Cytosorbents Corp Stock Price, News & Analysis

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.

CytoSorbents (NASDAQ: CTSO) has launched the PuriFi™ blood pump in the European Union following approval under the E.U. Medical Device Regulation (MDR). This peristaltic blood pump features innovative elements such as pre-assembled blood line kits, auto-priming, an auto-leveling bubble catcher, an intuitive touchscreen interface, optional blood warming, and a rapid 10-minute set-up time. These advancements facilitate the use of CytoSorbents’ CytoSorb® blood purification cartridge for critically ill and cardiac surgery patients. The launch, a result of a 2-year development program with Medica Group, aims to meet growing demand for efficient blood purification solutions.

CytoSorbents (NASDAQ: CTSO), a key player in blood purification for critical care and cardiac surgery, will hold its 2024 Virtual Annual Stockholders Meeting on June 6, 2024, at 10 AM EDT. Stockholders as of April 12, 2024, are entitled to participate using the 16-digit control number provided in their proxy materials. The webcast will be accessible at www.virtualshareholdermeeting.com/CTSO2024.

CytoSorbents (NASDAQ: CTSO) presented new data from the STAR Registry at the EuroPCR 2024 conference. The study, involving 102 patients on ticagrelor undergoing CABG surgery with CytoSorb blood purification, showed no device-related adverse events and a 9.8% rate of severe bleeding. The data suggest CytoSorb may reduce the wait time for surgery, lowering bleeding risks compared to historical data. This research was a top five finalist for the best scientific abstract. The results could expand CytoSorb's market as ticagrelor's patent expires and generic options become available.

CytoSorbents reported unaudited financial results for the first quarter of 2024, showcasing a robust 14% increase in product sales year over year and a 22% sequential increase. The company's product gross margins improved to 76%, marking the highest quarter for core CytoSorb sales in nearly 3 years. Additionally, the STAR-T data presented at AATS supported a favorable benefit-to-risk profile of DrugSorb-ATR in CABG patients. CytoSorbents is on track for FDA De Novo and Health Canada submissions for DrugSorb-ATR in Q3 2024.

CytoSorbents announced a virtual Key Opinion Leader and Analyst-Investor Day to discuss the STAR-T pivotal trial results and real-world experience with antithrombotic drug removal in Europe. The event will focus on severe perioperative bleeding in heart surgery patients on blood thinners, including Brilinta®. Experts will present key findings from the STAR-T trial and real-world data in the pre-specified CABG population, addressing the challenges of coronary artery disease and heart attacks globally.