Cytosorbents Corp Stock Price, News & Analysis

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.

CytoSorbents Corporation (NASDAQ: CTSO) announced that the Israeli Ministry of Health has granted national reimbursement for its product CytoSorb® in specific cardiac surgery cases, effective 2023. This initiative acknowledges the device’s role in managing patients during emergency surgeries involving anticoagulants like ticagrelor and rivaroxaban. Approximately 4,000 heart surgeries occur annually in Israel, underscoring the relevance of this reimbursement. CytoSorbents is positioned to benefit from the growing demand for advanced medical technologies in Israel’s robust healthcare system.

Fresenius Medical Care and CytoSorbents have enhanced their partnership through a multi-stage collaboration aimed at innovating and expanding sales opportunities in critical care. This three-year agreement will see Fresenius Medical Care actively market CytoSorb as a primary blood purification therapy for critical conditions, excluding the U.S. The collaboration promises to leverage various marketing strategies to increase the visibility of CytoSorb while ensuring its compatibility with Fresenius Medical Care's existing platforms. This initiative is expected to drive growth and enhance patient care.

CytoSorbents Corporation (CTSO) reported a significant decrease in Q2 2022 revenue of $8.5 million, a 29% decline from Q2 2021, largely due to reduced product sales and negligible COVID-related sales. Product gross margins fell from 82% to 67%, impacted by production inefficiencies from relocating to a new facility. Despite challenges, the company maintains a strong balance sheet with $31.9 million in cash and no debt, and has entered new agreements with Fresenius Medical Care and Asklepios Group to enhance market access.

CytoSorbents Corporation (NASDAQ: CTSO) will report its second quarter 2022 financial results after market close on August 2, 2022. The company specializes in blood purification technologies used in critical care and cardiac surgery. A live conference call will follow at 4:30 p.m. Eastern. Key products include CytoSorb®, approved in the EU and used in over 70 countries, and DrugSorb™-ATR, currently in pivotal trials for FDA approval. The company has received over $39.5 million in funding for its initiatives.