Company Press Releases Back
CytoSorbents Corporation Reports First Quarter 2010 Financial Results
Monday May 17, 2010
MONMOUTH JUNCTION, NJ--(Marketwire - 05/17/10) - CytoSorbents Corporation (OTC.BB:CTSO - News), formerly known as MedaSorb Technologies Corporation, announced its financial results for the first quarter of fiscal 2010.
The Company's research and development costs were $681,215 and $488,555, for the three months ended March 31, 2010 and 2009, respectively. The Company had losses of $969,051 and $760,151 for the three months ended March 31, 2010 and 2009, respectively. Historically, the Company's losses have resulted principally from costs incurred in the research and development of its polymer technology, and general and administrative expenses, which together were $894,845 and $716,889 for the three month periods ended March 31, 2010 and 2009, respectively. Cash and cash equivalents were $1,346,301 as of March 31, 2010.
Dr. Phillip Chan, Chief Executive Officer and President, stated, "The beginning of 2010 has been very active for the Company. Less than a few short months after hitting the midpoint of our enrollment in our European Sepsis Trial, we are now nearly two-thirds of the way complete, notwithstanding a traditionally slow April for trials in Germany due to Easter and spring vacations amongst investigators and study nurses. We continue to make good progress with nearly 200 human treatments in sepsis."
Dr. Chan continued, "We also recently entered into a $6 million equity line of credit with an institutional investor at favorable terms that, coupled with our current cash balance, is anticipated to provide the Company with the necessary resources to go well beyond the completion of the current clinical trial. Lastly, we announced the official change of the Company's name to CytoSorbents Corporation with a new ticker symbol (OTC.BB:CTSO - News). This allows us to finally focus on a branding and marketing effort around the new name."
For additional information please see our Form 10-Q filed with the SEC on May 14, 2010, which is available at http://www.sec.gov
About CytoSorbents and CytoSorb™
CytoSorbents Corporation, and its operating subsidiary CytoSorbents, Inc., is a therapeutic device company in clinical trials to treat severe sepsis, often called "overwhelming infection," with a novel blood purification device called CytoSorb™. Severe sepsis afflicts more than 1 million people in the United States and an estimated 18 million people worldwide each year, killing one in every three patients despite the best treatment. In the United States, more die from severe sepsis than from either heart attacks, strokes or any single form of cancer. Severe sepsis is typically triggered by bacterial infections like pneumonia, or viral infections like influenza. However, it is the body's abnormal immune response to the trigger that leads to severe inflammation and the unregulated, massive production of cytokines, often called "cytokine storm," that then causes multi-organ failure and often death. CytoSorb™ is a cartridge containing highly porous polymer beads that are designed to filter cytokines and treat potentially fatal cytokine storm. As blood is pumped repeatedly through the CytoSorb™ cartridge using standard dialysis equipment, the beads bind and remove cytokines and other toxins from blood. The treated blood is then returned to the patient. The Company is currently conducting its European Sepsis Trial -- a multi-center, randomized, controlled clinical trial using CytoSorb™ to treat up to 100 patients with severe sepsis in the setting of respiratory failure. Pending a successful trial, the Company will seek CE Mark approval and commercialization of CytoSorb™ in the European Union. CytoSorb™ is one of a number of different resins designed for various medical applications, including improved dialysis, the potential treatment of inflammatory and autoimmune disorders, burn and smoke inhalation injury and rhabdomyolysis in trauma, removal of chemotherapy during treatment of cancer with high dose regional chemotherapy, drug detoxification 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. CytoSorbents Corporation and CytoSorbents, Inc believe that its primary risk factors include, but are not limited to: obtaining government approvals including required FDA and CE Mark approvals; ability to successfully develop commercial operations; dependence on key personnel; acceptance of the Company's medical devices in the marketplace; the outcome of pending and potential litigation; compliance with governmental regulations; reliance on research and testing facilities of various universities and institutions; the ability to obtain adequate financing in the future when needed; product liability risks; limited manufacturing experience; limited marketing, sales and distribution experience; market acceptance of the Company's products; competition; unexpected changes in technologies and technological advances; and other factors detailed in the Company's Form 10-K filed with the SEC on April 9, 2010, which is available at http://www.sec.gov
(732) 329-8885 ext. 816
Source: CytoSorbents Corporation (fka MedaSorb Technologies Corporation)