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 (NASDAQ: CTSO), a leader in blood purification technology for treating life-threatening conditions in intensive care and cardiac surgery, has announced its participation in the H.C. Wainwright 26th Annual Global Investment Conference. The event is scheduled for September 9-11, 2024, at the Lotte New York Palace Hotel in New York, NY.
Key points:
- CEO Dr. Phillip Chan and CFO Peter J. Mariani will attend and present
- On-demand company presentation available from September 9 at 7:00 AM ET
- Management team available for one-on-one meetings on September 9
- Presentation replay will be accessible on CytoSorbents's website for 90 days
This conference provides an opportunity for CytoSorbents to showcase its innovative blood purification technology to potential investors and industry professionals.
CytoSorbents (NASDAQ: CTSO), a leader in blood purification technology for treating life-threatening conditions, has announced inducement equity awards for its newly-hired Chief Financial Officer, Peter J. Mariani. The awards, granted on August 14, 2024, include:
- A non-qualified stock option to purchase 215,000 shares of common stock, vesting based on performance milestones
- Restricted stock units (RSUs) for 65,000 shares, vesting over two years
- RSUs for 110,000 shares, vesting upon a change of control or after four years
- RSUs for 175,000 shares, vesting only upon a change of control
- A non-qualified stock option for 80,000 shares with staggered vesting
The options have an exercise price of $0.90 per share. These awards were approved under Nasdaq Listing Rule 5635(c)(4) as employment inducement grants.
CytoSorbents (NASDAQ: CTSO) reported Q2 2024 financial results, highlighting:
- 10% increase in product sales to $8.8 million
- 48% reduction in operating loss to $3.4 million
- 75% product gross margins, up from 74% in Q2 2023
- Achieved milestone of over 250,000 CytoSorb treatments delivered to date
The company is on track for DrugSorb-ATR U.S. FDA De Novo and Health Canada marketing submissions this quarter. CytoSorbents secured a $20 million credit facility, strengthening its financial position. Cost-cutting measures, including a 17% headcount reduction, are expected to save $5 million annually. The company appointed Peter J. Mariani as new CFO, succeeding retiring Kathleen P. Bloch.
CytoSorbents (NASDAQ: CTSO) has appointed Peter J. Mariani as its new Chief Financial Officer (CFO), effective August 14, 2024. Mariani brings over 25 years of experience in high-growth medical device companies, most recently serving as Executive VP & CFO at Axogen, Inc. During his tenure at Axogen, the company grew annual revenue from $27 million to nearly $160 million and raised approximately $250 million in capital.
Mariani replaces Kathleen P. Bloch, who is retiring but will continue as a consultant to ensure a smooth transition. CytoSorbents' CEO, Dr. Phillip Chan, expressed confidence in Mariani's ability to guide the company through its next phase of expected rapid growth, particularly as they pursue U.S. and Canadian marketing approval for DrugSorb-ATR and drive their OUS business with CytoSorb.
CytoSorbents (NASDAQ: CTSO), a leader in blood purification for treating life-threatening conditions in intensive care and cardiac surgery, has announced it will report its second quarter 2024 operating and financial results on Tuesday, August 13, 2024, after market close. The company's management will host a live conference call, presentation webcast, and Q&A session at 4:30 PM EDT on the same day.
Investors and interested parties can access the live webcast through the provided link or join via phone using the toll-free dial-in number. Participants are advised to dial in about 10 minutes before the call starts. An archived recording of the conference call will be available on the company's website under the Investor Relations section.
CytoSorbents (NASDAQ: CTSO) has regained compliance with Nasdaq's minimum bid price requirement of $1.00 per share. The company received notification from Nasdaq on July 26, 2024, confirming that its common stock had closed at or above $1.00 for 10 consecutive trading sessions ending July 25, 2024. This development strengthens CytoSorbents' market position as it approaches expected regulatory submissions for DrugSorb®-ATR marketing approval to the U.S. FDA and Health Canada in the coming months.
Dr. Phillip Chan, CEO of CytoSorbents, highlighted recent operational progress in clinical, regulatory, commercial, manufacturing, and financing areas, along with continued aggressive cost-cutting measures. These efforts are aimed at establishing a foundation for what the company believes will be an exciting new phase of its business.
CytoSorbents (NASDAQ: CTSO) has launched a newly redesigned and consolidated website at www.cytosorbents.com. The website, themed 'Working to Save Lives Together', showcases two decades of collaboration with the medical and research communities to refine therapies like CytoSorb®, ECOS-300CY®, and VetResQ®. The new site features a modern design, intuitive navigation, and comprehensive information for healthcare professionals and investors.
Key features include a user-friendly layout, enhanced content, news updates, a searchable resource library with over 1,000 peer-reviewed publications, and a dedicated investor relations section. The website aims to provide a unified online presence for the company's corporate and product information, highlighting its commitment to blood purification technology and life-saving therapies.
CytoSorbents (NASDAQ: CTSO) will present at the 1st Annual American Association of Physicians of Indian Origin (AAPI) World Health Congress from July 18-22, 2024 in New York. CEO Dr. Phillip Chan will deliver a company presentation and participate in a panel on AI in Healthcare.
Dr. Chan will discuss CytoSorb® and other blood purification technologies for treating critically ill and cardiac surgery patients. He'll also share insights on AI's potential impact in critical care, referencing CytoSorbents' past involvement in DARPA's Dialysis-Like Therapeutics program for sepsis treatment.
The AAPI represents over 80,000 practicing physicians of Indian origin in the US, who serve about 30% of the US patient population. This inaugural congress aims to foster global collaboration in healthcare innovation.
CytoSorbents (NASDAQ: CTSO) has secured a $20 million credit facility from Avenue Capital Group, including Avenue Venture Opportunities Fund, L.P. and Avenue Venture Opportunities Fund II, L.P. The facility aims to support the ongoing global commercialization of CytoSorb® and the potential U.S. and Canadian commercialization of DrugSorb™-ATR.
The credit agreement, effective June 28, 2024, provides up to $20 million in total term loan capital. An initial tranche of $15 million includes $10 million available immediately and an additional $5 million contingent upon FDA acceptance of the Company's De Novo application for DrugSorb-ATR. A second tranche of $5 million is slated for the second half of 2025, dependent on FDA marketing clearance.
Proceeds are designated for supporting CytoSorbents' critical care and cardiac surgery products, marketing applications to regulatory bodies, and refinancing existing debt. The company reported $32.2 million in trailing 12-month sales as of March 31, 2024.
CytoSorbents announced the regulatory approval of CytoSorb® by the Taiwan Food and Drug Administration (TFDA) for treating critically ill and cardiac surgery patients. This approval covers the extracorporeal removal of cytokines, bilirubin, and myoglobin. Additionally, it allows the removal of antithrombotic drugs during cardiothoracic surgery to reduce bleeding risks. CytoSorb will be distributed in Taiwan by Hemoscien The product, used in over 237,000 treatments worldwide, aims to address critical illnesses, including sepsis, which affects approximately 150,000 people annually in Taiwan. This approval marks a significant milestone for CytoSorbents, enhancing their market reach in a progressive healthcare system.
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