Company Press Releases Back
CytoSorbents Receives $458,000 in Non-Dilutive Funding From the New Jersey Technology Business Tax Certificate Transfer Program
Tuesday February 18, 2014
MONMOUTH JUNCTION, NJ - (Feb 18, 2014) - CytoSorbents Corporation (OTCQB: CTSO), a critical care immunotherapy company using blood purification to treat life threatening illnesses, announced the receipt of $458,279, net of transaction costs, in non-dilutive funding as an approved participant of the Technology Business Tax Certificate Transfer Program sponsored by the New Jersey Economic Development Authority (NJEDA). Funds will be used to help finance inventory expansion and for general working capital purposes.
The New Jersey Technology Business Tax Certificate Transfer Program enables approved Technology and Biotechnology Businesses with Net Operating Losses to sell their Unused Net Operating Loss Carryover (NOL) and Unused Research and Development Tax Credits (R&D Tax Credits) for at least 80% of the value of the tax benefits to a profitable corporate taxpayer in the State of New Jersey that is not an Affiliated Business. This allows Technology and Biotechnology Businesses with Net Operating Losses to turn their tax losses and credits into cash to buy equipment or facilities, or for other Allowable Expenditures. The New Jersey Economic Development Authority (NJEDA) determines eligibility, and the New Jersey Division of Taxation determines the value of the tax benefits (NOL and R&D Tax Credits).
Dr. Phillip Chan, MD, PhD, Chief Executive Officer of CytoSorbents stated, "We appreciate the continued support of the NJEDA under this excellent program. CytoSorbents is a prime example of a New Jersey-based manufacturer of a proprietary, high value medical therapy that is creating jobs and expanding commercially. CytoSorbents expects to report 2013 revenues of approximately $2.4 million, including international CytoSorb® sales in the range of $840,000 - 870,000 in its first full year of commercialization. We have also increased our full-time employee base by over 400% company-wide since 2009. In total, we have secured more than $7 million in non-dilutive government grants, contracts and other funding over the past 5 years, underscoring our commitment to enhancing shareholder value."
About CytoSorbents Corporation
CytoSorbents is a critical care focused immunotherapy company using blood purification to modulate inflammation -- with the goal of preventing or treating multiple organ failure in life-threatening illnesses. Organ failure is the cause of nearly half of all deaths in the intensive care unit, with little to improve clinical outcome. CytoSorb®, the Company's flagship product, is approved in the European Union as a safe and effective extracorporeal cytokine filter, designed to reduce the "cytokine storm" that could otherwise cause massive inflammation, organ failure and death in common critical illnesses such as sepsis, burn injury, trauma, lung injury, and pancreatitis. These are conditions where the risk of death is extremely high, yet no effective treatments exist. CytoSorbents' purification technologies are based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other bodily fluids by pore capture and surface adsorption. CytoSorbents has numerous products under development based upon this unique blood purification technology, protected by 32 issued US patents and multiple applications pending, including HemoDefend™, ContrastSorb, DrugSorb, and others. Additional information is available for download on the Company's website: http://www.cytosorbents.com
This press release includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release are not promises or guarantees and are subject to risks and uncertainties that could cause our actual results to differ materially from those anticipated. These statements are based on management's current expectations and assumptions and are naturally subject to uncertainty and changes in circumstances. We caution you not to place undue reliance upon any such forward-looking statements. Actual results may differ materially from those expressed or implied by the statements herein. Risk factors are detailed in the Company's Form 10-K filed with the SEC on April 3, 2013, which is available at http://www.sec.gov.
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Dr. Phillip Chan
Chief Executive Officer
(732) 329-8885 ext. *823
(732) 329-8885 ext. *825
Source: CytoSorbents Corporation