MONMOUTH JUNCTION, N.J., Dec. 19, 2006 (PRIME NEWSWIRE) -- MedaSorb Technologies Corporation (OTCBB:MSBT) announced today the appointment of William R. Miller as Chairman of the Board of Directors, effective January 1, 2007.
"Bill Miller's appointment as Chairman symbolizes MedaSorb's commitment to excellence; his leadership, experience and ability in the healthcare industry will support MedaSorb's goal of bringing our hemoperfusion technology for the treatment of sepsis to market," said Al Kraus, President and CEO of MedaSorb Technologies Corporation.
William R. Miller has served as a director of ImClone Systems since June 1996. Mr. Miller served as Vice Chairman of the Board of Directors of the Bristol-Myers Squibb Company from 1985 until 1991, at which time he retired. Mr. Miller is the current Chairman of the Board of Vion Pharmaceuticals, Inc. and is the immediate past Chairman of the Cold Spring Harbor Laboratory and a past Chairman of the Board of the Pharmaceutical Manufacturers Association. Mr. Miller is a Trustee of the Manhattan School of Music, a director of the Opera Orchestra of New York and a Managing Director of the Metropolitan Opera Association. Mr. Miller earned his M.A. in Philosophy, Politics and Economics from St. Edmund Hall, Oxford University, Oxford, England.
"I am delighted to join the MedaSorb team and help the Company bring its important technology to the marketplace to improve the treatment of sepsis," said Mr. Miller.
About MedaSorb Technologies Corporation:
MedaSorb Technologies Corporation is a medical device company headquartered in Monmouth Junction, New Jersey. MedaSorb has developed and is preparing to commercialize a blood purification technology that efficiently removes toxic compounds from circulating blood.
MedaSorb's initial products (CytoSorb(tm) and BetaSorb(tm)), are known medically as hemoperfusion devices and incorporate proprietary adsorbent polymer technology. MedaSorb believes that potential healthcare applications for its products include: adjunctive treatment and/or prevention of sepsis, prevention of damage to organs donated for transplant prior to organ harvest, prevention of post-operative complications of cardiac surgery, short and long-term treatment of kidney failure, and drug detoxification.
MedaSorb's management team is led by Al Kraus, President and CEO, who has more than twenty-five years experience managing companies in the dialysis, medical device products, personal computer, and custom software industries. Other members of MedaSorb's management team include James Winchester, MD, CMO, Vincent Capponi, COO, and David Lamadrid, CFO.
Forward Looking Statements:
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release are not promises or guarantees and are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. These statements are based on management's current expectations and assumptions and are naturally subject to uncertainty and changes in circumstances. We caution you not to place undue reliance upon any such forward-looking statements. Actual results may differ materially from those expressed or implied by the statements herein. MedaSorb Technologies Corporation believes that its primary risk factors include, but are not limited to: ability to successfully develop commercial operations; dependence on key personnel; acceptance of the Company's medical devices in the marketplace; the outcome of pending and potential litigation; obtaining government approvals, including required FDA approvals; compliance with governmental regulations; reliance on research and testing facilities of various universities and institutions; the ability to obtain adequate financing in the future when needed; product liability risks; limited manufacturing experience; limited marketing, sales and distribution experience; market acceptance of the Company's products; competition; unexpected changes in technologies and technological advances; and other factors detailed in the Company's Current Report on Form 8-K filed with the SEC on July 6, 2006, which is available at www.sec.gov