MONMOUTH JUNCTION, N.J.,
Jan. 10, 2017 /PRNewswire/
-- CytoSorbents Corporation (NASDAQ: CTSO), a critical care
immunotherapy leader commercializing its flagship CytoSorb® blood
filter to treat deadly inflammation in critically-ill and cardiac
surgery patients around the world, pre-announces unaudited Q4 2016
and Full-year 2016 results ahead of its Form 10-K filing.
2016 Financial Highlights:
- The Company expects to announce approximately $8.2 million in full year 2016 CytoSorb sales
(range $8.1-8.3M), a doubling from
$4.0 million in 2015
- Q4 2016 product sales of approximately $2.6 million (range $2.5-2.7M), versus $1.5
million in Q4 2015, continues six consecutive quarters of
record sales, and is up sequentially by more than 20% from Q3
2016
- 2016 blended gross product margins, between higher margin
direct sales and lower margin distributor sales, are expected to
exceed 65%
- Surpassed 20,000 total human CytoSorb® treatments versus
9,000 a year ago
Dr. Phillip Chan, Chief Executive
Officer of CytoSorbents stated, "These results reflect the
continued importance and momentum of our CytoSorb therapy in
hospitals around the world. In light of our recent
partnership and reimbursement updates, we believe we are
well-positioned for a strong 2017."
About CytoSorbents Corporation (NASDAQ:
CTSO)
CytoSorbents Corporation is a leader in critical care
immunotherapy, specializing in blood purification. Its flagship
product, CytoSorb® is approved in the European Union with
distribution in 42 countries around the world, as a safe and
effective extracorporeal cytokine adsorber, designed to reduce the
"cytokine storm" or "cytokine release syndrome" that could
otherwise cause massive inflammation, organ failure and death in
common critical illnesses such as sepsis, burn injury, trauma, lung
injury and pancreatitis, as well as in cancer immunotherapy. 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 has
completed its REFRESH (REduction in FREe Hemoglobin) 1 trial - a
multi-center, randomized controlled study that has demonstrated the
safety of intra-operative CytoSorb® use in a heart-lung machine
during complex cardiac surgery. In 2017, the company plans to
initiate a pivotal REFRESH 2 trial intended to support U.S. FDA
approval. CytoSorb® has been used safely in more than 20,000
human treatments to date.
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. Its technologies have received non-dilutive
grant, contract, and other funding in excess of $18 million from DARPA, the U.S. Army, the U.S.
Department of Health and Human Services, the National Institutes of
Health (NIH), National Heart, Lung, and Blood Institute (NHLBI),
U.S. Special Operations Command (SOCOM) and others. The Company has
numerous products under development based upon this unique blood
purification technology, protected by 32 issued U.S. patents and
multiple applications pending, including CytoSorb-XL, HemoDefend™,
ContrastSorb, DrugSorb, and others. For more information,
please visit the Company's websites at
www.cytosorbents.com and www.cytosorb.com or follow us
on Facebook and Twitter.
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 9, 2016, 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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Cytosorbents
Contact: Amy Vogel
Investor
Relations
(732)
398-5394
avogel@cytosorbents.com
|
Public Relations
Contact:
Amy
Phillips
Pascale Communications
412-327-9499
amy@pascalecommunications.com
|
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SOURCE CytoSorbents Corporation