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CytoSorbents Awarded $1 Million STTR Phase II Contract To Advance Development of Life-Saving Universal Plasma

MONMOUTH JUNCTION, N.J., July 13, 2017 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a leader in critical care immunotherapy specializing in blood purification, today announced that it has been awarded a Small Business Technology Transfer (STTR) Phase II contract, valued at a total of $999,070 over two years, to continue development of blood purification technologies designed to enable "universal" plasma. CytoSorbents will collaborate with researchers at Penn State University on this project. This follows the successful completion of a $150,000 STTR Phase I contract for the program.

Dr. Phillip Chan, MD, PhD, Chief Executive Officer of CytoSorbents stated, "This much appreciated non-dilutive funding support is expected to rapidly advance the development of a second product in our HemoDefend line of technologies for the blood transfusion industry. Our other product is the HemoDefend packed red blood cell filter which is expected to enter human clinical testing within the next year. Plasma is the straw-colored, cell-free portion of whole blood. It contains a wide range of important substances such as electrolytes, hormones, proteins such as albumin, clotting factors, and antibodies. The transfusion of plasma, or plasma-derived products, is used widely to help save the lives of trauma and bleeding victims, septic and other critically-ill patients, and patients with life-threatening blood coagulation and autoimmune disorders. In 2008, more than 4.5 million units of plasma were transfused in the United States alone."

Dr. Chan continued, "With the exception of the relatively uncommon Type AB, or "universal" plasma, most plasma contains blood-type specific antibodies and must be cross-matched with the intended recipient ahead of time or risk serious transfusion reactions. By reducing these blood-type specific antibodies, our goal is to create a cost-effective, reliable, and expanded source of...