MONMOUTH JUNCTION, N.J., Aug. 14, 2017 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a leader in critical care immunotherapy specializing in blood purification, announced that it has been awarded a grant from the U.S. Army Medical Research and Materiel Command to develop new blood purification therapies to acutely stabilize victims of severe burn injury. This work aligns with the Combat Casualty Care Research Program burn injury task area of the Forward Surgical En Route and Critical Care research portfolio. This grant provides for a maximum funding of $719,000 over four years. The Company will collaborate with leading burn researchers at the U.S. Army Institute of Surgical Research (USAISR) in San Antonio, Texas.
Dr. Phillip Chan, MD, PhD, Chief Executive Officer of CytoSorbents stated, "Severe burn injury, and the immense tissue destruction that it causes, can quickly lead to severe inflammation, dehydration, lung and kidney failure, infection and sepsis, and sudden cardiac arrest. These and other complications can be rapidly fatal, particularly in victims with delayed access to definitive care. With this funding support, we plan to develop new blood purification therapies that can be implemented immediately after injury to help control inflammation, enable swift fluid resuscitation, and reverse many of the metabolic and chemical derangements that are common in these patients. The goal is to stabilize the patient until they can be transported to a burn center or tertiary care hospital. This is particularly relevant in modern warfare, where conflicts are occurring in remote areas and immediate evacuation of the wounded is either difficult or impossible. We are proud to have a role in supporting the brave men and women in the Armed Forces who are protecting our country and our allies."
The U.S. Army Medical Research Acquisition Activity (USAMRAA), 820 Chandler Street, Fort Detrick MD 21702- 5014 is the awarding and administering acquisition office. This work is supported by the Office of the Assistant Secretary of Defense for Health Affairs, through the Broad Agency Announcement for Extramural Medical Research under Award No. W81XWH-17-2- 0013. Opinions, interpretations, conclusions and recommendations are those of the author and are not necessarily endorsed by the Department of Defense.
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 44 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 few if any 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 and efficacy of free hemoglobin reduction with 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 27,000 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 $20 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 32 issued U.S. patents and multiple applications pending, including CytoSorb-XL™, HemoDefend™, VetResQ™, ContrastSorb, DrugSorb, and others. For more information, please visit the Company's websites at www.cytosorbents.com and www.cytosorb.com, and 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 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.
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