MONMOUTH JUNCTION, N.J.,
Feb. 1, 2016 /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, announced the receipt of
$324,606, net of transaction costs,
in non-dilutive funding as an approved participant of the
Technology Business Tax Certificate Transfer Program sponsored by
the New Jersey Economic Development Authority (NJEDA). Funds
will be used to help expand manufacturing of CytoSorb® and support
sales of CytoSorb® internationally.
Dr. Phillip Chan, Chief Executive
Officer of CytoSorbents stated, "CytoSorbents has grown
internationally to more than 60 employees and consultants, fueled
by increasing usage and adoption of our flagship product,
CytoSorb®. We are proud to be driving job growth as a U.S.
vertically-integrated medical device manufacturer of CytoSorb®
right here in New Jersey, enabling
tight control over quality and attractive gross margins of more
than 60% which are expected to increase with volume
manufacturing. Over the past 7 years, we have been awarded
more than $9.0 million in
non-dilutive government grants, contracts and other funding, an
important part of our overall financing strategy. We thank the
NJEDA for their continued support."
The New Jersey Technology Business Tax Certificate Transfer
Program enables approved Technology and Biotechnology Businesses
with Net Operating Losses to sell their Unused Net Operating Loss
Carryover (NOL) and Unused Research and Development Tax Credits
(R&D Tax Credits) for at least 80% of the value of the tax
benefits to a profitable corporate taxpayer in the State of New Jersey that is not an Affiliated
Business. This allows Technology and Biotechnology Businesses with
Net Operating Losses to turn their tax losses and credits into cash
to buy equipment or facilities, or for other Allowable
Expenditures. The New Jersey Economic Development Authority (NJEDA)
determines eligibility, and the New Jersey Division of Taxation
determines the value of the tax benefits (NOL and R&D Tax
Credits).
About CytoSorbents Corporation (NASDAQ: CTSO)
CytoSorb® is approved in the European Union with distribution in
32 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. CytoSorb® has been used safely in more than 9,000
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. 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 HemoDefend™, ContrastSorb,
DrugSorb, and others. Additional information is available for
download on the Company's websites:
http://www.cytosorbents.com and http://www.cytosorb.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, 2015, 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.
Please Click to Follow Us on Facebook and
Twitter
Cytosorbents Contact:
Amy Vogel
Investor
Relations
(732) 329-8885 ext.
*825
avogel@cytosorbents.com
Investor Contact:
Lee Roth
The Ruth
Group
646-536-7012
lroth@theruthgroup.com
Eric
Kim
The Ruth
Group
646-536-7023
ekim@theruthgroup.com
Logo -
http://photos.prnewswire.com/prnh/20140408/MM00899LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/cytosorbents-receives-325000-in-non-dilutive-funding-from-the-new-jersey-technology-business-tax-certificate-transfer-program-300212662.html
SOURCE CytoSorbents Corporation