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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 successfully completed its MISSION 100,000 fundraising campaign, raising $100,000 for the humanitarian organization CARE to combat COVID-19. This initiative coincides with the milestone of shipping over 131,000 CytoSorb® blood purification cartridges, used in treating severe COVID-19 cases. The funds will aid CARE's Crisis Response Campaign, providing vaccination and sanitation efforts globally. CEO Phillip Chan expressed gratitude for support, emphasizing the importance of corporate partnerships in the fight against the pandemic.
CytoSorbents Corporation (NASDAQ: CTSO) will release its second quarter 2021 operating and financial results on August 3, 2021, after market close. The company specializes in blood purification technology to treat critical conditions in intensive care and during cardiac surgery. Following the results announcement, a conference call will occur at 4:30 p.m. ET on the same day. CytoSorbents' flagship product, CytoSorb®, is approved in the EU and has been used in over 131,000 treatments globally.
CytoSorbents Corporation (NASDAQ: CTSO) has received full FDA approval for its Investigational Device Exemption (IDE) to initiate the pivotal STAR-T trial. This double-blind, randomized trial will evaluate the use of DrugSorb-ATR in removing ticagrelor during cardiothoracic surgery, targeting up to 120 patients at 20 sites across the U.S. The study aims to reduce peri-operative bleeding risks associated with ticagrelor, a medication used in cardiovascular patients. Participant enrollment is expected to commence this summer, with completion anticipated in 2022.
CytoSorbents Corporation (NASDAQ: CTSO) has appointed Terri Anne Powers as Vice President of Investor Relations and Corporate Communications, effective immediately. Powers brings over 15 years of healthcare industry experience, including her recent role at Diplomat Pharmacy and over nine years with Veolia Environnement. In her new position, she aims to enhance the company's visibility and foster dialogue with investors. CytoSorbents, known for its CytoSorb® blood purification technology, seeks to leverage her expertise to communicate its growth story and potential FDA approvals.
CytoSorbents Corporation (NASDAQ: CTSO) announced its presentation at the Jefferies Virtual Healthcare Conference on June 3, 2021. The company will detail its progress in the field of blood purification technology, specifically its flagship product, CytoSorb®, used to treat critical conditions in patients. Management will also engage in one-on-one meetings with investors throughout the day. A live webcast of the presentation will be available, with an archived replay accessible for 30 days post-event.
CytoSorbents Corporation (NASDAQ: CTSO) announced that its CytoSorb® blood purification technology is now registered and commercially available in Singapore. This approval includes treatments for reducing cytokine storms, bilirubin in liver disease, and myoglobin in trauma cases, following European Union indications. The company expects increased demand due to Singapore's high prevalence of sepsis and cardiovascular diseases. The partnership with distributor Humedical aims to enhance patient care in the region. CytoSorb has been utilized in over 131,000 treatments globally.
CytoSorbents Corporation (NASDAQ: CTSO) has announced its participation in the UBS Global Healthcare Virtual Conference and the Oppenheimer MedTech, Tools, and Diagnostic Summit on May 26, 2021. The company will present an overview of its progress and outlook, along with conducting one-on-one meetings with investors. CytoSorbents specializes in blood purification technology, particularly its CytoSorb® product, which is approved in the EU and utilized in over 131,000 treatments globally.
CytoSorbents Corporation (NASDAQ: CTSO) secured a Defense Health Agency (DHA) Sequential Phase II Small Business Innovation Research (SBIR) contract worth $1.5 million to enhance its K+ontrol™ platform for treating severe hyperkalemia resulting from traumatic injuries. This follows prior Phase I and II successes, accumulating $1.15 million in funding. The technology aims to address life-threatening hyperkalemia in environments lacking modern medical facilities, providing critical treatment in emergencies, particularly for military and mass casualty scenarios.
CytoSorbents Corporation (NASDAQ: CTSO) reported a 22% revenue increase in Q1 2021, reaching $10.6 million, driven by a 24% growth in CytoSorb product sales to $10.1 million. The company achieved a gross profit margin of 77% and maintained a robust cash balance of $68.5 million. The FDA granted conditional approval for the STAR-T trial, aiming for U.S. regulatory approval. However, COVID-19 related sales dropped to $1.8 million from previous quarters, influenced by European lockdowns. CytoSorbents anticipates ongoing growth in non-COVID-19 business and new product applications.
CytoSorbents Corporation (NASDAQ: CTSO) will announce its Q1 2021 financial results on May 4, 2021, at 4:45 PM EST. The company specializes in blood purification technology, notably CytoSorb®, aimed at managing inflammation in critically ill patients. A live conference call will follow the results announcement, providing insights into operational and financial progress. CytoSorbents' technology has been utilized in over 121,000 treatments and is approved in the EU for various applications, including COVID-19 management.
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