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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) emphasizes its commitment to combating sepsis during Sepsis Awareness Month and World Sepsis Day on September 13, 2020. The company highlights the role of its CytoSorb® blood purification technology in treating sepsis caused by cytokine storms, which affects millions globally. CEO Dr. Phillip Chan points out that sepsis from everyday infections causes 11 million deaths annually. CytoSorbents is also actively involved in sponsoring sepsis awareness events and educational initiatives.
CytoSorbents Corporation (NASDAQ: CTSO) announced the launch of its 'CytoSorb Therapy in COVID-19 ICU Patients' (CTC) Registry, aimed at collecting clinical outcomes data on critically-ill COVID-19 patients treated with its CytoSorb technology. The registry, which is actively enrolling patients at multiple U.S. centers, including the University of Chicago Medicine, seeks to improve the understanding and effectiveness of CytoSorb therapy in managing cytokine storms. The technology has received FDA Emergency Use Authorization for specific applications in COVID-19 patients.
Terumo Cardiovascular and CytoSorbents Corporation (CTSO) announced a collaboration to exclusively sell CytoSorb therapy to hospitals in ten U.S. COVID-19 hotspot states. The therapy is intended for critically ill COVID-19 patients and has received Emergency Use Authorization (EUA) from the FDA. Terumo will facilitate access to CytoSorb, while CytoSorbents will provide clinical support and training. This partnership aims to address rising hospital admissions due to severe COVID-19 infections, enhancing availability of CytoSorb, which has treated over 1,200 patients worldwide.
CytoSorbents Corporation (NASDAQ: CTSO) announced partnerships with InvoSurg Inc. and Surgical Partners to distribute its CytoSorb® device authorized under FDA Emergency Use Authorization for critically-ill COVID-19 patients. These collaborations will expand CytoSorb's availability across 15 states in the U.S., particularly in Florida and the Northeast. The partnerships aim to address the urgent needs of COVID-19 patients facing respiratory failure, following promising initial use of the device since its EUA granting in April 2020.
CytoSorbents Corporation (CTSO) reported Q2 2020 revenue of approximately $9.8 million, marking a 58% increase year-over-year. Product revenues were around $9.5 million, up 61% from Q2 2019. The company generated about $667,000 in sales tied to COVID-19 treatments following FDA Emergency Use Authorization. Cash reserves grew to approximately $89 million after a July equity financing, which enhances growth capital for clinical trials and production. CytoSorbents achieved over 100,000 treatments globally and expanded distribution to 65 countries.
CytoSorbents Corporation (NASDAQ: CTSO) has achieved a significant milestone, delivering over 100,000 CytoSorb cartridges globally to treat critical conditions such as sepsis and inflammation. The technology is now utilized in 65 countries and has successfully treated tens of thousands of patients. CytoSorb is recognized for its ability to mitigate cytokine storms, a severe immune response, and has received FDA Emergency Use Authorization for COVID-19 patients. The company highlights its commitment to innovation and collaboration in critical care medicine.
CytoSorbents Corporation (NASDAQ: CTSO) received a three-year contract worth up to $4.42 million from the U.S. Department of Defense to advance the HemoDefend™-BGA plasma and whole blood adsorber. The aim is to develop 'universal plasma' for transfusions, enhancing safety by removing anti-A and anti-B antibodies. This award supports prior funding of $2.9 million for preclinical development and aims for FDA investigational device exemption approval. The technology could significantly improve blood product availability, benefiting both military and civilian patients.
CytoSorbents Corporation (NASDAQ: CTSO) announced a positive outcome from the Data Monitoring Committee (DMC) of the REFRESH 2-AKI trial, recommending the resumption of the study following a favorable safety data review. The trial had been paused due to a previous DMC request for additional clinical data. With safety analysis of 153 patients considered unremarkable, the company is set to continue the trial with minor modifications. The success in collaboration with a new contract research organization amid COVID-19 challenges highlights potential growth in cardiac surgery applications for its CytoSorb technology.
CytoSorbents Corporation (CTSO) will release its Q2 2020 financial results on August 4, 2020, after market close. Management will host a live conference call for operational and financial updates on the same day at 4:45 PM Eastern. CytoSorb® technology, designed for treating deadly inflammation in critically ill patients, is approved in the EU and has been utilized in over 98,000 treatments globally. The company has received substantial funding exceeding $37 million from various U.S. governmental agencies to support its innovative blood purification technologies.
CytoSorbents Corporation (Nasdaq: CTSO) announced the pricing of a public offering of 5,263,158 shares at $9.50 per share, generating gross proceeds of approximately $50 million. The offering's closure is expected on July 24, 2020, pending customary conditions. The funds will be used for general corporate purposes, including expansion in manufacturing, research and development, and clinical studies. The underwriters also have a 30-day option to purchase an additional 789,473 shares. Cowen and SVB Leerink are the joint book-running managers for this offering.
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