Cytosorbents Corp (NASDAQ:CTSO) is down big after a reverse split and up-list to remember that took the stock to incredible highs of $15.24 off its $8 base which it has now broke south of.
In recent news the Company announced the appointment of Dr. Joerg Scheier, M.D. as European Medical Director. Dr. Scheier is a specialist in intensive care medicine and anesthesiology, with more than 15 years of combined experience in treating critically-ill patients and in the design and execution of clinical trials in critical care and cardiac medical devices in Germany.
Cytosorbents Corp (OTCBB:CTSO) is a critical care focused immunotherapy company using blood purification to modulate 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 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 try 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 U.S. patents and multiple applications pending, including HemoDefend™, ContrastSorb, DrugSorb, and others.
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CTSO recently highlighted recent treatment successes published in peer-reviewed journal articles. By filtering blood outside the body, CytoSorb® can reduce toxic levels of cytokines and other substances causing deadly inflammation, and now has been used to help stabilize and save the lives of many patients.
Back in October CTSO provided a preliminary update on Q3 2014 operating and business progress as well as an update on its planned up-listing efforts. CytoSorbents Operating Progress: CytoSorbents expects to report CytoSorb® product revenue of approximately $1 million for Q3 2014, a first in the Company’s history. This will represent a greater than 50% increase in CytoSorb® sales over the prior quarter, and a more than 390% increase in sales compared to Q3 2013
Trailing twelve month sales of CytoSorb®, as of Q3 2014, is also expected to increase to approximately $2.6 million with continued momentum expected through the end of this year. Preliminary results indicate that sales of CytoSorb® benefitted from strong usage and re-order rates from most existing territories where CytoSorb® is currently being sold.
More highlights include Product gross margins were 63% in 2014, as compared to 61% in 2013. Product revenues for the fourth quarter of 2014 were approximately $871,000, an increase of 177% over the fourth quarter of 2013 product revenues of approximately $314,000. Up-listed to the NASDAQ Capital Market in December 2014, providing an ideal platform from which to broadly communicate our exciting story to potential investors. Ranked #11 amongst Forbes’ Best-Performing Biotech Stocks of 2014 with a total return of 218.4%
Currently trading at a $170 million market valuation CTSO is down big after an epic reverse split and up list to the NASDAQ stock exchange. In March the Company announced Total revenue for 2014 was $4.1 million, which includes both product sales and grant income, compared to total revenue of $2.4 million for 2013. We will be updating on CTSO when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with CTSO.
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Disclosure: we hold no position in CTSO either long or short and we have not been compensated for this article.