Welcome to our dedicated page for Cytosorbents news (Ticker: CTSO), a resource for investors and traders seeking the latest updates and insights on Cytosorbents stock.
CytoSorbents Corporation (NASDAQ: CTSO) is a prominent player in the field of critical care immunotherapy, with a strong focus on blood purification technologies. The company has made significant strides with its flagship product, CytoSorb®, which has received approval in the European Union and is distributed across 40 countries globally. CytoSorb® is an extracorporeal cytokine adsorber designed to mitigate the 'cytokine storm' or 'cytokine release syndrome' that can lead to severe inflammation, organ failure, and death in critical conditions such as sepsis, burn injuries, trauma, lung injuries, and pancreatitis. It is also employed in cancer immunotherapy and during cardiac surgeries to remove inflammatory mediators that may cause post-operative complications.
The core technology of CytoSorbents is based on biocompatible, highly porous polymer beads that efficiently purify the blood. Apart from CytoSorb®, the company offers other innovative products like ECOS-300CY, VetResQ, HemoDefend, and DrugSorb-ATR, which cater to different aspects of critical care and blood purification.
CytoSorbents operates through various segments, including Direct Sales, Distributors/Strategic Partners, and Government contracts. Its revenue is primarily driven by product sales, particularly in Germany, with additional income sourced from grants by agencies in the United States.
In Q3 2023, CytoSorbents reported a 20% growth in product sales, reaching $7.8 million, compared to $6.5 million in Q3 2022. The total revenue for the same quarter was approximately $8.8 million. The company is also advancing its pivotal STAR-T trial, with the database lock nearing completion and initial data analysis expected before the year's end.
For more detailed financial results and updates, investors can refer to the company’s official filings, such as the Form 10-K for the period ending December 31, 2023, and the Form 10-Q for the period ending March 31, 2024, available on the SEC website.
CytoSorbents (NASDAQ: CTSO) has successfully closed its oversubscribed rights offering, raising $6.25 million in gross proceeds through the sale of 6,250,000 Units. Each Unit includes one common stock share and two warrants (Series A and B). The offering was oversubscribed by 68% with total demand of 10,514,896 Units.
The proceeds satisfy a debt covenant, unlocking $5.0 million in restricted cash. This strengthens the company's balance sheet with approximately $10.8 million in net liquidity after offering fees. The company's preliminary Q4 2024 cash burn was $2.6 million, with estimated cash and equivalents of $9.6 million as of December 31, 2024. The pro-forma cash balance after the offering would be approximately $15.4 million.
CytoSorbents (NASDAQ: CTSO) has announced the opening of a new regional sales subsidiary in Dubai, United Arab Emirates. The subsidiary, located in Dubai's Science Park, will serve as a gateway to the Middle East and Africa markets, where demand for advanced medical technologies in critical care and cardiac surgery is growing.
The strategic location was chosen for its strong economy, favorable tax policies, advanced infrastructure, well-developed healthcare system, and supportive economic and regulatory environment. The new commercial office will function as a hub for regional sales, business development, training, customer support, and regulatory affairs.
The expansion aims to strengthen existing partnerships, enhance customer interactions, forge new alliances, and drive long-term value creation in these rapidly growing healthcare markets.
CytoSorbents (NASDAQ: CTSO) has announced preliminary Q4 and full-year 2024 financial results. The company estimates Q4 product revenue between $9.0-9.2 million, representing 22-25% growth compared to Q4 2023. Full-year 2024 product revenue is expected to reach $35.4-35.6 million, a 14% increase from 2023.
Q4 product gross margin improved to approximately 70%, up from 61% in Q3 2024, following the resolution of production slowdown and manufacturing issues. The company has initiated a rights offering ending January 10, 2025. FDA and Health Canada reviews are ongoing for DrugSorb™-ATR, their device aimed at reducing perioperative bleeding in CABG surgery patients on Brilinta®, with regulatory decisions expected in 2025.
