CytoSorbents Inc. (CTSO), 7 Deer Park Drive, Suite K, Monmouth Junction 08852. 732-329-8885. Phillip Chan, CEO. www.cytosorbents.com.
CytoSorbents, a biotech company that makes a blood purification machine, has expanded sales of its product to Poland and the Netherlands for general use, and for critical care applications in Sweden, Denmark, and Norway. As part of this effort, the company established CytoSorbents Poland Sp. z.o.o., a wholly-owned subsidiary of CytoSorbents Europe GmbH.
“We are excited to expand into these territories, increasing the total number of direct countries to ten, where we will benefit from higher gross margin direct sales,” said Christian Steiner, senior vice president of sales and marketing of CytoSorbents. “Last year direct sales from Germany, Austria, Switzerland, Belgium, and Luxembourg accounted for more than 70 percent of our total product revenue. Our new sales teams in each of these countries will leverage the existing product registrations and approvals of CytoSorb, our collective expertise on selling the product direct, and the ongoing efforts of Fresenius Medical Care (FMC) as our co-marketing partner in each of these territories, to rapidly gain sales this year. In addition to its co-marketing efforts, FMC will focus on its successes in critical care in France and Finland, while assuming exclusive distributorship in the Czech Republic for all applications, and pursuing significantly larger commercial opportunities in critical care in both Mexico and Korea.”
The company noted in a press release that Poland, the Netherlands, Sweden, Denmark, and Norway have a collective population of 76 million people, with high standards of medical care and advanced medical practices. “As with most modernized countries, these territories struggle with the high burden of an aging population that is a major risk factor for life-threatening inflammatory illnesses and heart disease, creating a very favorable market for CytoSorb,” the press release said.