MONMOUTH JUNCTION, N.J.,
March 29, 2021 /PRNewswire/
-- CytoSorbents Corporation (NASDAQ: CTSO), a critical
care immunotherapy leader commercializing its CytoSorb®
blood purification technology to treat deadly inflammation in
critically-ill and cardiac surgery patients around the
world, announces the lease of its new global headquarters in
Princeton, NJ. On March, 26,
2021, the company entered into a new agreement with National
Business Parks to lease approximately 48,500 square feet located at
305 College Road East at Princeton Forrestal Village in
Princeton, New Jersey. The
mixed-use facility is expected to accommodate all U.S.
administrative, clinical, commercialization, manufacturing, and
research and development activities. The 15-year lease is
expected to commence on June 1, 2021,
subject to certain conditions.
CytoSorbents to Consolidate Operations and to Quintuple
Manufacturing Capacity at new Headquarters in Princeton, NJ
Mr. Vincent Capponi, MS,
President and Chief Operating Officer of CytoSorbents stated, "We
are incredibly pleased to work with National Business Parks to
lease the facility at 305 College Road East, which has a solid
existing infrastructure to meet our unique operational
needs. With other modifications that will be made to the
space, we will be able to consolidate all of our operations in one
building and allow the launch of new product lines. The
changes we are planning will also allow us to increase our CytoSorb
production from our current $80
million annual capacity to approximately $300 to $400
million annually to support our future growth while allowing
us to achieve further economies of scale."
Mr. Capponi continued, "As we bring our new manufacturing
facility online next year, we plan to continue utilizing our
existing Deer Park manufacturing facility in Monmouth Junction, NJ, exiting in a staged
fashion between now and December 31,
2022, in close cooperation with our landlord, Princeton
Corporate Plaza. As we move forward to our next stage of growth, we
want to thank Kent Management of Princeton Corporate Plaza for
their wonderful support and innovative solutions to meet our
growing design and space needs over the past many years. We
would not be where we are today without them."
According to Vincent Marano,
Chief Operating Officer of National Business Parks, "We look
forward to welcoming CytoSorbents to our 305 College Road East
property early this summer. We are excited to work closely
with CytoSorbents to customize the space to be the perfect
combination of laboratory, device assembly, and administrative
offices. We could not be more pleased that CytoSorbents has chosen
our research and development community at College Park to fit its
current needs, as well as to provide for its future growth."
About College Park at Princeton Forrestal Center
College Park at Princeton Forrestal Center, located just off the
Route 1 corridor in Princeton, New
Jersey boasts some of the best class-A office, laboratory,
biotechnology, and research and development office space in the
area. Managed by National Business Parks, Inc., College Park at
Princeton Forrestal Center is one of the area's most award-winning
office complexes. For more information on College Park please
visit their website at http//www.nationalbusinesspks.com or
call 609-452-1300.
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 67 countries around the world, as an
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. 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 that can lead to
post-operative complications, including multiple organ failure.
CytoSorb® has been used in more than 121,000 human
treatments to date. CytoSorb has received CE-Mark label expansions
for the removal of bilirubin (liver disease), myoglobin (trauma),
and both ticagrelor and rivaroxaban during cardiothoracic
surgery. CytoSorb has also received FDA Emergency Use
Authorization in the United
States for use in critically ill COVID-19 patients with
imminent or confirmed respiratory failure, in defined
circumstances. CytoSorb has also been granted FDA Breakthrough
Designation for the removal of ticagrelor in a cardiopulmonary
bypass circuit during emergent and urgent cardiothoracic
surgery.
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 of more than $38 million from DARPA, the U.S. Department of
Health and Human Services (HHS), the National Institutes of Health
(NIH), National Heart, Lung, and Blood Institute (NHLBI), the U.S.
Army, the U.S. Air Force, U.S. Special Operations Command (SOCOM),
Air Force Material Command (USAF/AFMC), and others. The Company has
numerous products under development based upon this unique blood
purification technology protected by many issued U.S. and
international patents and multiple applications pending, including
ECOS-300CY™, CytoSorb-XL™, HemoDefend-RBC™, HemoDefend-BGA™,
VetResQ™, K+ontrol™, DrugSorb™, ContrastSorb, 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, 2021, 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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Investor Relations
Contact:
Amy Vogel
Investor
Relations
(732)
398-5394
avogel@cytosorbents.com
|
Public Relations
Contact:
Eric Kim
Rubenstein Public
Relations
212-805-3052
ekim@rubensteinpr.com
|
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SOURCE CytoSorbents Corporation