Cytosorbents Corp Stock Price, News & Analysis

CytoSorbents Corporation (NASDAQ: CTSO) announced receipt of approximately $740,000 in cash from the New Jersey Economic Development Authority's Technology Business Tax Certificate Transfer Program, following the sale of its 2020 Net Operating Loss (NOL) and R&D tax credits. CFO Kathleen Bloch emphasized that this non-dilutive funding will enhance cash reserves, support global clinical trials, and expand manufacturing in Princeton, NJ. The company intends to continue participating in this program, demonstrating its commitment to developing life-saving technologies.

CytoSorbents Corporation (NASDAQ: CTSO) has appointed Jiny Kim, MBA, to its Board of Directors as an independent director, effective immediately. With extensive experience in the medical device industry from roles at major companies like Zimmer Biomet and Johnson & Johnson, Kim is expected to enhance the Board's capabilities amid the company's push for U.S. expansion and international growth. Her expertise in commercialization and product management will be pivotal as CytoSorbents advances its blood purification technologies, including DrugSorb™-ATR.

CytoSorbents Corporation (NASDAQ: CTSO) will participate in ISICEM 2022, a prominent symposium in Brussels, from March 22-25. The company will present new data from the CytoSorb Therapy in COVID-19 Multicenter Registry, sharing insights on treatment efficacy among critically ill patients. As part of its sponsorship, CytoSorbents is hosting an educational symposium on March 24, discussing hemoadsorption therapy. The CTC Registry has successfully enrolled 100 patients, confirming high survival rates in this cohort, further validating its innovative blood purification technologies.

CytoSorbents Corporation (NASDAQ: CTSO) announced its financial results for 2021, reporting a total revenue of $43.2 million, a 5% increase from 2020. Product sales reached $40.1 million, with core non-COVID-19 sales rising by 13% to $33.8 million. However, Q4 2021 revenue dropped 10% year-over-year to $10.8 million. The company incurred a 36% rise in operating expenses to $54.9 million. Looking forward, CTSO anticipates over 20% growth in core product sales for 2022 despite the impact of the ongoing pandemic and the Russia-Ukraine conflict.

On February 8, 2022, CytoSorbents Corporation (NASDAQ: CTSO) announced it will release its fourth quarter and full year 2021 financial results after market close on March 8, 2022. The management will host a conference call at 4:30 p.m. Eastern on the same day, providing insights into its operations. CytoSorbents specializes in treating critical conditions using blood purification technologies, with its flagship product, CytoSorb, actively used in over 70 countries.

CytoSorbents Corporation (NASDAQ: CTSO), a leader in blood purification for life-threatening conditions, announced its participation in two virtual investor conferences. CEO Dr. Phillip Chan will engage in a fireside chat at the 11th Annual SVB Leerink Global Healthcare Conference on February 17, 2022, at 10:00 a.m. ET, with a live webcast available. He will also participate at the Cowen 42nd Annual Health Care Conference on March 9, 2022, at 2:10 p.m. ET. Recordings of the conferences will be available on the company's website for 30 days.

CytoSorbents Corporation (NASDAQ: CTSO) announced the enrollment of the first patient in the PROCYSS trial, aimed at evaluating the efficacy of CytoSorb in treating refractory septic shock. Conducted in Germany, this multicenter, randomized controlled trial is designed to enroll up to 160 patients across 20 sites and is expected to be completed by the end of 2023. The trial will assess CytoSorb's ability to restore hemodynamic stability in patients suffering from this critical condition, potentially paving the way for improved treatment protocols in critical care.

On January 24, 2022, CytoSorbents Corporation (NASDAQ: CTSO) announced a new publication in Annals of Thoracic and Cardiovascular Surgery, reporting the efficacy of their hemoadsorption technology in reducing bleeding complications during urgent aortic dissection surgeries. A study involving 171 patients showed that among those treated with hemoadsorption, 30-day mortality was lower at 10% compared to 27.3% without treatment. The technology also resulted in fewer re-operations and a reduced ICU stay from 9 days to 4 days, highlighting its potential to improve patient outcomes.

CytoSorbents Corporation (NASDAQ: CTSO) released a stockholder letter and reported preliminary unaudited results for Q4 and full year 2021, showing total revenue of approximately $43.2 million, slightly up from $41.0 million in 2020. The total treatments delivered exceeded 162,000, marking a 34% increase. Q4 revenue was $10.8 million compared to $12.0 million in Q4 2020. The company has a strong cash balance of approximately $54 million and is set to renew a $15 million term loan. CytoSorb's core (non-COVID-19) product revenue rose by 13% in 2021.