CytoSorbents Further Strengthens Balance Sheet with Exercise of Previously Announced Series A Right Warrants
CytoSorbents announced the exercise of 1,417,208 Series A Right Warrants at $1.13 per share, generating $1.6 million in gross proceeds. This follows a previous Rights Offering, bringing total gross proceeds to $7.85 million, including $6.25 million raised on January 10, 2025. The company now has approximately $12.3 million in net liquidity, post-offering fees.
The exercise price was based on 90% of the 5-day volume-weighted average price of $1.2589 per share, with a cap of $2.00. Shareholders, including management and the Board, exercised these warrants and will receive shares along with a refund of $0.87 per warrant.
Additionally, CytoSorbents is progressing with its DrugSorb-ATR marketing applications with the FDA and Health Canada, expecting regulatory decisions in 2025. The company also highlighted the availability of approximately 4.8 million shares for the exercise of Series B Right Warrants, which expire on April 10, 2025, with an exercise price range of $2.00 to $4.00.
CytoSorbents ha annunciato l'esercizio di 1.417.208 Warrant di Serie A a $1,13 per azione, generando $1,6 milioni di proventi lordi. Questo segue un'offerta di diritti precedente, portando il totale dei proventi lordi a $7,85 milioni, inclusi $6,25 milioni raccolti il 10 gennaio 2025. L'azienda ha ora circa $12,3 milioni di liquidità netta, dopo le spese di offerta.
Il prezzo di esercizio si basa sul 90% del prezzo medio ponderato per volume delle ultime 5 giornate, pari a $1,2589 per azione, con un tetto di $2,00. Gli azionisti, inclusi i dirigenti e il Consiglio, hanno esercitato questi warrant e riceveranno azioni insieme a un rimborso di $0,87 per warrant.
Inoltre, CytoSorbents sta progredendo con le sue domande di marketing per il DrugSorb-ATR presso la FDA e Salute Canada, con decisioni normative attese nel 2025. L'azienda ha anche evidenziato la disponibilità di circa 4,8 milioni di azioni per l'esercizio dei Warrant di Serie B, che scadranno il 10 aprile 2025, con un intervallo di prezzo di esercizio compreso tra $2,00 e $4,00.
CytoSorbents anunció el ejercicio de 1,417,208 Warrant de Serie A a $1.13 por acción, generando $1.6 millones en ingresos brutos. Esto sigue a una oferta de derechos previa, llevando el total de ingresos brutos a $7.85 millones, incluyendo $6.25 millones recaudados el 10 de enero de 2025. La compañía ahora tiene aproximadamente $12.3 millones en liquidez neta, después de los costos de la oferta.
El precio de ejercicio se basó en el 90% del precio promedio ponderado por volumen de 5 días, que es de $1.2589 por acción, con un límite de $2.00. Los accionistas, incluidos la dirección y la Junta, ejercieron estos warrants y recibirán acciones junto con un reembolso de $0.87 por warrant.
Además, CytoSorbents está avanzando con sus solicitudes de marketing para el DrugSorb-ATR ante la FDA y Salud Canadá, esperando decisiones regulatorias en 2025. La compañía también destacó la disponibilidad de aproximadamente 4.8 millones de acciones para el ejercicio de Warrant de Serie B, que expiran el 10 de abril de 2025, con un rango de precio de ejercicio de $2.00 a $4.00.
CytoSorbents는 주당 $1.13에 1,417,208개의 A 시리즈 권리를 행사했다고 발표하며, $1.6 백만의 총 수익을 창출했습니다. 이는 이전 권리 공모에 이어지는 것으로, 총 총 수익은 $7.85 백만에 이르며, 2025년 1월 10일에 $6.25 백만이 모금되었습니다. 회사는 현재 공모 수수료 이후 약 $12.3 백만의 순 유동성을 보유하고 있습니다.
행사 가격은 주당 $1.2589의 5일 거래량 가중 평균 가격의 90%를 기준으로 하며, 상한가는 $2.00입니다. 경영진과 이사회를 포함한 주주들은 이러한 권리를 행사하였으며, 주식과 함께 권리당 $0.87의 환급을 받을 것입니다.
또한, CytoSorbents는 FDA 및 캐나다 보건부에 DrugSorb-ATR 마케팅 신청을 진행 중이며, 2025년 규제 결정을 기대하고 있습니다. 회사는 2025년 4월 10일에 만료되는 B 시리즈 권리 행사를 위한 약 480만 주의 주식이 가능하다고 강조했으며, 행사 가격 범위는 $2.00에서 $4.00입니다.
