses such as
diabetes and obesity, major risk factors for future hospitalization and
critical illness. Today, the emerging medical device market in the GCC is
approximately $2 billion.
Although Yemen, Iraq and Jordan are not currently in the GCC, they also
represent large markets. More than 500 hospitals serve an estimated 62
million people in these countries. In total, this distribution agreement
covers a market of more than 100 million people.
CytoSorb^® is the only specifically approved extracorporeal cytokine filter
approved for sale in all 28 countries of the European Union and in countries
that accept CE Mark approval. It is currently being sold directly in Germany,
Austria and Switzerland, with expanding distribution in the United Kingdom,
Ireland, the Netherlands, Turkey, India, Russia, Kingdom of Saudi Arabia,
United Arab Emirates, Bahrain, Kuwait, Qatar, Yemen, Iraq, Jordan and Oman.
About Techno Orbits
Techno Orbits is an established supplier of medical equipment and disposables
to hospitals and healthcare institutions in the Middle East. Headquartered in
Riyadh, Saudi Arabia, Techno Orbits focuses on products targeting the
intensive care unit, emergency medicine and anesthesiology. Its vision is to
supply high quality, innovative, easy to use, and dependable health care
technologies that maximize the performance of health care services. For more
information, please visit www.medicalorbits.com.
CytoSorbents Corporation is a critical care focused immunotherapy company
using blood purification to modulate inflammation -- with the goal of
preventing or treating multiple organ failure in life-threatening illnesses.
Organ failure is the cause of nearly half of all deaths in the intensive care
unit, with little to improve clinical outcome. 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. These are conditions where the risk of death is extremely high,
yet no effective treatments exist. 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. CytoSorbents 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 website: http://www.cytosorbents.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. 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 March 31, 2014, which is
available at http://www.sec.gov.
SOURCE CytoSorbents Corporation
Contact: Dr. Phillip Chan, Chief Executive Officer, (732) 329-8885 ext. *823,
firstname.lastname@example.org; or Investor Contact: Amy Vogel, (732) 329-8885 ext.
Press spacebar to pause and continue. Press esc to stop.