MONMOUTH JUNCTION, N.J., March 16, 2017 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), manufacturer of the CytoSorb® extracorporeal blood purification therapy that reduces excessive levels of inflammatory mediators in critically-ill and cardiac surgery patients, announced today that they have entered into a partnership with Dr. Reddy's Laboratories Ltd for the South African market.
Under the terms of the agreement, Dr. Reddy's has the exclusive rights to distribute CytoSorb for intensive care, cardiac surgery, and other hospital applications in South Africa. This multi-year agreement is subject to annual minimum purchases of CytoSorb to maintain exclusivity.
M.V. Ramana, Executive Vice President and Head of Emerging Markets & India Business, Dr. Reddy's Laboratories said, "We are happy to partner with CytoSorbents, which we believe will strengthen our endeavor to enhance patient access to novel treatment options in South Africa."
"Dr. Reddy's is a leading global pharmaceutical firm operating in over 25 countries with more than $2.3B in annual sales." commented Dr. Phillip Chan, Chief Executive Officer of CytoSorbents. "Their influential presence and solid reputation in South Africa make them an excellent partner for CytoSorb."
Chris Cramer, CytoSorbents' Vice President of Business Development added, "Dr. Reddy's combines the strengths and resources of a large organization with the agility and experience required to introduce CytoSorb. We look forward to supporting Dr. Reddy's in South Africa and we are confident that this will lay the groundwork for an expanded partnership in the future."
There are approximately 55 million people in South Africa. Throughout the sub-Saharan Africa region, infectious diseases like HIV/AIDS and malaria represent major public health challenges. As a result, these patients are at greater risk for contracting sepsis. Healthcare in South Africa varies from the most basic primary health care, offered free by the state, to highly specialized, hi-tech health services available in the both the public and private sector. According to The Economist Intelligence Unit, South Africa's health care spending, which totaled $29.8 billion in 2013, is projected to increase steadily from 2014 to 2018, to a total of $39 billion.
Financial terms of this agreement have not been disclosed.
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 42 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 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 20,000 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 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 31 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 at www.cytosorbents.com and www.cytosorb.com or follow us on Facebook and Twitter.
About Dr. Reddy's Laboratories
About Dr. Reddy's: Dr. Reddy's Laboratories Ltd. (BSE: 500124, NSE: DRREDDY,NYSE: RDY) is an integrated pharmaceutical company, committed to providing affordable and innovative medicines for healthier lives. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products – Dr. Reddy's offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations. Our major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology. Dr. Reddy's operates in markets across the globe. Our major markets include – USA, India, Russia & CIS countries, and Europe. For more information, log on to: www.drreddys.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 3, 2017, 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.