Kathleen P. Bloch Returns to the Helm as Full-Time CFO at CytoSorbents – A Strategic Move for an Exciting Future!
PRINCETON, N.J., Sept. 19, 2023 (GLOBE NEWSWIRE) — CytoSorbents Corporation (NASDAQ: CTSO), a pioneer in critical care therapy, is thrilled to announce the reinstatement of Kathleen P. Bloch as full-time Chief Financial Officer. This decision, effective retroactively to September 2, 2023, follows a series of strategic moves prompted by the departure of former CFO Alexander D’Amico.
Kathleen, who previously served as CytoSorbents’ CFO for a remarkable decade, took on the role of Interim CFO as a consultant upon her retirement in March 2023. Her return as a full-time executive brings a wealth of experience and expertise to the leadership team, fortifying the company’s position as it enters a promising phase.
Dr. Phillip Chan, CEO of CytoSorbents, expressed his enthusiasm, saying, “We are delighted to welcome Kathy back as our full-time Chief Financial Officer. Her unwavering commitment to the company, her extensive career, and her deep knowledge of our operations make her the ideal leader to steer us through this exciting period. Kathy’s dedication reinforces our leadership position and empowers us to focus on our immediate business goals and priorities.”
Ms. Bloch shared her perspective, stating, “The coming months hold tremendous promise as we target U.S. and Canadian approval for DrugSorb®-ATR, explore the burgeoning acute care markets, and leverage our existing CytoSorb® business. The mission to save lives is one that resonates deeply with our exceptional team, and I am thrilled to return and provide stability during this pivotal moment in our company’s journey.”
Kathleen P. Bloch’s return marks a strategic move, strengthening CytoSorbents’ leadership and setting the stage for an exciting future.
About CytoSorbents Corporation (NASDAQ: CTSO)
CytoSorbents Corporation: Pioneering Life-Saving Blood Purification Innovations
CytoSorbents Corporation, a trailblazer in critical care therapy, is at the forefront of combating life-threatening conditions in intensive care units and cardiac surgery through innovative blood purification technology. Their flagship product, CytoSorb®, has gained approval in the European Union and is now distributed in a staggering 75 countries worldwide, with over 212,000 devices in use as of Q2 2023.
CytoSorb is a revolutionary extracorporeal cytokine adsorber designed to mitigate the dreaded “cytokine storm” or “cytokine release syndrome” frequently observed in critical illnesses in the ICU and during cardiac surgery. This storm of cytokines can trigger severe inflammation, organ failure, and pose a significant risk to patient survival. The technology has also been granted additional CE mark extensions for removing bilirubin and myoglobin, addressing critical clinical conditions like liver disease and trauma.
Beyond its remarkable cytokine-cleansing capabilities, CytoSorb is approved in the E.U. for effectively removing blood thinners like ticagrelor and rivaroxaban during cardiothoracic surgery, significantly reducing perioperative bleeding risks. Notably, CytoSorb has received FDA Emergency Use Authorization in the United States for the treatment of adult critically ill COVID-19 patients with impending or confirmed respiratory failure.
CytoSorbents isn’t stopping there; they’re on the cusp of introducing another game-changing technology: the DrugSorb™-ATR antithrombotic removal system. Based on the same advanced polymer technology as CytoSorb, it’s currently undergoing evaluation for U.S. FDA and Health Canada marketing approval. The pivotal STAR-T (Safe and Timely Antithrombotic Removal of Ticagrelor) randomized, controlled trial, now completed, aims to demonstrate the potential of DrugSorb-ATR in reducing ticagrelor-related perioperative bleeding during cardiac surgery.
With topline data anticipated later this year, this study holds significant promise. Notably, DrugSorb-ATR has secured two FDA Breakthrough Device Designations, one for ticagrelor removal and another for removing direct oral anticoagulants (DOACs) like apixaban and rivaroxaban, addressing critical unmet medical needs.
At the core of CytoSorbents’ groundbreaking purification technologies are biocompatible, highly porous polymer beads capable of actively removing toxic substances from blood and bodily fluids. This has earned the company approximately $48 million in non-dilutive grants and funding from prominent entities like DARPA, the U.S. Department of Health and Human Services (HHS), and the National Institutes of Health (NIH), among others.
With a multitude of patented technologies and products, including ECOS-300CY®, VetResQ®, CytoSorb-XL™, HemoDefend-BGA™, HemoDefend-RBC™, K+ontrol™, DrugSorb™, ContrastSorb, and more, CytoSorbents Corporation is revolutionizing critical care and blood purification, paving the way for a healthier, safer future.
This press release holds a crystal ball, revealing the potential future of our endeavors and aspirations, guided by the mystical Safe Harbor. Delving into the realm of what could be, we envision plans and objectives, crafting a destiny that awaits us. Yet, we’re not just reminiscing about the past, for these are not historical tales.
They are tales of what could come to be—a tapestry woven with words like ‘may,’ ‘should,’ ‘anticipate,’ and ‘predict,’ each word imbued with the power of possibilities. But remember, the future is elusive, and reality might dance a different dance. Our results could don a different garb, surprising even the most intuitive of seers.
The Annual Report on Form 10-K serves as a spellbook, hinting at the risks that stalk the shadows. We caution, but not to dampen spirits, only to light the way through the shadows of uncertainty. The crystal ball shall be gazed upon, but always with a sprinkle of skepticism, for in this journey, twists and turns are but inevitable, and we, the adventurers, shall adapt and prevail, in accordance with the laws of this mystical land.