Full Press Release Details
Dr. Eric Mortensen to Leave CytoSorbents
N.J., November 6, 2019 - CytoSorbents Corporation
(NASDAQ: CTSO), a critical care immunotherapy leader commercializing its CytoSorb blood purification technology
to treat deadly inflammation in critically-ill and cardiac surgery patients around the world,
announced that Dr. Eric Mortensen, Chief Medical Officer of CytoSorbents, will leave the company at the end of the
year, upon the completion of his current employment contract.
Dr. Phillip Chan, MD, PhD, Chief Executive
Officer of CytoSorbents stated, "Since joining the company two and a half years ago, Eric has leveraged his extensive industry
expertise in clinical trials, medical affairs, and reimbursement to make numerous contributions to the company. Some of his key
accomplishments have been to:
Dr. Chan continued, "One of Eric's
most significant contributions has been the formation of an international clinical development and reimbursement strategy that
leverages compelling German data on the investigational use of CytoSorb to reduce bleeding complications in emergency cardiac
surgery patients on antithrombotic medication. The cost-savings analysis
and U.K. TISORB trial are just two of the visible
outputs of his effort. On behalf of the Board of Directors and the rest of the company, we thank Eric for his dedication and commitment
to the development of the CytoSorb therapy, and his many contributions as a key member of the management team. We wish him well
in his future endeavors."
Dr. Eric Mortensen, MD, PhD, stated, "It
has been extremely satisfying to work with the CytoSorbents team to advance this promising technology. The enthusiasm of investigators
for the potential applications of CytoSorb reflects their early use experience. We have built upon this experience to define a
clinical development program designed to achieve registration and reimbursement for a range of CytoSorb indications across acute
care and cardiothoracic surgery. I am especially pleased by the early progress of our clinical program to demonstrate reversal
of the effects of ticagrelor in patients that require emergent and urgent open heart surgery. The early clinical and pharmacoeconomic
results for this investigational application suggest that CytoSorb has the potential to transform the surgical management of these
patients, by both addressing a major unmet clinical need and providing clear and objective economic value to the healthcare system.
I am confident that success in this area will provide a solid foundation for future growth of the company. I will be working with
CytoSorbents and my excellent clinical team during this transition period to ensure continuity of our programs that aim to help
save lives across a broad range life-threatening conditions."
About CytoSorbents Corporation (NASDAQ:
Corporation is a leader in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb
is approved in the European Union with distribution in 58 countries around the world, as an 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. 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 reduce inflammatory mediators that can lead to post-operative complications,
including multiple organ failure. CytoSorbents is conducting its pivotal REFRESH 2-AKI trial - a multi-center, randomized
controlled, clinical trial intended to support U.S. regulatory approval of CytoSorb for use in a heart-lung machine during complex
cardiac surgery to reduce organ injury. The Company has also initiated the company-sponsored U.K. TISORB trial evaluating
the removal of ticagrelor in emergency cardiac surgery patients. CytoSorb has been used in more than 73,000 human treatments
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. Its technologies have received non-dilutive grant, contract, and other funding
of approximately $29 million from DARPA, the U.S. Army, the U.S. Air Force, the U.S. Department of Health and Human Services,
the National Institutes of Health (NIH), National Heart, Lung, and Blood Institute (NHLBI), U.S. Special Operations Command (SOCOM),
and others. The Company has numerous products under development based upon this unique blood purification technology protected
by many issued U.S. and international patents and multiple applications pending, including CytoSorb-XL , HemoDefend ,
VetResQ , K+ontrol , ContrastSorb, DrugSorb, and others. For more information, please visit the Company's
websites at www.cytosorbents.com and www.cytosorb.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. 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 7, 2019, 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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