MONMOUTH JUNCTION, NJ--(Marketwired - Jan 27, 2014) - CytoSorbents Corporation (OTCQB: CTSO), a critical care immunotherapy company, announced that U.S. House of Representatives Rush Holt awarded CytoSorbents an Export Achievement Award from the U.S. Department of Commerce and the International Trade Administration to recognize CytoSorbents' recent accomplishments in the global marketplace.
Dr. Phillip Chan, MD, PhD, Chief Executive Officer of CytoSorbents, stated, "It was an honor to accept the Export Achievement Award from Congressman Holt at our offices and to discuss how our CytoSorb® blood purification technology could potentially shape the future of critical care medicine and reduce healthcare costs in the United States. As a scientist who spent part of his academic career at nearby Princeton University and as a staunch supporter of government funding for scientific innovation, Congressman Holt was ideally suited to appreciate our commercialization and research and development accomplishments and to understand our goals for the future."
Vincent Capponi, Chief Operating Officer of CytoSorbents, remarked, "We were pleased to receive this award. We have been working closely with the U.S. Department of Commerce to investigate strategies to mitigate our financial risk in global commerce including participation in the Export-Import Bank (EXIM) program. With increasing international interest in CytoSorb®, this has allowed us to aggressively expand our product distribution to countries such as the United Kingdom, Ireland, the Netherlands, Turkey, Russia and India, with more to come."
Congressman Holt commented, "As our economy continues to recover, manufacturers like CytoSorbents need the federal government to stand by their sides -- to support basic scientific research and development, and to create opportunities to export good ideas and good products abroad. The Department of Commerce and the Export-Import Bank help small companies find their way through barriers to overseas markets."
About CytoSorbents Corporation
CytoSorbents is a critical care focused immunotherapy company using blood purification to modulate 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 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. 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/
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. Forward-looking statements in this press release are not promises or guarantees and are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. These statements are based on management's current expectations and assumptions and are naturally subject to uncertainty and changes in circumstances. We caution you not to place undue reliance upon any such forward-looking statements. Actual results may differ materially from those expressed or implied by the statements herein. Risk factors are detailed in the Company's Form 10-K filed with the SEC on April 3, 2013, which is available at http://www.sec.gov.