By Brian Marckx, CFA
CytoSorbents (OTC BB:CTSO) continues to make meaningful progress with its measured roll-out of CytoSorb in Europe which includes making key additions to its sales and marketing team. CTSO's CEO, Phil Chan, recently noted that the company would be very discerning in who they choose to fill the ranks of their sales force.
The background of the most recent addition, announced this morning, appears to be a perfect fit for what Dr. Chan is looking for, specifically highly experience with a track record of success in their target segments. The recent hire, Dr. Christian Steiner, a medical doctor educated in Europe, has direct and relevant experience in selling novel critical care extracorporeal devices to the ICU channel - essentially, the same thing CytoSorbents' is trying to do.
Per this morning's press release on Dr. Steiner's background, "Christian brings 12 years of experience introducing new technologies to the intensive care unit, starting with the Molecular Adsorbent Recirculation System, better known as MARS™, the most used extracorporeal liver support system in ICU patients with liver failure today."
Dr. Steiner's title will be VP of Sales and Marketing. He will be in charge of CytoSorbents' European sales and distribution arm, which opened earlier this year and is the base for the European sales operation.
Key to a successful initial launch of CytoSorb will be to build awareness via investigator-led studies, getting the device in front of influential industry leaders and targeting early adopters. We presume Dr. Steiner's background and experience also means he comes armed with potentially key industry contacts and relationships (including in the initial markets in Europe) which he and the rest of the sales team can leverage to increase awareness of CytoSorb and build sales momentum.
We picked up Coverage of CTSO in early June with an Outperform rating and $0.50 price target. Please visit scr.zacks.com to access our 21-page initiation report.