CytoSorbents Corporation (NASDAQ: CTSO), a leader in critical care immunotherapy commercializing its CytoSorb® extracorporeal cytokine adsorber to control deadly inflammation using blood purification, today announced an exclusive multi-year distribution agreement with Hoang Long Pharma, a medical distributor in Vietnam specializing in the distribution of innovative pharmaceuticals, biologics, and devices to treat patients suffering from critical illnesses, immunologic disorders and deficiencies, and infections. This multi-year agreement includes all critical care applications in Vietnam, and is subject to annual minimum purchases of CytoSorb® to maintain exclusivity.
Nguyen Thi Hoang Ha, President of Hoang Long Pharma, stated, "We are excited to be working with CytoSorbents to bring CytoSorb® to Vietnam, where it will strengthen our presence and current offerings in the intensive care unit such as fractionated immunoglobulin, human albumin, and others. CytoSorb® has opened a new perspective on how to treat sepsis and other critical care illnesses and we see great promise for this therapy in our country, where the ability to treat life-threatening illnesses has been limited. We look forward to a continuous successful cooperation with CytoSorbents in the future."
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents, stated, "We are pleased to be working with Hoang Long Pharma, an established and respected company with strong contacts in critical care and acute care medicine throughout Vietnam. With the rising use of blood purification in one of the fastest growing health economies in the region, Vietnam represents an excellent market for expansion."
Vietnam has a population of approximately 90 million people served by over 1,100 major hospitals, and spends roughly 6.4% of its Gross Domestic Product (GDP) on healthcare annually. Approximately 70% of the population is covered by government-funded health insurance, with a significantly greater proportion of coverage in urban areas. Hemodialysis and blood purification for chronic and acute kidney injury is increasingly more common, particularly in major hospitals in cities throughout the country.
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