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 been awarded a Phase I SBIR grant worth $281,835 from the National Institute of General Medical Sciences to advance its blood purification technologies targeting Gram-negative sepsis. This funding will facilitate research on the removal of cytokines and lipopolysaccharide (LPS) endotoxin from septic porcine plasma, critical in combating sepsis, responsible for one in five deaths globally. CEO Phillip Chan emphasized the importance of addressing Gram-negative infections in septic shock, which accounts for a significant portion of hospital-acquired infections.
CytoSorbents Corporation (NASDAQ: CTSO) is set to release its third quarter 2022 operating and financial results on November 3, 2022, after market close. A live conference call and presentation will follow at 4:30 p.m. Eastern. The company is recognized for its innovative blood purification technology aimed at critical conditions in ICU and cardiac surgery. CytoSorb, their leading product, is approved in the EU and used in over 75 countries. With over 179,000 devices utilized as of June 30, 2022, CytoSorb focuses on managing severe inflammatory responses in patients.
CytoSorbents Corporation (NASDAQ: CTSO) presented new data on CytoSorb® at the 36th EACTS Annual Meeting in Milan, highlighting its effectiveness in cardiac surgery. The study involved 130 patients undergoing surgery for Staphylococcal aureus endocarditis. The results showed that CytoSorb significantly reduced postoperative vasopressor requirements (p<0.02) and sepsis-related mortality (8.0% vs. 21.8%, p=0.02). Furthermore, it demonstrated significant improvements in 30-day (17.3% vs. 32.7%, p=0.03) and 90-day mortality (21.3% vs. 40%, p=0.03), emphasizing its potential as a safe therapy in high-risk cardiac surgeries.
CytoSorbents Corporation (NASDAQ: CTSO) announced the upcoming retirement of CFO Kathleen P. Bloch on March 31, 2023, after a decade of service. Bloch will assist as a consultant post-retirement to ensure a smooth transition. Under her leadership, the company raised over $140 million and expanded globally, distributing products in 75 countries. CEO Phillip Chan praised her contributions, which included significant improvements in accounting and investor relations. The company aims for continued growth and FDA approval for its DrugSorb-ATR system.
CytoSorbents Corporation (NASDAQ: CTSO) has been awarded a three-year Phase III contract worth $4.3 million by the U.S. Army Medical Research Acquisition Activity. This contract aims to develop the HemoDefend-BGA™ filter for the creation of freeze-dried universal plasma, which could be rapidly deployed in emergency settings without the need for blood typing. The technology aims to greatly simplify logistics for both military and civilian responders, potentially saving lives during trauma care.
CytoSorbents Corporation (NASDAQ: CTSO) will present at the Dawson James Securities 2022 Small Cap Growth Conference on October 12, 2022, from 2:30-2:55 PM EDT. CEO Dr. Phillip Chan will lead the presentation, and 1x1 meetings with management are available during the event. A live webcast will be accessible via the provided link, and an archived recording will be available on the Company’s website.
CytoSorbents Corporation (NASDAQ: CTSO) announced a $1,977,024 grant from the U.S. Army Medical Research Acquisition Activity to further develop its HemoDefend-BGA™ adsorber. This technology aims to create a universal plasma by removing anti-A and anti-B antibodies, potentially enhancing emergency treatments in critical care. The two-year grant will fund pre-clinical studies to evaluate safety and efficacy. This initiative supports a market estimated at $400 million to $600 million in westernized countries, addressing a significant need for plasma in civilian and military settings.
CytoSorbents Corporation (NASDAQ: CTSO) announced that CEO Phillip Chan will present at the H.C. Wainwright 24th Annual Global Investment Conference on September 12, 2022. An on-demand webcast of the presentation will be available later, and company executives will hold one-on-one meetings with investors throughout the event. CytoSorbents specializes in blood purification for critical conditions and has 179,000 CytoSorb devices used globally. The company is also pursuing FDA approval for DrugSorb™-ATR, aimed at antithrombotic drug removal during surgeries.
CytoSorbents Corporation (NASDAQ: CTSO) has announced that the Turkish Ministry of Health will now cover the cost of treatment with its CytoSorb® product. This approval allows hospitals and doctors in Turkey to purchase CytoSorb directly without restrictions, marking a significant advancement in critical care treatment for patients with severe sepsis, septic shock, and those undergoing cardiothoracic surgery. The partnership with Bıçakcılar Medical Devices played a crucial role in achieving this reimbursement, enhancing patient access to this innovative blood purification therapy.
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