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) will present at the Cowen 43rd Annual Health Care Conference on March 7, 2023, from 1:30 PM to 2:00 PM EST at the Boston Marriott Copley Place. CEO Phillip Chan will lead the presentation, focusing on the company's blood purification technologies for life-threatening conditions. CytoSorb®, their flagship product, is approved in the EU and used in over 75 countries. The company is also seeking FDA approval for DrugSorb™-ATR, aimed at removing antithrombotic drugs during surgery. The STAR-T clinical trial is ongoing to evaluate efficacy in reducing bleeding risks.
CytoSorbents Corporation (NASDAQ: CTSO) announced it will report its fiscal 2022 financial results on March 9, 2023, at 4:30 PM EST. The company, focused on blood purification technology for critical care and cardiac surgery, is set to provide insights into its operational and financial progress during Q4 2022 and the full fiscal year. CytoSorbents’ flagship product, CytoSorb®, is approved in the EU and used worldwide, with over 195,000 devices utilized to date. The press release details a conference call for stakeholders to discuss these results, which will also be available as an archived recording on the company's website.
CytoSorbents Corporation (CTSO) reported a total revenue of approximately $34.7 million in 2022, down from $43.2 million in 2021. Cumulative CytoSorb treatments exceeded 195,000, marking a 20% increase year-over-year. Q4 2022 product sales reached approximately $7.6 million, up 18% sequentially from Q3 2022 but lower than Q4 2021 due to COVID-related sales. The company aims to complete the pivotal STAR-T trial for its DrugSorb-ATR product in 2023, targeting the U.S. and Canadian markets, with a significant addressable market estimated at $300-350 million. The firm ended 2022 with a solid cash balance of $23.8 million and a grant backlog of $11.5 million.
On January 23, 2023, CytoSorbents Corporation (NASDAQ: CTSO) announced that it has received regulatory approval from Health Canada to include Canadian sites in its pivotal STAR-T trial. This trial focuses on the removal of ticagrelor during cardiac surgery to minimize bleeding risks. Dr. Richard Whitlock emphasized the study's importance for Canadian cardiac surgery centers, anticipating high-volume patient recruitment. CytoSorbents aims to reach its enrollment milestone of 80 patients by Spring 2023 and full enrollment of 120 patients by Summer 2023. The STAR-T trial is critical for FDA and Health Canada marketing approval of the DrugSorb-ATR system.
CytoSorbents (NASDAQ: CTSO) has appointed Dr. Irina Kulinets as Senior Vice President of Global Regulatory Affairs, focusing on FDA marketing approval for DrugSorb®-ATR. With over 30 years of regulatory experience in medical devices and clinical research, Dr. Kulinets aims to leverage her expertise to expedite the approval process for innovative therapies. Previously, she held senior roles at MicroVention and several major life science companies. This leadership change comes at a crucial time as the company approaches significant trial conclusions that could enhance its product offerings in the U.S. and Canada.
CytoSorbents Corporation (NASDAQ: CTSO) has secured $5 million in non-dilutive debt financing from Bridge Bank, strengthening its balance sheet and providing working capital for key initiatives. This loan comes under a revised agreement allowing for a total loan commitment of $15 million, with the first tranche available immediately. The financing aims to support the U.S. STAR-T pivotal trial and commercial initiatives while extending the drawdown period for remaining funds to March 1, 2023. The loan has favorable terms, including no financial covenants and interest-only payments until January 1, 2024.
CytoSorbents Corporation (NASDAQ: CTSO) has received a recommendation from the independent Data and Safety Monitoring Board (DSMB) to continue its pivotal STAR-T trial without modifications. The trial evaluates DrugSorb-ATR's ability to reduce perioperative bleeding by removing the antithrombotic drug ticagrelor during cardiothoracic surgery. The trial aims to enroll 120 patients across 30 centers and is critical for FDA and Health Canada marketing approval. The company aims to enroll 80 patients by Spring 2023, marking a significant milestone in the study.
On November 14, 2022, CytoSorbents Corporation (NASDAQ: CTSO) announced it has enrolled 40 patients in the STAR-T trial, a pivotal study aimed at supporting FDA and Health Canada approval of DrugSorb-ATR. The trial seeks to enhance safety in patients undergoing cardiothoracic surgery who are on ticagrelor. As the first milestone is reached, a Data and Safety Monitoring Board review will follow. The company anticipates that the next milestone of 80 enrolled patients could be met by Spring 2023.
CytoSorbents Corporation (NASDAQ: CTSO) announced Q3 2022 results, reporting total revenues of $8.1 million, down 17% from Q3 2021. Product sales declined by 27% to $6.5 million, impacted by low COVID-related sales and unfavorable currency effects. Gross margins fell to 55% due to an inventory write-off and production inefficiencies. Despite challenges, the company achieved key milestones in its U.S. STAR-T trial, expecting to enroll 40 patients this month. Cash reserves stand at $24.2 million with no debt, as the company focuses on cost control and growth initiatives amidst ongoing market pressures.
CytoSorbents Corporation (NASDAQ: CTSO) announced positive results from the CytoSorb Therapy in COVID-19 (CTC) Registry presented at the ESICM Congress. The study involved 100 critically ill COVID-19 patients, showing 90-day survival rates of 74% compared to 52% in the broader ELSO registry. Early initiation of CytoSorb therapy significantly improved outcomes, with reduced inflammatory markers and shorter ECMO durations. The study highlights the efficacy of CytoSorb in addressing severe acute respiratory distress syndrome and supports further research into this treatment paradigm.
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