Full Press Release Details
Technologies Corporation Raises $1.3M in Series B Warrant Exercise
Junction, NJ - (October 9, 2009) - MedaSorb Technologies Corporation
(OTCBB:MSBT) and its wholly-owned subsidiary, CytoSorbents, Inc., announced that
it has raised $1.3 million in the exercise of the warrant attached to the Series
B financing completed in August 2008. Dr. Phillip Chan, Chief
Executive Officer, stated, "We are pleased to have the continued support of our
existing investors. These funds help provide additional runway to
finance our ongoing European Sepsis Trial and the CE Mark application
information regarding the warrant exercise can be viewed in the Company's 8-K
filed with the SEC on October 9, 2009, which is available at http://www.sec.gov.
MedaSorb, CytoSorbents and CytoSorb
Technologies Corporation, and its operating subsidiary CytoSorbents, is a
therapeutic device company in clinical trials to treat severe sepsis, often
called "overwhelming infection", with a novel blood purification device called
CytoSorb . Severe sepsis is typically caused by bacterial infections
like pneumonia, or viral infections like influenza. It afflicts more
than 1 million people in the United States and an estimated 18 million people
worldwide each year, killing one in every three patients despite the best
treatment. In the United States, more die from severe sepsis than
from either heart attacks, strokes or any single form of cancer. Much
of the organ failure and mortality in severe sepsis is caused by the abnormal
massive production of cytokines by the immune system, often called "cytokine
storm". CytoSorb is a cartridge containing highly porous polymer
beads that are designed to filter cytokines and treat potentially fatal cytokine
storm. As blood is pumped through the CytoSorb cartridge using
standard dialysis equipment, the beads bind and remove cytokines and other
toxins from blood. The treated blood is then returned to the
patient. The Company is
currently conducting its European Sepsis Trial - a multi-center, randomized,
controlled clinical trial using its flagship CytoSorb device to treat up
to 100 patients with severe sepsis in the setting of respiratory
failure. Pending a successful trial, the Company will seek CE Mark
approval and commercialization of CytoSorb in the European Union in
2010. CytoSorb is one of a number of different resins designed for
different medical applications, including improved dialysis, the potential
treatment of inflammatory and autoimmune disorders, treatment of rhabdomyolysis
in trauma, removal of chemotherapy during treatment of cancer with high dose
regional chemotherapy, drug detoxification and others. Additional
information is available for download on the Company's website: www.cytosorbents.com
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 and CytoSorbents, Inc believe that its primary risk
factors include, but are not limited to: obtaining government approvals
including required FDA and CE Mark 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 10, 2009, which is
available at http://www.sec.gov.