MONMOUTH JUNCTION, New Jersey, May 19, 2015 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a leader in critical care immunotherapy commercializing its CytoSorb® extracorporeal cytokine adsorber to purify blood and control severe inflammation, today announced that it has established an exclusive agreement with AlphaMedix Ltd to distribute CytoSorb® in Israel for all critical care and cardiac surgery applications.
Under the terms of this agreement, the newly established acute hospital care arm of AlphaMedix will seek Israeli Ministry of Health approval for CytoSorb® and registration with AMAR, the Ministry's Medical Device division responsible for the registration and supervision of medical devices in Israel. This agreement is subject to annual minimum purchases to maintain exclusivity.
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents stated, "We are pleased to partner with AlphaMedix to register and distribute CytoSorb® in Israel, a country known for its leadership in cutting-edge medical technologies. Having visited a number of hospitals in Israel, I believe CytoSorb® will add to the already high quality of medical care and level of preparedness throughout the country. Alphamedix and its team have strong regulatory expertise, an outstanding track record of new product introductions, and a new dedicated acute care sales and marketing team. CytoSorb® will be the cornerstone of AlphaMedix's new acute care initiative."
Mr. Zvika Kaufman, Chairman of AlphaMedix and former CEO of Luxembourg Pharmaceuticals stated, "CytoSorb® represents a potentially groundbreaking treatment to reduce deadly inflammation caused by conditions as varied as sepsis, trauma and burns, among others. Feedback from intensive care physicians, cardiac surgeons, and health officials at major medical centers in Israel, including the Magen David Adom, Israel's national emergency medical, disaster, ambulance and blood bank service, reinforces the clear and substantial need for an advanced and previously unavailable product like CytoSorb®, which fills a major treatment gap in the country. As the former distributor of B Braun dialysis products in Israel, we look forward to making CytoSorb® available to critically-ill and cardiac surgery patients as soon as possible."
The Israeli healthcare market, serving a population of 8 million people, is an attractive focus of international manufacturers of innovative pharmaceuticals and medical devices because of its world-renowned medical leaders, and its well-established and modern medical infrastructure. Israel provides universal health coverage to its citizens with services offered in the areas of family medicine, emergency treatment, elective surgery, transplants and medications.
About AlphaMedix Ltd
AlphaMedix Ltd. was founded in 2009 and is headquartered near Tel Aviv. Established and managed by leading medical marketing executives, AlphaMedix aims to become the premier importer of medical products in Israel. Initially focused on the medical aesthetics market, where it has established a strong market position, AlphaMedix has now formed an acute hospital care division that will target the needs of patients in the intensive care unit and in cardiac surgery.
Alphamedix provides Israeli medical professionals with access to innovative, high-quality medical products and technologies. Its team has extensive experience in successfully introducing and supporting medical products, making AlphaMedix an ideal distribution partner for manufacturers. From initial market introduction, through product workshops and training, all the way to expert professional after-sales support and service, Alphamedix does what it takes to ensure the success of its partners and customers.
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 29 countries around the world, as a safe and effective extracorporeal cytokine adsorber, 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 websites: http://www.cytosorbents.com and http://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