CytoSorbents announces closing of public offering to fund ongoing commercial and clinical activities
For Immediate Release
January 15, 2015
SAN DIEGO, CA – WBB Securities acted as co-manager to a transaction for CytoSorbents Corporation in an underwritten public offering that closed on January 14, 2015. The Company raised $10.3 million through the offering selling 1,250,000 shares of common stock at a price of $8.25 per share to the public. The net proceeds to CytoSorbents from this offering were approximately $9.48 million, after deducting underwriting discounts and commissions and other offering expenses payable by CytoSorbents.
CytoSorbents intends to use the net proceeds of this round of financing will be used to fund the company’s long-term growth strategy that includes increasing sales of CytoSorb®, funding clinical studies including a planned U.S. cardiac surgery trial, and expanding its manufacturing capacity to meet anticipated demand.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
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CytoSorbents Corporation is a critical care focused immunotherapy company using blood purification to control severe 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 and marketed in 28 countries around the world, as a safe and effective extracorporeal cytokine adsorber, 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. CytoSorb® is also being used during and after cardiac surgery to remove inflammatory mediators, such as cytokines and free hemoglobin, which can lead to post-operative complications, including multiple organ failure.
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/