CytoSorbents (NASDAQ: CTSO) has initiated its previously announced Rights Offering. Stockholders and certain Warrantholders of record as of December 16, 2024, will receive one non-transferable Subscription Right Warrant for each share owned. Each Subscription Right allows the purchase of one Unit at $1.00, comprising one common stock share and two transferable short-term Right Warrants for additional shares at discounted prices.
The offering expires at 5:00 PM EST on January 10, 2025. Stockholders can exercise all, some, or none of their rights. Those exercising all basic subscription rights can participate in oversubscription of unsubscribed rights. D.F. King & Co., Inc. serves as the information agent, while Moody Capital Solutions, Inc. acts as dealer manager.
CytoSorbents (NASDAQ: CTSO), a specialist in blood purification for critical care and cardiac surgery, has announced plans to conduct in-person investor meetings in San Francisco during the 43rd Annual J.P. Morgan Healthcare Conference from January 13-15, 2025. The meetings will be coordinated by ICR Healthcare, offering investors the opportunity to meet with CEO Dr. Phillip Chan and CFO Peter J. Mariani. Interested parties can schedule meetings by contacting ICR Healthcare at ir@cytosorbents.com.
CytoSorbents (NASDAQ: CTSO) has announced a Rights Offering where stockholders of record as of December 16, 2024, will receive one non-transferable Subscription Right Warrant for each share owned. Each Subscription Right allows purchase of a Unit at $1.00, consisting of one common stock share and two transferable Right Warrants.
The offering aims to raise funds for general corporate purposes and unlock $3.0-$5.0 million in restricted cash. A maximum of 6.25 million Units will be offered, with an additional 6.25 million shares reserved for warrant exercises. The Rights Offering expires on January 10, 2025, at 5:00 PM EST.
The Series A and B Right Warrants enable purchase of additional shares at 90% of the 5-day volume weighted average price, with specific price floors and ceilings, exercisable on February 24, 2025, and April 10, 2025, respectively.
CytoSorbents (NASDAQ: CTSO), a company specializing in blood purification for critical care and cardiac surgery, has announced its participation in the Piper Sandler 36th Annual Healthcare Conference. The event will take place from December 3-5, 2024, in New York, NY. Dr. Phillip Chan, CEO, and Peter J. Mariani, CFO, will conduct one-on-one investor meetings on December 4, 2024. Interested parties can schedule meetings through Piper Sandler representatives or by contacting CytoSorbents' investor relations team.
CytoSorbents (NASDAQ: CTSO) and Converge Biotech have announced a strategic partnership to expand their market reach in India's sepsis and critical care markets. CytoSorbents' flagship product, CytoSorb, a blood purification technology that reduces cytokine storm and inflammatory toxins, will be distributed through Converge Biotech's extensive critical care sales network. CytoSorb, currently used in 76 countries with over 250,000 treatments administered, treats conditions like sepsis, septic shock, lung failure, acute liver disease, and trauma. The partnership aims to improve patient outcomes across Indian hospitals and ICUs by combining CytoSorbents' innovative technology with Converge's established critical care presence.
CytoSorbents reported Q3 2024 financial results with product revenue of $8.6 million, showing 11% growth vs Q3 2023. Total revenue reached $9.4 million, a 7% increase year-over-year. Product gross margins decreased to 61% from 72% due to planned production slowdown. The company reported a net loss of $2.3 million ($0.04 per share), improved from $9.2 million loss in Q3 2023. Cash position stood at $12.2 million. The company submitted DrugSorb-ATR De Novo application to FDA and Medical Device License application to Health Canada, targeting a potential North American market exceeding $300 million.
CytoSorbents has submitted its DrugSorb™-ATR Medical Device License application to Health Canada while receiving Medical Device Single Audit Program (MDSAP) certification. DrugSorb-ATR aims to enable safe and timely coronary artery bypass graft surgery in patients on ticagrelor blood thinner. The submission follows the U.S. FDA De Novo filing, with both regulatory decisions expected in 2025. The 140-patient STAR-T trial data supports these submissions. The device addresses a critical need in Canada, where ticagrelor is the preferred treatment for acute coronary syndrome patients, who currently face 3-5 day surgery delays for drug washout to prevent bleeding complications.
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