MONMOUTH JUNCTION, N.J., June 13, 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 Hitit Medical Systems to distribute CytoSorb® in Turkey. The initial term of the agreement is three years, and is subject to annual minimum guaranteed orders of CytoSorb® to maintain exclusivity.
Mr. Tankut Gedik, Managing Director of Hitit Medical, stated, "As a company with extensive expertise in extracorporeal therapy, Hitit has followed the progress of CytoSorb® since its launch in the European Union last year. We are very excited to be the exclusive distributor of such an advanced technology in the Turkish market. We were attracted by CytoSorb's proven ability to safely reduce cytokine storm in critically ill patients, its potential to prevent or treat organ failure, and its ease of use across many different hemodialysis machine platforms. We have now registered CytoSorb® in Turkey, and have had a strong response from physicians eager to evaluate this powerful new therapy. We believe the addition of CytoSorb® to our portfolio of extracorporeal therapies brings great value to our business and our customers."
Mr. Vincent Capponi, CytoSorbents' Chief Operating Officer, stated, "We are excited to bring Hitit Medical on board as part of a global expansion program to drive usage of CytoSorb® beyond the European Union. Turkey, with its modern medical facilities and infrastructure in accredited hospitals and common use of blood purification technologies, is an ideal first country to target outside the EU. Hitit is an exceptionally strong partner for CytoSorbents, with specific expertise in the sale and implementation of extracorporeal technologies such as apheresis, dialysis and liver support into the hospital setting. We look forward to working with Hitit and supporting them in a successful market launch of CytoSorb® in the country."
Turkey, with a population of approximately 75 million people, is comparable in size to the United Kingdom and Ireland combined. It is the 18th largest economic market in the world and has a growing medical device market worth approximately $2.3 billion. Turkey has the third highest number of Joint Commission International (JCI) accredited hospitals in the world. The incidence and mortality of critical illnesses in Turkey is high. The total addressable market opportunity for CytoSorb® is estimated to be in excess of $750 million dollars.
About Hitit Medical
Hitit was founded in 1986 with corporate headquarters in Izmir, Turkey. Hitit medical has expertise in ICU products including, apheresis, immunoadsorption, and liver support. In addition to ICU products, Hitit also sells blood banking, drug delivery and access system products into the hospital market. Hitit's business provides service and after sales service to the entire country of Turkey. For more information, please visit: www.hititmedical.com
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.
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.
CONTACT: CytoSorbents Corporation Dr. Phillip Chan Chief Executive Officer (732) 329-8885 ext. *823 email@example.com Investor Contact: Alliance Advisors, LLC Alan Sheinwald (914) 669-0222 firstname.lastname@example.org Valter Pinto (914) 669-0222 x201 email@example.com Media Contact: JQA Partners Jules Abraham (917) 885-7378 firstname.lastname@example.orgSource:CytoSorbents