MONMOUTH JUNCTION, N.J., Dec. 17, 2020 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a critical care immunotherapy leader commercializing its CytoSorb® blood purification technology to treat deadly inflammation in critically ill and cardiac surgery patients around the world, announces the promotion of Dr. Christian Steiner to Executive Vice President - Sales and Marketing of CytoSorbents Corporation, effective immediately. Dr. Steiner will continue as Co-Managing Director of CytoSorbents Europe GmbH, and its subsidiaries.
Dr. Phillip Chan, MD, PhD, Chief Executive Officer of CytoSorbents stated, "I am pleased to have this opportunity to publicly recognize Christian's great contributions to CytoSorbents over the more than 9 years we have been working together. Christian has been instrumental in building the CytoSorb business from the very beginning, establishing an initially unknown therapy to now a market leader in our field that has generated more than $100 million in cumulative sales. He has led the growth and management of CytoSorbents Europe GmbH as Co-Managing Director, building a world-class commercialization team that has resulted in a solid multi-year history of increasing CytoSorb adoption, published data, and sales growth. Christian combines a strong science and medical understanding with more than 20 years of sales and marketing experience introducing innovative medical devices to the critical care market. As a key member of our corporate management team who has coordinated the commercialization of CytoSorb, Christian is a visionary that excels at strategy, critical thinking, problem solving, organization, and execution with more contributions to the company than can be counted. On behalf of the Board of Directors and the management team, we thank Christian for a job well-done, congratulate him on this well-deserved promotion, and look forward to even greater levels of future success."
Dr. Christian Steiner stated, "At the first meeting with Phil and Vince in Berlin many years ago, I already felt that CytoSorb had the potential to save thousands, and perhaps even millions of lives one day. It is such a strikingly simple yet powerful technology that gets to the core of the deadly systemic inflammation that kills patients in the ICU. I exactly remember how we first established our commercialization subsidiary, the first hires, the first medical conferences, the first published clinical data, the first commercial sales, and the excitement and surprise from pioneering doctors who performed the first CytoSorb treatments. Now with more than 60,000 patients treated and more than 110,000 treatments delivered to date in more than 66 countries worldwide, I am as passionate and convinced as ever that this disruptive therapy is helping to save lives and is going to change medicine."
Dr. Steiner continued, "It has been amazing to help drive CytoSorbents' growth, with today more than 90 people in Europe and nearly 100 employees in the United States. I am particularly proud of how our dedicated teams worked together during this current pandemic to make our therapy available to patients all over the word who were suffering from critical illnesses like COVID-19, septic shock, and liver failure, or who required cardiac surgery. Coming off of a record third quarter, on an annualized revenue run rate of more than $40 million, I look forward with tremendous optimism and am very grateful for this opportunity to be part of writing medical history. I thank my management colleagues and the Board of Directors, our dedicated team that shares an unshakable will to change the status quo, the many clinicians and researchers who have put their trust in CytoSorb and pioneered its role across many applications, and finally all of our investors who have made, and still make, the introduction and commercialization of this therapy possible."
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 66 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® is also being used during and after cardiac surgery to remove inflammatory mediators that can lead to post-operative complications, including multiple organ failure. CytoSorb® has been used in more than 110,000 human treatments to date. CytoSorb has received CE-Mark label expansions for the removal of bilirubin (liver disease), myoglobin (trauma) and both ticagrelor and rivaroxaban during cardiothoracic surgery. CytoSorb has also received FDA Emergency Use Authorization in the United States for use in critically ill COVID-19 patients with imminent or confirmed respiratory failure, in defined circumstances. CytoSorb has also been granted FDA Breakthrough Designation for the removal of ticagrelor in a cardiopulmonary bypass circuit during emergent and urgent cardiothoracic surgery.
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 more than $38 million from DARPA, the U.S. Department of Health and Human Services (HHS), the National Institutes of Health (NIH), National Heart, Lung, and Blood Institute (NHLBI), the U.S. Army, the U.S. Air Force, U.S. Special Operations Command (SOCOM), Air Force Material Command (USAF/AFMC), 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 ECOS-300CY™, CytoSorb-XL™, HemoDefend-RBC™, HemoDefend-BGA™, VetResQ™, K+ontrol™, 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.
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, including statements regarding our expectations about our cash runway, the advancement of our trials, our plans to initiate new trials, our goals to develop and commercialize CytoSorb and the timing thereof, the potential impact of COVID-19 on our operations and milestones, 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, risks discussed in our Annual Report on Form 10-K, filed with the SEC on March 5, 2020, as updated by the risks reported in our Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, 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, particularly in light of the current coronavirus pandemic, where businesses can be impacted by rapidly changing state and federal regulations, as well as the health and availability of their workforce. 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.