Welcome!

Microsoft Cloud Authors: Andreas Grabner, Stackify Blog, Liz McMillan, David H Deans, Automic Blog

News Feed Item

CytoSorbents Updates Corporate Progress and Third Quarter 2012 Financial Results

MONMOUTH JUNCTION, NJ -- (Marketwire) -- 11/21/12 -- CytoSorbents Corporation (OTCBB: CTSO), a critical care-focused company using blood purification to reduce inflammation as a means to prevent or treat organ failure caused by life-threatening illnesses, announced a corporate update and its financial results for the three months and nine months ended September 30, 2012.

Key recent accomplishments include:

  • Revenue of $605K in Q3 2012 consisting predominantly of our first DARPA milestone payment, with modest product sales from a transitional third quarter where our sales team completed its training and began a direct sales effort. Q4 2012 product sales are nearly $70K to date
  • Expansion to more than 60 key opinion leaders throughout Germany, Austria and Switzerland who are interested in using or are currently using CytoSorb®
  • Active discussion and planning of at least 6 new investigator-initiated human pilot studies in a growing list of critical care applications
  • Accelerated development and achievement of initial milestones under our recently announced $3.8 million DARPA multi-year agreement for the treatment of sepsis, coinciding with receipt of the first milestone payment
  • Award of an up to $1 million U.S. Army Phase II SBIR for trauma and burn injury research, currently in contract negotiations
  • Showcase of our technology at five major international medical conferences including two formal scientific presentations, and two key investor conferences

Dr. Phillip Chan, Chief Executive Officer, commented, "We are very pleased with our recent progress. From a commercialization standpoint, the third quarter of 2012 was a transitional period marking the beginning of our formal direct sales effort in Germany, Austria and Switzerland. Our sales force came together in August 2012, and in the span of only a few months, the Company has generated cumulative sales of approximately $83K. With many key opinion leaders enthusiastic about working with us, our focus in the near future will be to harness this interest to drive broader awareness and usage amongst like-minded colleagues at their institutions. We are grateful for the continued positive reception of CytoSorb® amongst an increasing number of critical care physicians, as well as new studies that many of them are proposing. In addition, we are encouraged by positive CytoSorb® treatment case reports demonstrating benefit in patients with a number of different critical illnesses such as sepsis, pancreatitis, liver disease, lung injury, and others.

"To further augment sales generated by our direct sales force, we are in the process of establishing relationships with certain critical care focused distributors. The goal is to create multiple revenue drivers that, when layered together, can potentially accelerate our growth."

Dr. Chan continued, "In terms of our research and development initiatives, we are thankful that DARPA and the U.S. Army have recognized the potential of our technology for the treatment of sepsis, trauma, and burn and smoke inhalation injury, with the total award of approximately $5 million in non-dilutive funding to the Company during the third quarter. These awards are intended to help advance our technologies and are milestone-based, with the majority of the funds expected to be earned over the course of the next several years. Because they cover both direct and indirect (e.g. fixed overhead) costs, they have the ability to significantly offset our cash needs."

Dr. Chan concluded, "We continue to be very excited about this unique potential opportunity to revolutionize the future of critical care medicine with CytoSorb® -- hopefully saving lives while reducing exorbitant healthcare costs. We plan to issue a more in depth shareholder update in January that will review our progress and discuss the Company in greater detail. In the meantime, we thank our investors for their continued support."

About CytoSorbents, CytoSorb®, and HemoDefend

CytoSorbents Corporation is a critical care focused therapeutic device company using blood purification to modulate the immune system and fight multi-organ failure in life-threatening illnesses. Its purification technology is 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. In 2011, CytoSorb®, the Company's flagship product, achieved European regulatory approval as an extracorporeal cytokine filter, allowing it to be sold throughout the European Union (E.U.) under the CE Mark, to be used in clinical situations where cytokines are elevated. The goal of CytoSorb® is to modulate the immune system by reducing "cytokine storm" in critically-ill patients that could otherwise lead to deadly inflammation, multiple organ failure, immune dysfunction, and often death in common illnesses such as sepsis, trauma, burn injury, acute respiratory distress syndrome, and pancreatitis. CytoSorb® has demonstrated statistically significant reductions in mortality in septic patients at high risk of death in early studies and is now being sold in Germany, Austria and Switzerland for the treatment of critical care illnesses, with availability in other E.U. countries planned in the future, assuming adequate and timely funding, and continued positive results from clinical studies.

HemoDefend is a development-stage blood purification technology platform for the blood transfusion industry intended to reduce transfusion reactions and safeguard the quality and safety of the blood supply. The HemoDefend technology utilizes the Company's polymer bead technology to remove many substances, such as antibodies, free hemoglobin and inflammatory mediators that can cause potentially serious and sometimes fatal transfusion reactions.