CytoSorbents a annoncé l'exercice de 1 417 208 Warrants de Série A à 1,13 $ par action, générant 1,6 million de dollars de produits bruts. Cela fait suite à une précédente offre de droits, portant le total des produits bruts à 7,85 millions de dollars, y compris 6,25 millions de dollars levés le 10 janvier 2025. L'entreprise dispose désormais d'environ 12,3 millions de dollars de liquidités nettes, après les frais d'offre.
Le prix d'exercice était basé sur 90 % du prix moyen pondéré par le volume sur 5 jours de 1,2589 $ par action, avec un plafond de 2,00 $. Les actionnaires, y compris la direction et le conseil d'administration, ont exercé ces warrants et recevront des actions ainsi qu'un remboursement de 0,87 $ par warrant.
De plus, CytoSorbents progresse avec ses demandes de marketing pour le DrugSorb-ATR auprès de la FDA et de Santé Canada, avec des décisions réglementaires attendues en 2025. L'entreprise a également souligné la disponibilité d'environ 4,8 millions d'actions pour l'exercice des Warrants de Série B, qui expirent le 10 avril 2025, avec une fourchette de prix d'exercice de 2,00 $ à 4,00 $.
CytoSorbents gab bekannt, dass 1.417.208 Series-A-Rechte-Warrants zu einem Preis von $1,13 pro Aktie ausgeübt wurden, was $1,6 Millionen an Bruttoerlösen generiert. Dies folgt auf ein vorhergehendes Bezugsangebot und bringt die gesamten Bruttoerlöse auf $7,85 Millionen, einschließlich $6,25 Millionen, die am 10. Januar 2025 gesammelt wurden. Das Unternehmen hat nun nach Abzug der Angebotsgebühren etwa $12,3 Millionen an Netto-Liquidität.
Der Ausübungspreis basierte auf 90% des 5-tägigen volumengewichteten Durchschnittspreises von $1,2589 pro Aktie, mit einer Obergrenze von $2,00. Die Aktionäre, einschließlich des Managements und des Vorstands, haben diese Warrants ausgeübt und erhalten Aktien sowie eine Rückerstattung von $0,87 pro Warrant.
Darüber hinaus macht CytoSorbents Fortschritte bei seinen DrugSorb-ATR Marketinganträgen bei der FDA und Health Canada und erwartet regulatorische Entscheidungen im Jahr 2025. Das Unternehmen hob auch die Verfügbarkeit von etwa 4,8 Millionen Aktien für den Ausübung der Series-B-Rechte-Warrants hervor, die am 10. April 2025 auslaufen, mit einem Ausübungspreisbereich von $2,00 bis $4,00.
- Raised $1.6 million from Series A Right Warrants.
- Total gross proceeds of $7.85 million from Rights Offering.
- Net liquidity increased by $12.3 million.
- None.
1,417,208 Series A Right Warrants Exercised at
PRINCETON, N.J., Feb. 25, 2025 (GLOBE NEWSWIRE) -- 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 today the Company received aggregate gross proceeds of
The Company has now raised a total of
“We are pleased with the success of our Rights Offering which has served to strengthen our balance sheet and provide the liquidity to drive innovation and execution in our core international business with CytoSorb® while we pursue potential U.S. and Canadian approval and launch of DrugSorb™-ATR in 2025. We thank our shareholders for their continued support,” commented Dr. Phillip Chan, Chief Executive Officer of CytoSorbents. “Additionally, we are pleased with the progress of our DrugSorb-ATR marketing applications with both the U.S. FDA and Health Canada, where we continue to be in interactive review and expect regulatory decisions from both agencies in 2025.”
The exercise price was determined to be
The maximum number of shares of the Company’s common stock available for issuance in the Rights Offering was 12,500,000 shares, including the shares of common stock comprising the Units and pursuant to the exercise of the Right Warrants comprising the Units. Given the number of subscription rights and Series A Right Warrants exercised, approximately 4.8 million shares of common stock remain available for the exercise of Series B Right Warrants, as discussed below.
The Series B Right Warrants
The Series B Right Warrants are exercisable commencing on their date of issuance at an exercise price equal to
Exercise of the Right Warrants require 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
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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, ECMO, heart-lung machines). 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 in common critical illnesses such as sepsis, burn injury, trauma, lung injury, liver failure, cytokine release syndrome, and pancreatitis that can lead to massive inflammation, organ failure and patient death. 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 76 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, to reduce pro-inflammatory cytokine levels. CytoSorb is not yet approved 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 Medical Device Single Audit Program (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 14, 2024, 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
FAQ
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