MONMOUTH JUNCTION, N.J., July 23, 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 distribution agreement with TekMed Pty Ltd, a leading provider of dialysis equipment, vascular access devices, and disposables to the acute and chronic healthcare markets in Australia and New Zealand. This multi-year agreement includes all critical care and cardiac surgery applications in Australia and New Zealand, and is subject to annual minimum purchases of CytoSorb® to maintain exclusivity.
Mr. Peter Kennedy, Managing Director of TekMed stated, "We are excited to be working with CytoSorbents to introduce CytoSorb® to intensivists and cardiac surgeons across the continent. CytoSorb® is a revolutionary new product that has the promise to help physicians save lives, reduce dangerous complications associated with inflammation, and help hospitals control costs. It fits perfectly into our sales and distribution channel and with CytoSorb® already registered in both Australia and New Zealand, we can immediately begin the sales outreach to our significant critical care network. The early feedback from physicians has been excellent."
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents, commented, "Given TekMed's expertise, strong relationships, and compatible product offerings, we expect them to become a solid partner for the company going forward. With a combined population of more than 28 million people, these two countries represent an as yet untapped market for CytoSorb®, and one that has the potential for significant future growth."
According to the Australian Institute of Health and Welfare, in 2011-12, there were 1,345 hospitals in Australia, of which 736 were public acute care hospitals and 285 were private hospitals. New Zealand has approximately 220 hospitals. Healthcare is insured by a combination of both government funded Medicare as well as overlapping private insurance. CytoSorbents' expansion into Australia and New Zealand makes CytoSorb® available, with registration, to patients in need in 31 countries worldwide.
TekMed provides premium medical products to the Australian and New Zealand health care markets. Products include blood purification for the ICU, vascular access for Renal and Interventional Radiology, and therapy chairs for Renal and Oncology. TekMed's mission is to build business and customer relationships based on trust and a commitment to helping others. TekMed has grown into a strong operational business by supplying, servicing and supporting specialty health care products well-suited to the local health care professional over the last 15 years.
About CytoSorbents Corporation
CytoSorbents Corporation is a critical care focused immunotherapy company using blood purification to control severe 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®, the Company's flagship product, is approved in the European Union with distribution in 31 countries around the world, as a safe and effective extracorporeal cytokine filter, 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.
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. CytoSorbents 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 website: http://www.cytosorbents.com and at www.cytosorb.com
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.
SOURCE CytoSorbents Corporation