Welcome!

.NET Authors: Trevor Parsons, Peter Silva, Yeshim Deniz, Pat Romanski, Adine Deford

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
Bit6 today issued a challenge to the technology community implementing Web Real Time Communication (WebRTC). To leap beyond WebRTC’s significant limitations and fully leverage its underlying value to accelerate innovation, application developers need to consider the entire communications ecosystem.
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from hardware to software, or as we like to say, it’s an Internet of many different things. The difference ...
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and assessments, including a decade of leading incident response and digital forensics. He is co-author of t...

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at Internet of @ThingsExpo, James Kirkland, Chief Architect for the Internet of Things and Intelligent Systems at Red Hat, described how to revolutioniz...
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, and physical persons. In the IoT vision, every new "thing" - sensor, actuator, data source, data con...
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Focused on this fast-growing market’s needs, Vitesse Semiconductor Corporation (Nasdaq: VTSS), a leading provider of IC solutions to advance "Ethernet Everywhere" in Carrier, Enterprise and Internet of Things (IoT) networks, introduced its IStaX™ software (VSC6815SDK), a robust protocol stack to simplify deployment and management of Industrial-IoT network applications such as Industrial Ethernet switching, surveillance, video distribution, LCD signage, intelligent sensors, and metering equipment. Leveraging technologies proven in the Carrier and Enterprise markets, IStaX is designed to work ac...
C-Labs LLC, a leading provider of remote and mobile access for the Internet of Things (IoT), announced the appointment of John Traynor to the position of chief operating officer. Previously a strategic advisor to the firm, Mr. Traynor will now oversee sales, marketing, finance, and operations. Mr. Traynor is based out of the C-Labs office in Redmond, Washington. He reports to Chris Muench, Chief Executive Officer. Mr. Traynor brings valuable business leadership and technology industry expertise to C-Labs. With over 30 years' experience in the high-tech sector, John Traynor has held numerous...
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. 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 devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
IoT is still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what the future may hold. Mike Kavis is Vice President & Principal Cloud Architect at Cloud Technology Pa...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world. The next @ThingsExpo will take place November 4-6, 2014, at the Santa Clara Convention Center, in Santa Clara, California. Since its launch in 2008, Cloud Expo TV commercials have been aired and CNBC, Fox News Network, and Bloomberg TV. Please enjoy our 2014 commercial.