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 received recognition from the UK's National Institute for Health and Care Excellence (NICE) regarding its CytoSorb blood purification technology. The Medtech Innovation Briefing highlights the ability of CytoSorb to reduce bleeding risks in cardiac surgery by eliminating the blood thinner ticagrelor. NICE's analysis indicates potential cost savings of £3,941 per procedure and shorter hospital stays. Dr. Efthymios Deliargyris noted its game-changing potential, emphasizing the importance of strong clinical evidence for adoption.
CytoSorbents Corporation (NASDAQ: CTSO) announced the appointment of David D. Cox, Ph.D., MBA, as Vice President of Global Regulatory Affairs. Dr. Cox, who previously held a similar role at Integra LifeSciences, has extensive experience in regulatory approvals, including FDA submissions for medical devices. His primary focus will be to expedite U.S. FDA approval for CytoSorb's use in removing ticagrelor during cardiac surgery, a process that has received Breakthrough Device designation. This leadership change is expected to enhance regulatory strategy and facilitate entry into the lucrative U.S. market.
CytoSorbents Corporation (NASDAQ: CTSO) has received approval from the Korean Ministry of Food and Drug Safety for its CytoSorb blood purification technology. This approval allows treatment for various conditions, including cytokine storms, liver disease, and trauma, in a healthcare system serving nearly 52 million people. This marks a significant milestone in expanding CytoSorb's reach, now available in 67 countries. The partnership with Fresenius Medical Care Korea aims to enhance critical care and addresses rising sepsis mortality rates in the region.
CytoSorbents Corporation (NASDAQ: CTSO) has received Health Canada authorization for its CytoSorb® blood purification technology for use in COVID-19 patients. CytoSorb is now commercially available in Canada and has received approvals in 67 countries worldwide. This authorization allows for emergency use in hospitalized COVID-19 patients under Interim Order ID# 316575. The company collaborates with ebbtides medical to expedite availability across Canada as COVID-19 cases rise. CytoSorb is designed to treat inflammation, enhancing outcomes in critical care and cardiac surgery.
CytoSorbents Corporation (NASDAQ: CTSO) has pre-announced record preliminary unaudited financial results for Q4 2020 and full-year 2020, highlighting a significant 73% revenue growth. The company reported approximately $40.8 million in total revenue for 2020, compared to $24.9 million in 2019. Q4 2020 revenue reached about $11.8 million, up from $7.4 million in Q4 2019. CytoSorb treatments exceeded 121,000, reflecting strong demand, especially during the COVID-19 pandemic. The company ended the year with a robust cash balance of over $71 million.
CytoSorbents Corporation (NASDAQ: CTSO) has appointed James Komsa as the new Vice President of U.S. Sales and Marketing. Komsa, a veteran from Medtronic with over 18 years of experience, previously led multiple divisions generating substantial annual sales. He aims to enhance the CytoSorb brand and focus on expanding its critical care applications, particularly for ticagrelor removal in cardiothoracic surgeries. The company is targeting a potential $250 million U.S. market as it leverages FDA Emergency Use Authorization for COVID-19 treatments.
CytoSorbents Corporation (NASDAQ: CTSO) announced that Health Canada has granted Medical Device Authorization for the emergency use and sale of CytoSorb in hospitalized COVID-19 patients. This authorization allows for the therapy's distribution in Canada and expands its reach to 67 countries worldwide. CytoSorbents aims to collaborate with ebbtides medical to ensure rapid availability of the treatment. The authorization is valid until Fall 2021 but may be renewed based on public health needs. CytoSorb has previously received U.S. FDA Emergency Use Authorization.
CytoSorbents Corporation (NASDAQ: CTSO) has appointed Dr. Christian Steiner as Executive Vice President - Sales and Marketing. With over nine years at the company, Dr. Steiner has been pivotal in establishing CytoSorb as a market leader, contributing to more than $100 million in cumulative sales. Currently, the company boasts an annualized revenue run rate exceeding $40 million, with CytoSorb treatments delivered to over 110,000 patients across 66 countries. Dr. Steiner's leadership is expected to further enhance growth and innovation in critical care immunotherapy.
CytoSorbents Corporation (NASDAQ: CTSO) announced on December 10, 2020, that it has repaid its $15 million term loans and secured a new $15 million loan commitment from Bridge Bank. The repayment follows a successful $57.5 million equity raise in July 2020, positioning the company to meet its cash needs for the foreseeable future. The new term loan bears interest at a variable rate and provides CytoSorbents flexibility for future expansion. This structured approach will help mitigate interest expenses and supports the company’s ongoing development in critical care immunotherapy.
CytoSorbents Corporation (NASDAQ: CTSO) announced a pivotal study published in Biomedicines demonstrating the early initiation of its CytoSorb technology in critically ill septic shock patients. The study showed a significant reduction in norepinephrine requirements (>50%) and lower in-hospital mortality rates (21.4% vs. 47.6%) among 42 patients treated with CytoSorb compared to matched controls. Early intervention, within 24 hours of ICU admission, was highlighted as crucial for enhancing survival outcomes. This research supports the continued evaluation of CytoSorb's effectiveness in critical care scenarios.
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