MONMOUTH JUNCTION, N.J., May 11, 2012 /PRNewswire/ -- CytoSorbents Corporation (OTCBB: CTSO.OB), a critical care-focused company using blood purification to modulate the immune system and fight multi-organ failure in life-threatening illnesses, today announced that Dr. Phillip Chan, CEO, was named a finalist in the Ernst & Young Entrepreneur Of The Year® 2012 program in the New Jersey region. The award recognizes outstanding entrepreneurs who have demonstrated excellence and extraordinary success in areas such as innovation, financial performance and personal commitment to their businesses and communities. Dr. Chan was selected by an independent judging panel made up of previous winners, leading CEOs, private capital investors and other regional business leaders.
Dr. Chan has been CEO and President of CytoSorbents since 2009, and has been working to help build the Company into an emerging pioneer of advanced blood purification technologies. Under his leadership, publicly-traded CytoSorbents is now in the process of transitioning from a development stage company into an early commercialization stage company with the approval and early sales of its flagship product, CytoSorb®, in the European Union. By reducing "cytokine storm", CytoSorb® aims to revolutionize the treatment of life-threatening illnesses such as sepsis and infection, burn injury, trauma, severe lung injury, and pancreatitis by preventing or treating multi-organ failure, the leading cause of death in the intensive care unit.
Dr. Chan is a Board-certified internal medicine physician. Prior to CytoSorbents, Dr. Chan led healthcare and life science investments as Partner for the $80M NJTC Venture Fund and co-founded Andrew Technologies, a venture-backed medical device company that is now commercializing its FDA-approved HydraSolve™ advanced lipoplasty device. Dr. Chan completed his residency at Harvard Medical School at the Beth Israel Deaconess Medical Center and received his MD/PhD from Yale University School of Medicine. He also received his BS in cell and molecular biology with honors and distinction from Cornell University.
Ernst & Young's Entrepreneur of the Year® is the world's most prestigious business award for entrepreneurs of high growth and market leading companies and recognizes business leaders in more than 140 cities and in 50 countries throughout the world. Entrepreneur of the Year® celebrates its 26th anniversary this year and honors entrepreneurs who are building and leading successful, growing and dynamic businesses. The award encourages entrepreneurial activity and recognizes the contribution of people who inspire others with their vision, leadership and achievement.
Awards will be presented at a special gala on June 27, 2012 at the Hyatt New Brunswick.