CytoSorb® and HemoDefend are just two of a number of different polymers the Company has designed for various medical applications, including improved dialysis, reduction of post-surgical complications in cardiac surgery, treatment of inflammatory and autoimmune disorders, radio-imaging contrast removal in imaging and interventional radiology procedures, and the treatment of rhabdomyolysis, drug overdose, and others. Additional information is available for download on the Company's website: http://www.cytosorbents.com.

Forward-Looking Statements

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 additional 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 and timely 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 March 30, 2012, which is available at http://www.sec.gov.



                          CYTOSORBENTS CORPORATION
                       (a development stage company)
               CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
               (amounts in thousands, except per share data)
                                (unaudited)

                          Nine Months Ended          Three Months Ended
                            September 30,               September 30,
                         2012          2011          2012          2011
                     ------------  ------------  ------------  ------------

Revenues
  Sales              $         64  $        ---  $         14  $        ---
  Grant income                675           ---           591           ---
                     ------------  ------------  ------------  ------------
  Total revenues              739           ---           605           ---
                     ------------  ------------  ------------  ------------

Expenses
  Cost of revenue             261           ---           142           ---
  Research and
   development              1,854         2,394           554           780
  Legal, financial
   and other
   consulting                 386           260           151            94
  Selling, general
   and
   administrative             916           814           359           352
                     ------------  ------------  ------------  ------------
  Total operating
   costs and
   expenses                 3,417         3,468         1,206         1,226
                     ------------  ------------  ------------  ------------

Operating loss             (2,678)       (3,468)         (601)       (1,226)

Other expenses, net           448           817            51           503
                     ------------  ------------  ------------  ------------

Net loss                   (3,126)       (4,285)         (652)       (1,729)

Preferred stock
 dividend                   1,871         2,354           630           735
                     ------------  ------------  ------------  ------------

Net loss available
 to common
 stockholders        $     (4,997) $     (6,639) $     (1,282) $     (2,464)
                     ============  ============  ============  ============

Earnings per share:
  Basic and diluted
   earnings per
   share             $      (0.03) $      (0.04) $      (0.01) $      (0.01)
                     ============  ============  ============  ============

  Basic and diluted
   weighted average
   shares
   outstanding        193,383,650   153,796,011   204,438,894   168,230,680
                     ============  ============  ============  ============



                          CYTOSORBENTS CORPORATION
                        (a development stage company)
                    CONDENSED CONSOLIDATED BALANCE SHEETS
                           (amounts in thousands)
                                 (unaudited)

                                                September 30,  December 31,
                                                    2012           2011
ASSETS:
Cash and cash equivalents                      $        2,061 $        1,186
Accounts receivable, net                                   52             36
Inventories                                               626            431
Prepaid expenses and other current assets                 116             44
                                               -------------- --------------
  Total current assets                                  2,855          1,697

Property and equipment, net                               135            155
Other assets                                              278            271
                                               -------------- --------------
  TOTAL ASSETS                                 $        3,268 $        2,123
                                               ============== ==============

LIABILITIES AND STOCKHOLDERS'EQUITY:
Accounts payable                               $          729 $          676
Accrued expenses and other current liabilities            374            558
Convertible notes payable, net                            973            294
                                               -------------- --------------
  Total current liabilities                             2,076          1,528

Convertible notes payable, net                            ---            276
                                               -------------- --------------
  Total liabilities                                     2,076          1,804
                                               -------------- --------------

Total stockholders' equity                              1,192            319
                                               -------------- --------------
  TOTAL LIABILITIES AND EQUITY                 $        3,268 $        2,123
                                               ============== ==============


More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...
With the introduction of IoT and Smart Living in every aspect of our lives, one question has become relevant: What are the security implications? To answer this, first we have to look and explore the security models of the technologies that IoT is founded upon. In his session at @ThingsExpo, Nevi Kaja, a Research Engineer at Ford Motor Company, discussed some of the security challenges of the IoT infrastructure and related how these aspects impact Smart Living. The material was delivered interac...
No hype cycles or predictions of zillions of things here. IoT is big. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, Associate Partner at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He discussed the evaluation of communication standards and IoT messaging protocols, data analytics considerations, edge-to-cloud tec...
The Internet giants are fully embracing AI. All the services they offer to their customers are aimed at drawing a map of the world with the data they get. The AIs from these companies are used to build disruptive approaches that cannot be used by established enterprises, which are threatened by these disruptions. However, most leaders underestimate the effect this will have on their businesses. In his session at 21st Cloud Expo, Rene Buest, Director Market Research & Technology Evangelism at Ara...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Artificial intelligence, machine learning, neural networks. We’re in the midst of a wave of excitement around AI such as hasn’t been seen for a few decades. But those previous periods of inflated expectations led to troughs of disappointment. Will this time be different? Most likely. Applications of AI such as predictive analytics are already decreasing costs and improving reliability of industrial machinery. Furthermore, the funding and research going into AI now comes from a wide range of com...
We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 21st Int\ernational Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their ...
SYS-CON Events announced today that Cloud Academy named "Bronze Sponsor" of 21st International Cloud Expo which will take place October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara, CA. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud com...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara California. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infras...
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to ma...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.