CytoSorbents Corporation (NASDAQ: CTSO) specializes in blood purification to treat deadly inflammation seen in life-threatening illnesses in the ICU as well as due to open heart surgery. It is currently commercializing its European Union approved CytoSorb® blood filter in 40 countries around the world that is designed to reduce the “fuel to the fire” of uncontrolled inflammation, and prevent dangerous complications such as organ failure, the leading cause of death in the intensive care unit today resulting in millions of deaths worldwide each year.
CytoSorbents addresses a greater than $20 billion opportunity in critical care and cardiac surgery worldwide and sits at the treatment nexus of many of biggest unmet medical needs in modern medicine where uncontrolled inflammation plays a dangerous role. Whether it is the treatment of life-threatening conditions seen every day in intensive care units around the world such as sepsis and severe infection, burn injury, serious trauma, lung injury, liver failure, complications of surgery, and many others, or whether it is used to help respond to an increasingly dangerous world of mass tragedies, terrorist bombings, deadly epidemics, and other natural disasters, CytoSorb® can help save lives.
Recently introduced to the European and Asian markets, CytoSorb® has achieved strong adoption and growth, with $6M in trailing 12-month sales, attractive gross margins of 68%, and more than 14,000 human treatments safely administered. The technology is based on highly biocompatible, porous polymer beads protected by 32 issued U.S. patents with multiple applications pending worldwide. CytoSorbents has had excellent external validation with three major strategic partners, Fresenius Medical Care – the largest dialysis company in the world, Terumo Cardiovascular – a global leader in cardiac and vascular surgery, and Biocon, the largest biopharmaceutical company in India, and approximately $18M in grants and contracts from DARPA, the U.S. Army, U.S. Air Force, SOCOM, NIH, National Heart, Lung and Blood Institute (NHLBI), Defense Health Agency, and others.
CytoSorbents expects to hit an inflection point of their business soon, based upon a critical mass of key opinion leader support, product awareness, product usage, clinical data, major partnerships, and geographic expansion. As the company expands its footprint worldwide, it is also pursuing U.S. approval through the application of cardiac surgery, a $1.5 billion worldwide market, and has completed its REFRESH (REduction in FREe Hemoglobin) I trial with top-line data in early-October 2016. If positive, it will allow the company to pursue a pivotal REFRESH 2 registration trial starting in early 2017.
CytoSorbents represents a hybrid between a lower risk, higher visibility medical device company with a revenue-generating life-saving device, with the upside of a biotechnology company. CytoSorbents is covered by 6 analysts from Brean Capital, H.C. Wainwright, Maxim, Merriman, WBB Securities, and Zacks and is part of the Russell Microcap Index. The company is led by an experienced and capable management team focused on growth and increasing shareholder value. As CytoSorbents drives to operating cash flow break even, expected within 2 years, the company is well-capitalized with $9M in cash as of June 2016, representing more than a year of operating cash. CytoSorbents expects strong product revenue growth and achievement of major milestones for the remainder of 2016 and beyond.
- CytoSorbents REFRESH I Trial Abstract Selected for Podium Presentation at the American Association for Thoracic Surgery Centennial Conference
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- CytoSorbents Announces CytoSorb® Partnership with Dr. Reddy’s Laboratories
- CytoSorbents Highlights Activities at the 22nd International Conference on Advances in Critical Care Nephrology