MONMOUTH JUNCTION, NJ -- (Marketwire) -- 08/13/12 -- CytoSorbents Corporation (OTCBB: CTSO), a critical care-focused company using blood purification to modulate the immune system to prevent or treat organ failure caused by life-threatening illnesses, announced a corporate update and its financial results for the three months ended June 30, 2012.
Key recent accomplishments include:
•Official launch of CytoSorb® in Germany, following successful completion of our controlled market release •Establishment of a direct veteran sales force in Germany, led by Dr. Christian Steiner, Vice President of Sales and Marketing •Award of a DARPA $3.8 million contract under its "Dialysis-like Therapeutics" sepsis program •Successful completion of the U.S. Army Phase I SBIR grant in trauma with submission of the up to $1 million Phase II SBIR grant proposal •Analyst coverage initiation from Zacks Small Cap Research and Brean Murray
Dr. Phillip Chan, Chief Executive Officer, stated, "We are pleased with the continued momentum we are building and the execution of a number of important milestones that will help contribute to the success of the Company."
Commercialization: "Following the successful completion of our controlled-market release, we officially launched CytoSorb® in Germany at the end of June with the hiring of Dr. Christian Steiner, our new Vice President of Sales and Marketing, and 3 additional veteran sales people. Dr. Steiner and one representative started full-time at the end of June, while the other two began at the beginning of August. The team has now completed their training and has already begun to set-up meetings with their own previously established critical care network.
"The market reception continues to be very encouraging. Since the last earnings update, we have grown the number of sites interested to use CytoSorb®. We are also beginning to see some unsolicited interest from physicians who have heard about our technology.
"Sepsis continues to drive the most interest and usage in the technology, but as expected, other indications such as lung injury, cardiac surgery, trauma, liver failure, pancreatitis, and transplant surgery have also been generating additional interest. We have also now opened accounts in the neighboring DACH, or German speaking countries, of Switzerland and Austria, where CytoSorb® has recently been used to successfully treat a critically-ill septic patient.
"Between now and the end of the year, we will also be exhibiting at 7 major conferences, giving us ample opportunity to increase market awareness of our technologies."
Research and Development: "We are excited that our technology is gaining increased recognition and funding, particularly by the military and U.S. Department of Defense, where our U.S. Army Phase I SBIR grant in trauma and our recent DARPA $3.8 million contract for sepsis will help us to develop next generation blood purification technologies. After successfully completing the Phase I portion of the SBIR grant in trauma, we have submitted our Phase II SBIR grant application, worth up to $1 million in funding over one year, and hope to hear of a funding decision by the end of the year. Grants are becoming an excellent source of non-dilutive capital to help us drive innovation.
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