MONMOUTH JUNCTION, N.J., Dec. 15, 2015 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a leader in critical care immunotherapy commercializing its CytoSorb® extracorporeal cytokine adsorber to control deadly inflammation using blood purification, today announced an exclusive multi-year distribution agreement with Hoang Long Pharma, a medical distributor in Vietnam specializing in the distribution of innovative pharmaceuticals, biologics, and devices to treat patients suffering from critical illnesses, immunologic disorders and deficiencies, and infections. This multi-year agreement includes all critical care applications in Vietnam, and is subject to annual minimum purchases of CytoSorb® to maintain exclusivity.
Nguyen Thi Hoang Ha, President of Hoang Long Pharma, stated, "We are excited to be working with CytoSorbents to bring CytoSorb® to Vietnam, where it will strengthen our presence and current offerings in the intensive care unit such as fractionated immunoglobulin, human albumin, and others. CytoSorb® has opened a new perspective on how to treat sepsis and other critical care illnesses and we see great promise for this therapy in our country, where the ability to treat life-threatening illnesses has been limited. We look forward to a continuous successful cooperation with CytoSorbents in the future."
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents, stated, "We are pleased to be working with Hoang Long Pharma, an established and respected company with strong contacts in critical care and acute care medicine throughout Vietnam. With the rising use of blood purification in one of the fastest growing health economies in the region, Vietnam represents an excellent market for expansion."
Vietnam has a population of approximately 90 million people served by over 1,100 major hospitals, and spends roughly 6.4% of its Gross Domestic Product (GDP) on healthcare annually. Approximately 70% of the population is covered by government-funded health insurance, with a significantly greater proportion of coverage in urban areas. Hemodialysis and blood purification for chronic and acute kidney injury is increasingly more common, particularly in major hospitals in cities throughout the country.
About Hoang Long Pharma Hoang Long Pharma is a specialty medical distributor celebrating its 20th anniversary of distributing international pharmaceuticals, biologics, and devices to the critical care and acute care hospital markets in Vietnam.
About CytoSorbents Corporation (NASDAQ: CTSO) CytoSorbents Corporation is a commercial-stage, critical care focused immunotherapy company using its CytoSorb® blood purification technology to control severe, deadly 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® is approved in the European Union with distribution in 32 countries around the world, 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 remove inflammatory mediators, such as cytokines and free hemoglobin, which can lead to post-operative complications, including multiple organ failure. CytoSorb® has been used safely in more than 8,000 human treatments to date.
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. The Company has numerous products under development based upon this unique blood purification technology, protected by 32 issued US patents and multiple applications pending, including HemoDefend™, ContrastSorb, DrugSorb, and others. Additional information is available for download on the Company's websites: http://www.cytosorbents.com and http://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 31, 2015, 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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