Full Press Release Details
Preliminary Q3 2014 Report: CytoSorbents
Achieves Its First Quarter of Approximately $1M in CytoSorb Sales and Provides Up-listing Update
JUNCTION, N.J., October 14, 2014 - CytoSorbents Corporation (OTCQB: CTSO), a critical care immunotherapy company commercializing
its European Union approved CytoSorb blood purification therapy to prevent or treat life-threatening illnesses in the intensive
care unit and in cardiac surgery, provides a preliminary update on Q3 2014 operating and business progress as well as an update
on its planned up-listing efforts.
CytoSorbents Operating Progress:
Up-listing Progress/Business Update:
Dr. Phillip Chan, MD, PhD, Chief Executive
Officer of CytoSorbents stated, "We are very pleased with our preliminary operating performance for Q3 2014. The increase
in sales was across a broad base of both direct customers and distributors. Importantly, we continue to hear positive treatment
successes in many different applications, led by sepsis and cardiac surgery, from many different sources, which we will share in
greater detail in the future. We continue to believe that our therapy may have applications beyond current uses, including the
treatment of Ebola infection, particularly in the terminal phase that is dominated by cytokine storm."
"In terms of our up-listing plans,
we believe that the up-listing to a national exchange is in the best interest of our Company and shareholders. As we have discussed
before, we believe there are many advantages to up-listing. We believe the most compelling potential benefit is that larger institutional
investors, who collectively command billions of dollars in investment capital but are currently unable to own our stock (due to
restrictions in holding shares of OTCBB companies with shares trading under $1), will have the ability and appetite to purchase
our stock in the open market when we up-list. We expect that this may increase the liquidity and/or demand for our shares, when
coupled with positive news. Other potential advantages include greater credibility and visibility in the investor community and
access to lower cost sources of capital, for example. As we continue to move through this process, we will be reaching out to shareholders
to finalize our plans."
"Finally, we continue to be committed
to strengthening the science behind our therapy with more vigorous clinical activity. In addition to launching our International
CytoSorb Registry and announcing our Cardiac Surgery Advisory Board, we continue to add to our clinical development team,
with a European Medical Director who is an intensive care physician to help oversee the more than 40 investigator initiated studies
being planned or enrolling, an in-house Ph.D. statistician, and shortly a Head of Clinical Development in the U.S. We also continue
to be highly visible in the scientific community, currently with sponsorship of the Acute Dialysis
Quality Initiative (ADQI) Conference in Bogot , Columbia on "Blood Purification in Sepsis", and
our booth exhibition at the European Association for Cardio-Thoracic Surgery (EACTS) in
Milan, Italy. Importantly, we are very excited about our second annual CytoSorb Users Meeting that will take place just prior
to the DIVI 2014 conference in Hamburg, Germany (December 3-5, 2014), where users will
again share their clinical treatment experiences with CytoSorb . Later this month, at the American
Association of Blood Banks (AABB) conference in Philadelphia, Pennsylvania (October 25-28, 2014), we may also hear
results from the Red Cell Storage Duration Study (RECESS trial) administering old blood versus new blood to complex cardiac surgery
patients. If positive, we believe this could be a significant catalyst for our HemoDefend program. We will continue to keep shareholders
informed with important and relevant news as it develops."
About CytoSorbents Corporation
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 adsorber, 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. CytoSorb
is also being used during and after cardiac surgery to try to remove inflammatory mediators, such as cytokines and free hemoglobin,
which can lead to post-operative complications, including multiple organ failure.
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/
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 or disclosed.
You should be aware that our actual results and our future prospects could differ materially from those contained in the forward-looking
statements, which are based upon management's current expectations and are subject to a number of risks and uncertainties,
including, but not limited to, our ability to successfully market and sell our CytoSorb product, our dependence upon partners
to successfully distribute our CytoSorb product, our ability to receive and maintain regulatory approval for our products, our
ability to obtain additional financing as needed, technological changes, government and agency regulation, changes in industry
practice, and one-time events, including those discussed herein and in our Annual Report on Form 10-K filed with the SEC on March
31, 2014, which is available at http://www.sec.gov.
We do not intend to update any of these factors or to publicly announce the results of any revisions to these forward-looking
CytoSorbents Corporation
Chief Executive Officer
(732) 329-8885 ext. *823
CytoSorbents Corporation
(732) 329-8885 ext. *825