MONMOUTH JUNCTION, N.J., April 11, 2013 (GLOBE NEWSWIRE) -- CytoSorbents Corporation (OTCBB:CTSO), a critical care focused therapeutic device company using blood purification to treat life-threatening illnesses, today announced the award of an additional Phase I Option SBIR (Small Business Innovation Research) contract by the US Army Medical Research and Materiel Command, valued at $50,000 over a 2 month period. The Phase I Option is intended to fund program-related interim research and development in advance of finalizing contract negotiations on the previously announced $1M Phase II SBIR award. The Phase II SBIR award will fund animal research in trauma and burn injury using the Company's proprietary CytoSorb® cytokine removal technology.
This work is supported by the US Army Medical Research and Materiel Command under an amendment of Contract No W81XWH-12-C-0038.
About CytoSorbents Corporation
CytoSorbents Corporation is a critical care focused therapeutic device company using blood purification to modulate the immune system and fight multi-organ failure in life-threatening illnesses. Its purification technology is based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other bodily fluids by pore capture and adsorption. 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. CytoSorb® also removes myoglobin from blood, making it a potential treatment of rhabdomyolysis in trauma. These are conditions where the mortality is extremely high, yet no effective treatments exist. Additional information is available for download on the Company's website: http://www.cytosorbents.com.
Forward-Looking Statements
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.