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) announced that the FDA has accepted its De Novo medical device application for DrugSorb™-ATR and initiated substantive review. DrugSorb-ATR aims to reduce the severity of perioperative bleeding in patients on ticagrelor undergoing coronary artery bypass graft (CABG) surgery. The device has received FDA Breakthrough Device Designation, making it eligible for priority review.
The company anticipates an FDA decision in 2025. The application is based on data from the 140-patient North American pivotal STAR-T randomized, double-blind, sham-controlled trial. CytoSorbents believes DrugSorb-ATR will allow patients to proceed with CABG surgery safely and timely, avoiding the current 3-5 day delay recommended for ticagrelor washout. The company also plans to submit DrugSorb-ATR for Health Canada Medical Device Licensure.
CytoSorbents (NASDAQ: CTSO), a leader in blood purification for treating life-threatening conditions in intensive care and cardiac surgery, has announced it will report its third quarter 2024 operating and financial results after market close on Thursday, November 7, 2024. The company's management will host a live conference call, presentation webcast, and Q&A session starting at 4:30 PM ET on the same day.
Interested parties can access the webcast through the provided link or join via phone using the toll-free dial-in number. Participants are advised to dial in about 10 minutes before the call starts. An archived recording of the conference call will be made available on the Investor Relations section of CytoSorbents' website.
CytoSorbents (NASDAQ: CTSO) has submitted a De Novo marketing application to the U.S. FDA for DrugSorb™-ATR, a device designed to reduce bleeding severity in heart bypass surgery patients on ticagrelor. The application, submitted on September 27, 2024, is eligible for FDA priority review due to its Breakthrough Device Designation. CytoSorbents is also preparing to submit a Medical Device License application to Health Canada, pending MDSAP certification.
The submission is based on data from the 140-patient North American STAR-T trial, which evaluated DrugSorb-ATR's safety and efficacy in removing ticagrelor and reducing perioperative bleeding complications in urgent CABG surgery patients. FDA and Health Canada decisions are expected in 2025. This milestone represents years of clinical, regulatory, and manufacturing efforts by CytoSorbents and its collaborators.
CytoSorbents (NASDAQ: CTSO), a leader in blood purification technology for treating life-threatening conditions in intensive care and cardiac surgery, has announced its participation in the H.C. Wainwright 26th Annual Global Investment Conference. The event is scheduled for September 9-11, 2024, at the Lotte New York Palace Hotel in New York, NY.
Key points:
- CEO Dr. Phillip Chan and CFO Peter J. Mariani will attend and present
- On-demand company presentation available from September 9 at 7:00 AM ET
- Management team available for one-on-one meetings on September 9
- Presentation replay will be accessible on CytoSorbents's website for 90 days
This conference provides an opportunity for CytoSorbents to showcase its innovative blood purification technology to potential investors and industry professionals.
CytoSorbents (NASDAQ: CTSO), a leader in blood purification technology for treating life-threatening conditions, has announced inducement equity awards for its newly-hired Chief Financial Officer, Peter J. Mariani. The awards, granted on August 14, 2024, include:
- A non-qualified stock option to purchase 215,000 shares of common stock, vesting based on performance milestones
- Restricted stock units (RSUs) for 65,000 shares, vesting over two years
- RSUs for 110,000 shares, vesting upon a change of control or after four years
- RSUs for 175,000 shares, vesting only upon a change of control
- A non-qualified stock option for 80,000 shares with staggered vesting
The options have an exercise price of $0.90 per share. These awards were approved under Nasdaq Listing Rule 5635(c)(4) as employment inducement grants.
CytoSorbents (NASDAQ: CTSO) reported Q2 2024 financial results, highlighting:
- 10% increase in product sales to $8.8 million
- 48% reduction in operating loss to $3.4 million
- 75% product gross margins, up from 74% in Q2 2023
- Achieved milestone of over 250,000 CytoSorb treatments delivered to date
The company is on track for DrugSorb-ATR U.S. FDA De Novo and Health Canada marketing submissions this quarter. CytoSorbents secured a $20 million credit facility, strengthening its financial position. Cost-cutting measures, including a 17% headcount reduction, are expected to save $5 million annually. The company appointed Peter J. Mariani as new CFO, succeeding retiring Kathleen P. Bloch.
CytoSorbents (NASDAQ: CTSO) has appointed Peter J. Mariani as its new Chief Financial Officer (CFO), effective August 14, 2024. Mariani brings over 25 years of experience in high-growth medical device companies, most recently serving as Executive VP & CFO at Axogen, Inc. During his tenure at Axogen, the company grew annual revenue from $27 million to nearly $160 million and raised approximately $250 million in capital.
Mariani replaces Kathleen P. Bloch, who is retiring but will continue as a consultant to ensure a smooth transition. CytoSorbents' CEO, Dr. Phillip Chan, expressed confidence in Mariani's ability to guide the company through its next phase of expected rapid growth, particularly as they pursue U.S. and Canadian marketing approval for DrugSorb-ATR and drive their OUS business with CytoSorb.
CytoSorbents (NASDAQ: CTSO), a leader in blood purification for treating life-threatening conditions in intensive care and cardiac surgery, has announced it will report its second quarter 2024 operating and financial results on Tuesday, August 13, 2024, after market close. The company's management will host a live conference call, presentation webcast, and Q&A session at 4:30 PM EDT on the same day.
Investors and interested parties can access the live webcast through the provided link or join via phone using the toll-free dial-in number. Participants are advised to dial in about 10 minutes before the call starts. An archived recording of the conference call will be available on the company's website under the Investor Relations section.
CytoSorbents (NASDAQ: CTSO) has regained compliance with Nasdaq's minimum bid price requirement of $1.00 per share. The company received notification from Nasdaq on July 26, 2024, confirming that its common stock had closed at or above $1.00 for 10 consecutive trading sessions ending July 25, 2024. This development strengthens CytoSorbents' market position as it approaches expected regulatory submissions for DrugSorb®-ATR marketing approval to the U.S. FDA and Health Canada in the coming months.
Dr. Phillip Chan, CEO of CytoSorbents, highlighted recent operational progress in clinical, regulatory, commercial, manufacturing, and financing areas, along with continued aggressive cost-cutting measures. These efforts are aimed at establishing a foundation for what the company believes will be an exciting new phase of its business.
CytoSorbents (NASDAQ: CTSO) has launched a newly redesigned and consolidated website at www.cytosorbents.com. The website, themed 'Working to Save Lives Together', showcases two decades of collaboration with the medical and research communities to refine therapies like CytoSorb®, ECOS-300CY®, and VetResQ®. The new site features a modern design, intuitive navigation, and comprehensive information for healthcare professionals and investors.
Key features include a user-friendly layout, enhanced content, news updates, a searchable resource library with over 1,000 peer-reviewed publications, and a dedicated investor relations section. The website aims to provide a unified online presence for the company's corporate and product information, highlighting its commitment to blood purification technology and life-saving therapies.
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