MONMOUTH JUNCTION, N.J., Feb. 28, 2020 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a critical care immunotherapy leader with more than 80,000 global treatments of its CytoSorb® blood purification technology to treat deadly inflammation in critically-ill and cardiac surgery patients, announced today that its shipment of donated CytoSorb devices and accessories have arrived in Mainland China and have been delivered to designated hospitals to help treat "cytokine storm", shock, and acute respiratory distress syndrome in critically-ill patients stricken with the COVID-19 coronavirus.
In addition, in collaboration with its partner, China Medical System Holdings Limited (CMS) (HKG:0867), a well-established, innovation-driven specialty pharma with a focus on sales and marketing in China, CytoSorbents has conducted the initial training of key critical care physicians at these hospitals in order to treat patients where indicated. The rationale of CytoSorb blood purification treatment in COVID-19 coronavirus infected patients is to control the "cytokine storm" and massive systemic inflammatory response that can lead to organ failure, such as lung failure and circulatory collapse, as described in this Washington Post article entitled, "How the coronavirus can kill people." To date, the COVID-19 coronavirus has infected over 81,000 people, killing nearly 3,000 globally, according to the World Health Organization. Although the majority of cases have been in China, many new infections are being reported in countries around the world, including the United States, with Italy, South Korea, Japan, Iran, Singapore, Taiwan, and Thailand reporting a recent surge in the numbers of coronavirus cases.
About China Medical System Holdings Limited (HKG:0867)
China Medical System Holdings Limited ("CMS", together with its subsidiaries, the "Group") is a well-established, innovation-driven specialty pharma with a focus on sales & marketing in China. The Group was established in 1995, and was listed on Main Board Market of the Stock Exchange of Hong Kong Limited (stock code: 867) on 28 September 2010. CMS is the object of transaction in both Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect. The Group is also the largest shareholder of Chengdu Rhodiola Biological Pharmaceutical Co., Ltd., a listed company (A-share) on the Shanghai Stock Exchange.
The Group is committed to offering competitive products and services to meet China's unmet medical needs. Over the past ten years (from 2009 to 2018), relying on a high-quality diversified product portfolio, a comprehensive and professional academic orientated promotion network, a highly efficient operation and management system and an international development perspective, the Group has achieved sustainable and rapid growth with a turnover (excluding the effect of the "two-invoices system") compound annual growth rate ("CAGR") of 28.1% as well as a net profit CAGR of 32.9%. In 2018, the Group's turnover was approximately RMB 5.433 billion ($780 million USD), net profit was approximately RMB 1.845 billion ($260 million USD); total assets were approximately RMB 10.5 billion ($1.5 billion USD) and net assets were approximately RMB 8.4 billion ($1.2 billion USD). The number of employees in the Group is nearly 3,600. For more information, please see http://en.cms.net.cn
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 58 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® has been used in more than 80,000 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 $29 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 (SOCOM), and others. The Company has numerous products under development based upon this unique blood purification technology protected by many issued U.S. and international patents and multiple applications pending, including CytoSorb-XL™, HemoDefend™, VetResQ™, K+ontrol™, ContrastSorb, DrugSorb, and others.
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 7, 2019, 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.