MONMOUTH JUNCTION, N.J.,
Jan. 14, 2015 /PRNewswire/ --
CytoSorbents Corporation (NASDAQ: CTSO) today announced the closing
of a $10.3 million underwritten
public offering of 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 (including final legal
fees). Except for the warrants issued as part of the
underwriters' fee, no warrants were issued to investors.
Brean Capital, LLC and H.C.
Wainwright & Co., LLC acted as joint book-running
managers for the offering. Merriman Capital, Inc., MLV &
Co., and WBB Securities, LLC acted as co-managers of the
offering.
Dr. Phillip Chan, Chief Executive
Officer of CytoSorbents stated, "We are pleased to have completed
this $10.3 million financing that was
priced at a modest discount to the closing share price and done
without warrant coverage. The net proceeds of this round of
financing will be used to fund our long-term growth strategy that
includes increasing sales of CytoSorb®, funding clinical studies
including our planned U.S. Cardiac Surgery trial, and expanding our
manufacturing capacity to meet anticipated demand."
A registration statement on Form S-1 relating to the public
offering of the shares of common stock described above was filed
with the Securities and Exchange Commission (the "SEC") and was
declared effective on January 8,
2015. A final prospectus related to the offering has
been filed with the SEC and is available on the SEC's website at
www.sec.gov. Copies of the final prospectus and accompanying
prospectus may also be obtained from Brean Capital, LLC Attention:
Equity Syndicate, by telephone at (212) 702-6536 or by email at
syndicate@breancapital.com.
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.
About CytoSorbents Corporation
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/.
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. These
forward-looking statements include, but are not limited to,
statements about our plans, objectives, representations and
contentions and are not historical facts and typically are
identified by use of terms such as "may," "should," "could,"
"expect," "plan," "anticipate," "believe," "estimate," "predict,"
"potential," "continue" and similar words, although some
forward-looking statements are expressed differently. You should be
aware that the forward-looking statements in this press release
represent management's current judgment and expectations, but our
actual results, events and performance could differ materially from
those in the forward-looking statements. Factors which could cause
or contribute to such differences include, but are not limited to,
the risks discussed in our Annual Report on Form 10-K, filed with
the SEC on March 31, 2014, as updated
by the risks reported in our Quarterly Reports on Form 10-Q, and in
the press releases and other communications to shareholders issued
by us from time to time which attempt to advise interested parties
of the risks and factors which may affect our business. We caution
you not to place undue reliance upon any such forward-looking
statements. We undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events, or otherwise, other than as required
under the Federal securities laws.
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SOURCE CytoSorbents Corporation