Full Press Release Details
Technologies Announces Company Name Change to CytoSorbents
Junction, NJ - (May 6, 2010) - MedaSorb Technologies Corporation, formerly
trading under the symbol (OTCBB:MSBT), has formally changed its company name to
CytoSorbents Corporation. Pursuant to the name change, effective at
the open of business on May 7, 2010, the new ticker symbol for the Company will
additional information on the Company, please see our Form 10-K filed with the
SEC on April 9, 2010 under our former name MedaSorb Technologies Corporation,
which is available at www.sec.gov.
CytoSorbents and CytoSorb
Corporation, and its operating subsidiary CytoSorbents, Inc., 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 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. Severe sepsis is typically triggered by
bacterial infections like pneumonia, or viral infections like
influenza. However, it is the body's abnormal immune response to the
trigger that leads to the unregulated, massive production of cytokines, often
called "cytokine storm", that then causes severe inflammation, organ failure and
often death.. 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 CytoSorb 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. CytoSorb is one of a number of different resins designed for
various 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
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. CytoSorbents 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-K filed with the SEC on April 9, 2010, which is
available at http://www.sec.gov.
CytoSorbents Corporation (fka MedaSorb Technologies Corporation)