MONMOUTH JUNCTION, N.J., May 6, 2013 (GLOBE NEWSWIRE) -- CytoSorbents Corporation (OTCBB:CTSO), a critical care focused therapeutic device company using blood purification to treat life-threatening illnesses, announced today that is has entered into an exclusive distribution agreement with L.IN.C Medical Systems LTD to distribute CytoSorb® in the United Kingdom and Ireland. The initial term of the agreement is three years, and is subject to annual minimum guaranteed orders of CytoSorb® to maintain exclusivity.
Mr. Stephen Bailey, Managing Director of L.IN.C., stated, "We are excited and privileged to bring CytoSorb® to the market in the U.K. and Ireland. By controlling cytokine storm and working to prevent or treat organ failure, CytoSorb® is a unique and innovative product that has the opportunity to transform the way critical care illnesses are managed. CytoSorb® treatment is simple to implement and leverages our own expertise in therapeutic blood purification. With few, if any, alternative treatments available, we expect a receptive and smooth introduction into the market."
Dr. Christian Steiner, CytoSorbents' Vice President of Sales and Marketing, stated, "We are looking forward to working closely with L.IN.C. Their significant experience in extracorporeal blood purification and their established network in critical care and nephrology make them an ideal partner to introduce CytoSorb® to intensive care units throughout the U.K. and Ireland. We plan to leverage our own key opinion leader relationships in the U.K. with those of L.IN.C.'s to accelerate the sales and adoption process while working in parallel with L.IN.C. to obtain reimbursement for CytoSorb® in these territories."
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents, remarked, "The L.IN.C. relationship immediately expands our reach into other countries of the European Union where CytoSorb is currently approved. It is part of our strategic plan to accelerate product sales by layering distributor revenues on top of our direct sales of CytoSorb® in Germany, Austria, and Switzerland."
The United Kingdom is the 6th largest economic market in the world and is tied as second largest medical device market in Europe with France, behind Germany. The U.K. and Ireland represents approximately 68 million people. In these countries, there are more than 200,000 hospitalized cases of severe sepsis or septic shock, trauma, burn injury, acute respiratory distress syndrome, acute pancreatitis, and other critical illnesses annually where CytoSorb® may be applicable. It represents a total addressable market opportunity of approximately $750M to $1 billion dollars.
About L.IN.C. Medical Systems
L.IN.C. Medical Systems Ltd is an established supplier of medical equipment and devices to UK healthcare providers and is located in Countesthorpe, South Leicestershire, UK. Its core products and business expertise focus on the areas of intensive care, nephrology, blood transfusion, rehabilitation, and other products. L.IN.C. has made a significant commitment towards ethical and corporate responsibility, with at least 10% of the company's gross profit being donated to community charities. For more information, please visit: www.linc-medical.co.uk
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.