Full Press Release Details
Technologies Corporation announces Management changes
Junction, NJ - (January 9, 2009) - MedaSorb Technologies Corporation
(OTCBB:MSBT) and its wholly-owned subsidiary, CytoSorbents, Inc., announced that
Dr. Phillip Chan has officially joined the Company as interim Chief Executive
Officer, replacing Al Kraus who stepped down at the end of December
Company also announced that Al Kraus has been elected to Chairman of the
Board. Mr. William Miller has stepped down as Chairman after two
years of service. Stated Mr. Kraus, "On behalf of myself and the
Board of Directors, we thank Bill for sharing his extensive experience and
valuable contributions to benefit the Company over the past couple of years. We
wish him well in his new endeavors. Looking forward, I am pleased to
continue to play a significant role in the Company, especially as we make
considerable progress in patient enrollment in our European sepsis
Company also announced that Dr. James Winchester has stepped down from his
position as Chief Medical Officer. As has been previously
disclosed, Dr. Winchester's primary employment is with Beth Israel Medical
Center in New York, as the Chief of its Nephrology Division. Due to
increased restrictions on third party consulting agreements with his primary
employer, Dr. Winchester elected to relinquish his position at
MedaSorb. "Jim has been an integral part of our company for many
years and we are indebted to him for all of his pivotal contributions to the
Company and to the development and testing of our novel polymer
resins. As a luminary in the field of hemoperfusion, he has been of
tremendous help to the Company. We wish him much continued success," remarked Al
with Dr. Winchester's departure, MedaSorb announced that Dr. Robert H. Bartlett
will join the Company as its new Chief Medical Officer. Dr. Bartlett
is Professor Emeritus of Surgery at the University of Michigan Health System
(UMHS). Prior to becoming Professor Emeritus in 2005, Dr. Bartlett was Director
of the Surgical Intensive Care Unit, Chief of the Trauma/Critical Care division
and Director of the Extracorporeal Life Support Program at
UMHS. Among Dr. Bartlett's many distinguished accomplishments,
he is best known as the pioneer in the development of the extracorporeal
membrane oxygenation machine (ECMO), used to oxygenate blood in critically ill
patients worldwide. He received his MD from the University of Michigan Medical
School, cum laude, completed his general surgery residency at
Peter Bent Brigham Hospital in Boston, and was Chief Resident in
thoracic surgery. He was also previously faculty at the University of
California, Irvine. Dr. Bartlett is the recipient of 26 separate research
grants, 14 from the National Institutes of Health, including an RO1 grant for
the development of a completely artificial lung. He has also received
numerous national and international awards for his contributions to critical
truly fortunate to have Dr. Bartlett join the Company as Chief Medical Officer,"
stated Dr. Chan. "Dr. Bartlett is well-respected in the critical care
community and brings a wealth of experience to MedaSorb and CytoSorbents,
including the treatment of sepsis, acute respiratory distress syndrome, the use
of extracorporeal therapies, and clinical trials. Dr. Bartlett
provides the exact expertise the Company needs at this juncture and we are
excited to work with him more closely."
Medasorb, CytoSorbents and CytoSorb
Technologies Corporation with its wholly-owned operating subsidiary,
CytoSorbents, Inc., is a medical device company focused on the treatment of
sepsis with its proprietary CytoSorb resin. Sepsis, often called
"overwhelming infection", afflicts more than 2 million people worldwide each
year, killing one in every three patients, despite the best medical
treatment. CytoSorb is designed to treat sepsis by broadly removing
toxins from blood that cause organ failure and potentially death. The
Company is currently evaluating CytoSorb in its 60-patient European sepsis
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. MedaSorb Technologies Corporation believes that its primary risk factors
include, but are not limited to: obtaining government approvals including
required FDA 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 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-KSB
filed with the SEC on April 15, 2008, which is available at http://www.sec.gov.
MedaSorb Technologies Corporation
Technologies Corporation