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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SOURCE CytoSorbents Corporation