MONMOUTH JUNCTION, N.J., June 27, 2013 (GLOBE NEWSWIRE) -- CytoSorbents Corporation (OTCBB: CTSO), a critical care focusedcompany commercializing its European Union approved CytoSorb® bloodfilter to treat life-threatening illnesses in the intensive careunit, announced today that it has successfully completednegotiations and begun work on the previously announced $1 millionPhase II SBIR (Small Business Innovation Research) contract intrauma and burn injury from the United States Army. Over the next year, CytoSorbents will continue its collaborationwith some of the leading medical researchers in the US military toexplore the use of its CytoSorb® cytokine filter and newlydeveloped technologies to treat both trauma and burn and smokeinhalation injury in large animal models. Assuming thesuccessful completion of the Phase II work, the Company would beeligible to apply for a Phase III SBIR award that would help tofund and accelerate human clinical testing in the area of burninjury and/or trauma. This work, supported by the US ArmyMedical Research and Materiel Command under an amendment toContract W81XWH-12-C-0038, has now received committed funding of$1.15 million to date. This program is separate from the recently announced US AirForce funded and FDA-approved 30 patient human pilot study usingCytoSorb® to treat rhabdomyolysis in trauma patients expected tobegin in the US this year. In addition, the Company announced that it has raised $1.1million in new funding from investors in the form of a convertiblenote financing. Dr. Phillip Chan, CEO of CytoSorbents, wasamongst the investors who participated in this financing. Full details of this financing will be available in a subsequentForm 8-K filing. Dr. Chan stated, "We are pleased to have the continued supportof the government and US military with award contracts, grants, andfunding of our technologies well in excess of $7 million fromDARPA, the US Army, the US Air Force, the US Department of Healthand Human Services, the National Institutes of Health, and the NewJersey Economic Development Authority. We also thank ourinvestors and shareholders for supporting our vision to save thelives of people around the world with our ground-breakingtechnologies."
About CytoSorbents CorporationCytoSorbents is a critical care focused therapeutic devicecompany using blood purification to modulate the immune system -with the goal of preventing or treating multiple organ failure inlife-threatening illnesses. Organ failure is the cause of nearlyhalf of all deaths in the intensive care unit, with little toimprove clinical outcome. CytoSorb®, the Company's flagshipproduct, is approved in the European Union as a safe and effectiveextracorporeal cytokine filter, designed to reduce the "cytokinestorm" that could otherwise cause massive inflammation, organfailure and death in common critical illnesses such as sepsis, burninjury, trauma, lung injury, and pancreatitis. These are conditionswhere the mortality is extremely high, yet no effective treatmentsexist. CytoSorbents' purification technologies are based onbiocompatible, highly porous polymer beads that can actively removetoxic substances from blood and other bodily fluids by pore captureand surface adsorption. CytoSorbents has numerous products underdevelopment based upon this unique blood purification technology,protected by 32 issued US patents and multiple applicationspending, including HemoDefend™, ContrastSorb, DrugSorb, and others.Additional information is available for download on the Company'swebsite: http://www.cytosorbents.com Forward-Looking Statements This press release includes forward-looking statements intendedto qualify for the safe harbor from liability established by thePrivate Securities Litigation Reform Act of 1995. Forward-lookingstatements in this press release are not promises or guarantees andare subject to risks and uncertainties that could cause our actualresults to differ materially from those anticipated. Thesestatements are based on management's current expectations andassumptions and are naturally subject to uncertainty and changes incircumstances. We caution you not to place undue reliance upon anysuch forward-looking statements. Actual results may differmaterially from those expressed or implied by the statementsherein. CytoSorbents Corporation and CytoSorbents, Inc believe thatits primary risk factors include, but are not limited to: obtaininggovernment regulatory approvals; ability to successfully developcommercial operations; dependence on key personnel; acceptance ofthe Company's medical devices in the marketplace; the outcome ofpotential litigation; compliance with governmental regulations;reliance on research and testing facilities of various universitiesand institutions; the ability to obtain adequate and timelyfinancing in the future when needed; product liability risks;limited manufacturing experience; limited marketing, sales anddistribution experience; market acceptance of the Company'sproducts; competition; unexpected changes in technologies andtechnological advances; and other factors detailed in the Company'sForm 10-K filed with the SEC on April 3, 2013, which is availableat http://www.sec.gov
CONTACT: Company Contact: CytoSorbents Corporation Dr. Phillip Chan Chief Executive Officer (732) 329-8885 ext. *823 firstname.lastname@example.org Investor Contact: Alliance Advisors, LLC Alan Sheinwald (914) 669-0222 email@example.com Valter Pinto (914) 669-0222 x201 firstname.lastname@example.org Media Contact: JQA Partners Jules Abraham (917) 885-7378 email@example.com