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 Corporation (NASDAQ: CTSO) has secured a 3-year preferred supplier agreement with Asklepios Group, a major private hospital operator in Germany. This partnership allows CytoSorb® to be available across approximately 170 healthcare facilities. Asklepios has been a pioneer in using CytoSorb during high-risk surgeries, enhancing clinical outcomes. The agreement positions CytoSorbents strategically among Germany's largest hospital chains, fostering business growth and improving patient care in critical settings.
On April 29, 2022, CytoSorbents Corporation (NASDAQ: CTSO) announced the enrollment of its first patient in the STAR-D clinical trial. This pivotal study seeks FDA approval for the DrugSorb™-ATR system, designed to remove apixaban and rivaroxaban during cardiothoracic surgery. Conducted at Virginia Commonwealth University, the trial aims to enroll 120 patients across 30 sites. The potential market for this application could exceed one billion dollars, addressing a significant unmet medical need as no other solutions currently exist for managing bleeding risks associated with direct oral anticoagulants.
CytoSorbents Corporation (NASDAQ: CTSO) announced its participation in the 10th EuroELSO Congress in London from May 4-6, 2022. The company will showcase its 'Enhanced Lung Rest' strategy using CytoSorb with ECMO to treat acute respiratory distress syndrome (ARDS). New clinical data involving 56 critically ill COVID-19 patients will be presented, highlighting CytoSorb's role in improving patient outcomes. The company is also hosting an educational symposium at the event to discuss these developments further.
CytoSorbents Corporation (NASDAQ: CTSO) will announce its first-quarter 2022 financial results on May 3, 2022, after market close. Management will host a conference call at 4:30 p.m. Eastern to discuss these results. The company specializes in blood purification technologies for critical care and cardiac surgery, with its flagship product, CytoSorb®, approved in the EU and distributed in over 70 countries. Additionally, CytoSorbents is conducting trials for its DrugSorb™-ATR system aimed at removing antithrombotic drugs during surgeries.
CytoSorbents Corporation (NASDAQ: CTSO) has established a new subsidiary in the UK, aiming to directly sell its blood purification product, CytoSorb®, in the UK and Ireland. Previously, the product was sold through distributors. The UK represents a significant market, being the third largest for medical devices in Europe. The company has appointed Shaun Whittemore as Country Manager for UK and Ireland to spearhead market development. CytoSorbents will now directly operate in 15 countries and plans to collaborate with the NHS to improve awareness of its technology.
CytoSorbents Corporation (NASDAQ: CTSO) announced receipt of approximately $740,000 in cash from the New Jersey Economic Development Authority's Technology Business Tax Certificate Transfer Program, following the sale of its 2020 Net Operating Loss (NOL) and R&D tax credits. CFO Kathleen Bloch emphasized that this non-dilutive funding will enhance cash reserves, support global clinical trials, and expand manufacturing in Princeton, NJ. The company intends to continue participating in this program, demonstrating its commitment to developing life-saving technologies.
CytoSorbents Corporation (NASDAQ: CTSO) has appointed Jiny Kim, MBA, to its Board of Directors as an independent director, effective immediately. With extensive experience in the medical device industry from roles at major companies like Zimmer Biomet and Johnson & Johnson, Kim is expected to enhance the Board's capabilities amid the company's push for U.S. expansion and international growth. Her expertise in commercialization and product management will be pivotal as CytoSorbents advances its blood purification technologies, including DrugSorb™-ATR.
CytoSorbents Corporation (NASDAQ: CTSO) will participate in ISICEM 2022, a prominent symposium in Brussels, from March 22-25. The company will present new data from the CytoSorb Therapy in COVID-19 Multicenter Registry, sharing insights on treatment efficacy among critically ill patients. As part of its sponsorship, CytoSorbents is hosting an educational symposium on March 24, discussing hemoadsorption therapy. The CTC Registry has successfully enrolled 100 patients, confirming high survival rates in this cohort, further validating its innovative blood purification technologies.
CytoSorbents Corporation (NASDAQ: CTSO) announced its financial results for 2021, reporting a total revenue of $43.2 million, a 5% increase from 2020. Product sales reached $40.1 million, with core non-COVID-19 sales rising by 13% to $33.8 million. However, Q4 2021 revenue dropped 10% year-over-year to $10.8 million. The company incurred a 36% rise in operating expenses to $54.9 million. Looking forward, CTSO anticipates over 20% growth in core product sales for 2022 despite the impact of the ongoing pandemic and the Russia-Ukraine conflict.
On February 8, 2022, CytoSorbents Corporation (NASDAQ: CTSO) announced it will release its fourth quarter and full year 2021 financial results after market close on March 8, 2022. The management will host a conference call at 4:30 p.m. Eastern on the same day, providing insights into its operations. CytoSorbents specializes in treating critical conditions using blood purification technologies, with its flagship product, CytoSorb, actively used in over 70 countries.
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