CytoSorbents Announces Kathleen P. Bloch To Resume as Full-Time Chief Financial Officer
19 9월 2023 - 8:00PM
CytoSorbents Corporation (NASDAQ: CTSO), a critical care therapy
leader commercializing its CytoSorb® blood purification technology
to treat cytokine storm and deadly inflammation in critically-ill
and cardiac surgery patients around the world, announced the
re-appointment of Kathleen P. Bloch as full-time Chief Financial
Officer, effective retroactively to September 2, 2023. Ms. Bloch
served as the Company’s Chief Financial Officer for 10 years until
her retirement in March 2023, when she became Interim CFO as a
consultant. She resumed as Interim CFO after the investigation of,
and mutual termination and release agreement with, former CFO
Alexander D’Amico, as detailed here and here, respectively.
Dr. Phillip Chan, Chief Executive Officer of
CytoSorbents stated, “Following this unexpected turn of events, it
is great to have Kathy back as full-time Chief Financial Officer.
Kathy’s accomplished career speaks for itself as discussed here and
here. We thank Kathy for her unquestioned dedication to the
Company, the management team, and our employees over the past
decade, and particularly now as we enter this exciting time for the
Company. Kathy’s commitment secures this leadership position and
provides the time and expertise to focus and execute upon our
critical near-term business goals and priorities.”
Ms. Bloch stated, “The next six to twelve months
is expected to bring a potential wealth of opportunities as we
target U.S. and Canadian approval for the first time with
DrugSorb®-ATR, and we work to capitalize on both anticipated
improvements in the acute care markets and investments made with
our existing CytoSorb® business. Like the rest of this outstanding
team, I am passionate about our mission to help save lives and am
proud of the Company we have built to date. It was an easy decision
to come back and provide continuity and stability to our Company
and business at this pivotal moment.”
About CytoSorbents Corporation (NASDAQ:
CTSO)
CytoSorbents Corporation is a leader in the
treatment of life-threatening conditions in the intensive care unit
and in cardiac surgery through blood purification. Its lead
product, CytoSorb®, is approved in the European Union and
distributed in 75 countries worldwide with more than 212,000
devices cumulatively used as of Q2 2023. CytoSorb is an
extracorporeal cytokine adsorber that reduces “cytokine storm” or
“cytokine release syndrome” in common critical illnesses seen in
the ICU and cardiac surgery that can lead to massive inflammation,
organ failure, and a high risk of patient death. Additional CE mark
extensions were granted for bilirubin and myoglobin removal in
clinical conditions such as liver disease and trauma, respectively.
CytoSorb is also E.U. approved to remove the blood thinners,
ticagrelor and rivaroxaban, during cardiothoracic surgery
to reduce the risk of perioperative bleeding. CytoSorb has also
received FDA Emergency Use Authorization in the United
States for use in adult critically ill COVID-19 patients with
impending or confirmed respiratory failure.
Meanwhile, the DrugSorb™-ATR antithrombotic
removal system, based on the same polymer technology as CytoSorb,
targets U.S. FDA and Health Canada marketing approval with the now
completed pivotal STAR-T (Safe and Timely Antithrombotic Removal of
Ticagrelor) randomized, controlled trial. With topline data
expected later this year, the study was designed to evaluate the
potential ability of DrugSorb-ATR to reduce ticagrelor-related
perioperative bleeding when used intraoperatively during cardiac
surgery. DrugSorb-ATR has received two FDA Breakthrough Device
Designations for this application, one to
remove ticagrelor and another to remove the direct
oral anticoagulants (DOAC) apixaban and rivaroxaban, highlighting
these major unmet medical needs.
CytoSorbents’ purification technologies are
based on biocompatible, highly porous polymer beads that can
actively remove toxic substances from blood and other bodily fluids
by pore capture and surface adsorption. Its technologies have
received non-dilutive grant, contract, and other funding of
approximately $48 million from DARPA, the U.S. Department of
Health and Human Services (HHS), the National Institutes of Health
(NIH), National Heart, Lung, and Blood Institute (NHLBI), the U.S.
Army, the U.S. Air Force, U.S. Special Operations Command (SOCOM),
Air Force Material Command (USAF/AFMC), and others. The Company has
numerous marketed products and products under development based
upon this unique blood purification technology protected by many
issued U.S. and international patents and registered trademarks,
and multiple patent applications pending, including ECOS-300CY®,
VetResQ®, CytoSorb-XL™, HemoDefend-BGA™, HemoDefend-RBC™,
K+ontrol™, DrugSorb™, ContrastSorb, and others. For more
information, please visit
www.cytosorbents.com and www.cytosorb.com or
follow us on Facebook and X (fka Twitter).
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. These forward-looking statements include, but are not limited
to, statements about our plans, objectives, future targets and
outlooks for our business, statements about potential exposures
resulting from our cash positions, representations and contentions,
and are not historical facts and typically are identified by use of
terms such as “may,” “should,” “could,” “expect,” “plan,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,”
“continue” and similar words, although some forward-looking
statements are expressed differently. You should be aware that the
forward-looking statements in this press release represent
management’s current judgment and expectations, but our actual
results, events and performance could differ materially from those
in the forward-looking statements. Factors which could cause or
contribute to such differences include, but are not limited to, the
risks discussed in our Annual Report on Form 10-K, filed with the
SEC on March 9, 2023, as updated by the risks reported in our
Quarterly Reports on Form 10-Q, and in the press releases and other
communications to shareholders issued by us from time to time which
attempt to advise interested parties of the risks and factors which
may affect our business. We caution you not to place undue reliance
upon any such forward-looking statements. We undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise, other than as required under the Federal securities
laws.
CytoSorbents Contact: Kathleen Bloch(732)
398-5429 kbloch@cytosorbents.com
CytoSorbents (NASDAQ:CTSO)
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