Tuesday, June 14, 2016
CytoSorbents Corporation (CTSO), a critical care immunotherapy leader commercializing its flagship CytoSorb® blood filter to treat deadly inflammation in critically-ill and cardiac surgery patients around the world, announced that it has signed an exclusive distributorship agreement with Palex Medical SA, one of Spain's largest independent medical device distributors, to bring its CytoSorb® therapy to Spain and Portugal. This multi-year agreement includes all critical care applications in these two countries, and is subject to annual minimum purchases of CytoSorb® to maintain exclusivity.
Mr. Carlos Chordá, General Manager of Palex Medical stated, "We are excited to be working with CytoSorbents to bring CytoSorb® to intensive care units throughout Spain and Portugal. The many successes of CytoSorb® in the treatment of critically-ill patients have been impressive. We look forward to playing an important role in helping physicians 'regain control' of their difficult to treat patients as well as to continuing to improve patients' quality of life."
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents stated, "Palex has an outstanding reputation of launching new innovative products across a breadth of different treatment areas to physicians and hospitals in these countries. In a difficult but improving economy, it was particularly important to us to work with an established market leader that intimately understands the Spanish and Portuguese hospital systems. We welcome Palex to the CytoSorb® family."
Spain has a population of 48 million people, making it the fifth largest country in the European Union. Portugal has a population of 10.5 million people. The public healthcare system in Spain is fully-funded by the government and supplemented through social security payments, while private healthcare also co-exists. Spain spends approximately 10% of its gross domestic product on healthcare.
Source : finance.yahoo.com
