MONMOUTH JUNCTION, N.J., Oct. 11, 2016 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a critical care immunotherapy leader commercializing its flagship CytoSorb® cytokine adsorber to treat deadly inflammation in critically-ill and cardiac surgery patients around the world, today announced that it has signed an exclusive distribution agreement with Foxx Medical Chile SpA (Foxx Medical) to distribute CytoSorb for all critical care, cardiac surgery, and other hospital applications in Chile. This multi-year agreement is subject to annual minimum purchases of CytoSorb to maintain exclusivity.
Mr. Patrick Ward, General Manager and Chairman of Foxx Medical stated, "We are excited to commence our partnership with CytoSorbents. With CytoSorb, doctors have the unique opportunity to effectively recover control of their patients and rescue them out of severe sepsis and the dangerous systemic inflammatory response syndrome (SIRS). Within less than 2 weeks, CytoSorb has already been used successfully to treat two critically-ill patients who were not responding to the standard protocol. Both are now out of the ICU and recovering well."
Mr. Fernando Gallardo, Sales Manager for Foxx Medical said, "CytoSorbents has been very supportive and a pleasure to work with. They have provided our team with training and assistance that allowed us to both identify the right patients and treat them at the correct moment."
Dr. Phillip Chan, CEO of CytoSorbents stated "We welcome Foxx Medical to our growing list of distributors and strategic partners for CytoSorb, which is now distributed in 40 countries throughout the world. Foxx has a strong critical care focus, with a proven history of introducing new innovative products to the hospital. As our first distributor in South America, we are pleased with their rapid start and early successes, and look forward to a fruitful collaboration."
Chile has a population of approximately 18 million people, covered mainly by public health insurance (76%) through the Fondo Nacional del Salud (FONASA), with approximately 19% of the population covered by private insurance. There are approximately 425 hospitals in Chile, of which 54% are private and 46% are public, with 127 in the capital city of Santiago alone.
About Foxx Medical
Foxx Medical Chile SpA, is a growing medical device distributor and value-added solutions provider based in Santiago, Chile. The company focuses on delivering leading edge medical products and innovative solutions for its customers in a number of related business areas.
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 40 countries around the world, as a safe and effective 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 such as sepsis, burn injury, trauma, lung injury and pancreatitis, as well as in cancer immunotherapy. 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. CytoSorbents has completed its REFRESH (REduction in FREe Hemoglobin) 1 trial - a multi-center, randomized controlled study that has demonstrated the safety of intra-operative CytoSorb® use in a heart-lung machine during complex cardiac surgery. In early 2017, the company plans to initiate a pivotal REFRESH 2 trial intended to support U.S. FDA approval. CytoSorb® has been used safely in more than 14,000 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 and contract funding in excess of $18 million from DARPA, the U.S. Army, the U.S. Air Force, 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 32 issued U.S. patents and multiple applications pending, including CytoSorb-XL, HemoDefend™, ContrastSorb, DrugSorb and others. For more information, please visit the Company's websites: http://www.cytosorbents.com and http://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 9, 2016, 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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SOURCE CytoSorbents Corporation