Cytosorbents Corp Stock Price, News & Analysis

CytoSorbents Corporation (NASDAQ: CTSO) announces a new study demonstrating the effectiveness of CytoSorb in reducing cytokine storms during systemic inflammation, published in the medical journal Critical Care. Conducted by sepsis experts from Radboud University Medical Center, the study involved 24 healthy male volunteers given endotoxin. The CytoSorb treatment resulted in significant reductions of cytokines like TNF (58% reduction) and IL-6 (71% reduction). This study reinforces the role of CytoSorb in managing severe inflammation and supports its usage in critical care settings.

CytoSorbents Corporation (NASDAQ: CTSO) announced its participation in the 42nd International Symposium on Intensive Care & Emergency Medicine (ISICEM 2023) in Brussels, showcasing new data on CytoSorb therapy. Notable presentations include the ability of CytoSorb to reduce cytokine levels during systemic inflammation and prevent endothelial damage, crucial in managing septic shock. The symposium will feature live-streamed discussions on these studies, emphasizing CytoSorb's growing role in critical care. The company aims to connect with global clinicians and showcase the benefits of its blood purification technology in treating serious conditions.

CytoSorbents Corporation (NASDAQ: CTSO), a leader in blood purification technology, announced it has no direct financial exposure to Silicon Valley Bank or Signature Bank. The company maintains diversified cash holdings, primarily at JP Morgan Chase, and has a minority at Bridge Bank. CytoSorbents specializes in treating life-threatening conditions in critical care settings, with over 195,000 CytoSorb devices used globally. The company's product portfolio includes FDA and CE-marked technologies addressing severe inflammatory conditions and anticoagulant removal. CytoSorbents has received approximately $48 million in non-dilutive funding from various U.S. government agencies.

CytoSorbents Corporation (NASDAQ: CTSO) announced pivotal updates on its STAR-T trial, reporting enrollment has surpassed the halfway mark. Financial results for 2022 showed total revenue at $34.7 million, down 20% from $43.2 million in 2021, driven by a 27% drop in product sales. Core product sales fell 11% due to unfavorable currency exchange rates, but adjusted for currency, the decline was 4.6%. The company ended 2022 with cash and equivalents of $23.8 million. Despite challenges, management projects sales growth in 2023 from initiatives and improved market conditions, aiming to restore product margins to historical levels of 75-80%.

CytoSorbents Corporation (NASDAQ: CTSO) has been recognized in the new 2022 European Society of Anaesthesiology and Intensive Care guidelines for the management of severe perioperative bleeding. The guidelines recommend hemoadsorption of antithrombotic drugs, specifically ticagrelor and rivaroxaban, during emergency cardiac surgeries. This endorsement is seen as a critical validation of CytoSorb's blood purification technology, which is already CE mark approved in the EU. The company is also conducting a STAR-T clinical trial in the U.S. and Canada to further evaluate its DrugSorb-ATR system aimed at reducing bleeding complications in cardiothoracic surgery.

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.