CytoSorbents Extends Expiration Date of Outstanding Series B Right Warrants

Rhea-AI Summary

CytoSorbents (NASDAQ: CTSO) has announced an extension to the expiration date of its Series B Right Warrants from April 10, 2025, to June 10, 2025. These warrants, initially issued during the Company's Rights Offering in January 2025, are exercisable at 90% of the 5-day volume weighted average stock price prior to the June 10 expiration, with a price floor of $2.00 and ceiling of $4.00.

Approximately 4.8 million shares of common stock remain reserved for warrant exercise. Warrant holders must provide the maximum price of $4.00 to exercise, with refunds issued based on the final exercise price. Unexercised warrants will expire worthless after the new deadline.

Positive

• Extension provides warrant holders additional time to exercise their rights
• 90% of VWAP pricing structure offers potential discount to market price

Negative

• Potential dilution of approximately 4.8 million shares if all warrants are exercised
• Warrants will expire worthless if not exercised by the new deadline

PRINCETON, N.J., April 4, 2025 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery using blood purification, announced the extension of the expiration date of the Series B Right Warrants (the "Series B Right Warrants") issued in the Company's Rights Offering in January 2025. The Series B Warrants were previously scheduled to expire on April 10, 2025, and will now expire on June 10, 2025 instead.

The Series B Right Warrants are exercisable commencing on their date of issuance at an exercise price equal to 90% of the 5-day volume weighted average price of our common stock over the last 5-trading days prior to the expiration date of the Series B Right Warrants on June 10, 2025, rounded down to the nearest whole cent but (x) not lower than $2.00 and (y) not higher than $4.00. 

Exercise of the Series B Right Warrants requires additional investment separate from the exercise of subscription rights in the Rights Offering.  Approximately 4.8 million shares of common stock remain reserved for exercise of the Series B Right Warrants, after which any remaining unexercised Series B Right Warrants will immediately expire worthless.  Instructions to exercise the Series B Right Warrants will be fulfilled in the order they are received.  Holders of the Series B Right Warrants are required to provide the maximum price of the Right Warrant of $4.00 to exercise their warrant and will be refunded the difference based on the final Series B Right Warrant exercise price.   

About CytoSorbents Corporation (NASDAQ: CTSO)

CytoSorbents Corporation is a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery through blood purification. CytoSorbents' proprietary blood purification technologies are based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other bodily fluids by pore capture and surface adsorption. Cartridges filled with these beads can be used with standard blood pumps already in the hospital (e.g. dialysis, continuous renal replacement therapy or CRRT, extracorporeal membrane oxygenation or ECMO, and heart-lung machines), where blood is repeatedly recirculated outside the body, through our cartridges where toxic substances are removed, and then back into the body. CytoSorbents' technologies are used in a number of broad applications. Specifically, two important applications are 1) the removal of blood thinners during and after cardiothoracic surgery to reduce the risk of severe bleeding, and 2) the removal of inflammatory agents and toxins in common critical illnesses that can lead to massive inflammation, organ failure and patient death. The breadth of these critical illnesses includes, for example, sepsis, burn injury, trauma, lung injury, liver failure, cytokine release syndrome, and pancreatitis as well as the removal of liver toxins that accumulate in acute liver dysfunction or failure, and the removal of myoglobin in severe rhabdomyolysis that can otherwise lead to renal failure. In these diseases, the risk of death can be extremely high and there are few, if any, effective treatments.

CytoSorbents' lead product, CytoSorb^®, is approved in the European Union and distributed in over 70 countries worldwide, with more than a quarter million devices used cumulatively to date.  CytoSorb was originally launched in the European Union under CE mark as the first cytokine adsorber.  Additional CE mark extensions were granted for bilirubin and myoglobin removal in clinical conditions such as liver disease and trauma, respectively, and for ticagrelor and rivaroxaban removal in cardiothoracic surgery procedures. CytoSorb has also received FDA Emergency Use Authorization in the United States for use in adult critically ill COVID-19 patients with impending or confirmed respiratory failure.  CytoSorb is not yet approved or cleared in the United States.

In the U.S. and Canada, CytoSorbents is developing the DrugSorb™-ATR antithrombotic removal system, an investigational device based on an equivalent polymer technology to CytoSorb, to reduce the severity of perioperative bleeding in high-risk surgery due to blood thinning drugs.  It has received two FDA Breakthrough Device Designations:  one for the removal of ticagrelor and another for the removal of the direct oral anticoagulants (DOAC) apixaban and rivaroxaban in a cardiopulmonary bypass circuit during urgent cardiothoracic procedures.  In September 2024, the Company submitted a De Novo medical device application to the U.S. FDA requesting marketing approval to reduce the severity of perioperative bleeding in CABG patients on the antithrombotic drug ticagrelor, which was accepted for substantive review in October 2024.  In November 2024, the Company received its MDSAP certification and submitted its Medical Device License (MDL) application to Health Canada.  DrugSorb-ATR is not yet granted or approved in the United States and Canada, respectively. 

The Company has numerous marketed products and products under development based upon this unique blood purification technology protected by many issued U.S. and international patents and registered trademarks, and multiple patent applications pending, including ECOS-300CY®, CytoSorb-XL™, HemoDefend-RBC™, HemoDefend-BGA™, VetResQ®, K+ontrol™, DrugSorb™, ContrastSorb, and others. For more information, please visit the Company's website at https://ir.cytosorbents.com/  or follow us on Facebook and X. 

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.  These forward-looking statements include, but are not limited to, statements about our plans, objectives, future targets and outlooks for our business, representations and contentions, and the outcome of our regulatory submissions, the anticipated benefits of the Rights Offering, and are not historical facts and typically are identified by use of terms such as "may," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," "continue" and similar words, although some forward-looking statements are expressed differently.  You should be aware that the forward-looking statements in this press release represent management's current judgment and expectations, but our actual results, events and performance could differ materially from those in the forward-looking statements.  Factors which could cause or contribute to such differences include, but are not limited to, the risks discussed in our Annual Report on Form 10-K, filed with the SEC on March 31, 2025, as updated by the risks reported in our Quarterly Reports on Form 10-Q, and in the press releases and other communications to shareholders issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business.  We caution you not to place undue reliance upon any such forward-looking statements.  We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required under the Federal securities laws.

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U.S.  Company Contact: 
Peter J.  Mariani
Chief Financial Officer
pmariani@cytosorbents.com 

Investor Relations Contact:
Aman Patel, CFA 
Investor Relations, ICR Healthcare 
(443) 450-4191
ir@cytosorbents.com 

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SOURCE Cytosorbents Corp

FAQ

What is the new expiration date for CytoSorbents' Series B Right Warrants (CTSO)?

The Series B Right Warrants have been extended from April 10, 2025, to June 10, 2025.

How many shares are available for CTSO's Series B Right Warrants exercise?

Approximately 4.8 million shares of common stock remain reserved for Series B Right Warrants exercise.

What is the exercise price range for CTSO's Series B Right Warrants?

The exercise price is 90% of the 5-day VWAP prior to June 10, 2025, with a minimum of $2.00 and maximum of $4.00.

How do investors exercise CTSO's Series B Right Warrants?

Investors must provide the maximum price of $4.00 to exercise and will receive a refund based on the final exercise price.