MONMOUTH JUNCTION, N.J., June 13, 2016 /PRNewswire/ — CytoSorbents Corporation (NASDAQ: CTSO), a critical care immunotherapy leader commercializing its flagship CytoSorb® blood filter to treat deadly inflammation in critically-ill and cardiac surgery patients around the world, announced that it has signed an exclusive distributorship agreement with Palex Medical SA, one of Spain’s largest independent medical device distributors, to bring its CytoSorb® therapy to Spain and Portugal. This multi-year agreement includes all critical care applications in these two countries, and is subject to annual minimum purchases of CytoSorb® to maintain exclusivity.
Mr. Carlos Chordá, General Manager of Palex Medical stated, “We are excited to be working with CytoSorbents to bring CytoSorb® to intensive care units throughout Spain and Portugal. The many successes of CytoSorb® in the treatment of critically-ill patients have been impressive. We look forward to playing an important role in helping physicians ‘regain control’ of their difficult to treat patients as well as to continuing to improve patients’ quality of life.”
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents stated, “Palex has an outstanding reputation of launching new innovative products across a breadth of different treatment areas to physicians and hospitals in these countries. In a difficult but improving economy, it was particularly important to us to work with an established market leader that intimately understands the Spanish and Portuguese hospital systems. We welcome Palex to the CytoSorb® family.”
Spain has a population of 48 million people, making it the fifth largest country in the European Union. Portugal has a population of 10.5 million people. The public healthcare system in Spain is fully-funded by the government and supplemented through social security payments, while private healthcare also co-exists. Spain spends approximately 10% of its gross domestic product on healthcare.
About Palex Medical SA
Palex Medical SA is the leading company in Spain distributing medical products for more than 60 years. With more than 300 employees, Palex distributes products into most major categories at Spanish Hospitals, and has always focused on Innovation and bringing the latest technologies to the Spanish Health System. For more information, please visit the Palex website.
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: https://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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