MONMOUTH JUNCTION, N.J., Sept. 20, 2018 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ:CTSO) a critical care immunotherapy leader using its CytoSorb® blood purification technology to treat deadly inflammation in critically-ill and cardiac surgery patients around the world, announced that CytoSorb was assigned a dedicated procedure code for cytokine reduction from the Swiss Federal Statistical Office, a division of the Federal Department of Home Affairs in Switzerland, that will become effective January 1, 2019.
Dr. Christian Steiner, Vice President of Sales and Marketing for CytoSorbents explained, "We are pleased that our CytoSorb therapy has been so rapidly integrated into the DRG system in Switzerland, one of our main direct sales territories. This was done with the support of all of the university hospitals in Switzerland and a key medical society, demonstrating the importance and acceptance of the therapy in the country. Switzerland's healthcare system is widely recognized as one of the best in the world, with excellent access to new therapies that, in turn, drive excellent outcomes. As in Germany, the next step will be for the SwissDRG to establish payment for this procedural code based on cost data from major Swiss hospitals. If the new payment is achieved, we expect to accelerate adoption and usage of CytoSorb throughout the country as a life-saving therapy."
Switzerland has a population of approximately 8.4 million people, and spends about 12% of its gross domestic product on healthcare. Each citizen is required to purchase mandatory health insurance (MHI), that is often supplemented by private and voluntary health insurance (VHI), as well as self-pay. Although the system is tightly regulated, citizens enjoy a high quality of healthcare.
About CytoSorbents Corporation (NASDAQ: CTSO)
CytoSorbents Corporation is a leader in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb® is approved in the European Union with distribution in 53 countries around the world, as an extracorporeal cytokine adsorber designed to reduce the "cytokine storm" or "cytokine release syndrome" that could otherwise cause massive inflammation, organ failure and death in common critical illnesses. 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 that can lead to post-operative complications, including multiple organ failure. CytoSorbents recently initiated its pivotal REFRESH 2-AKI trial – a multi-center, randomized controlled, clinical trial intended to support U.S. regulatory approval of CytoSorb for use in a heart-lung machine during complex cardiac surgery to reduce organ injury. CytoSorb® has been used in more than 46,000 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. Its technologies have received non-dilutive grant, contract, and other funding of approximately $25 million from DARPA, the U.S. Army, the U.S. Department of Health and Human Services, the National Institutes of Health (NIH), National Heart, Lung, and Blood Institute (NHLBI), U.S. Special Operations Command (USSOCOM), and others. The Company has numerous products under development based upon this unique patented blood purification technology including CytoSorb-XL™, HemoDefend™, VetResQ™, K+ontrol™, ContrastSorb, DrugSorb, and others. For more information, please visit the Company's websites at www.cytosorbents.com and www.cytosorb.com or follow us on Facebook and Twitter.
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 8, 2018, 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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