CytoSorbents 2011 Financial Results and Cytokine storm update; $CTSO

CytoSorbents 2011 Financial Results and Cytokine storm update; $CTSO

CytoSorbents Corporation (OTCBB: CTSO) is a critical care-focused therapeutic device company using blood purification to treat life-threatening illnesses. Its purification technology is based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other bodily fluids by pore capture and adsorption.

The Company has announced its financial results for the fiscal year ended December 31, 2011. CytoSorbents "generated product revenues of $36,078 and $-0- for the years ended December 31, 2011 and 2010, respectively. The Company's research and development costs were $2,888,245 and $1,757,370 for the years ended December 31, 2011 and 2010, respectively. The Company had net losses of $5,481,648 and $2,908,865 for the years ended December 31, 2011 and December 31, 2010, respectively. Historically, the Company's losses have resulted principally from costs incurred in the research and development of its polymer technology, and general and administrative expenses, which together were $4,118,434 and $2,516,757 for the years ended December 31, 2011 and December 31, 2010 respectively."

Dr. Phillip Chan, Chief Executive Officer, stated,

"As we near the conclusion of our controlled market release phase for CytoSorb™ in Germany, we are pleased to report that this stage has gone very well. During this period, we focused on several key areas as we continue our transition from a research and development stage company, to a product-focused, commercialization stage company. The effort centered on several major areas including manufacturing, reimbursement, sales and marketing, financing, and corporate infrastructure."

Dr. Chan went on to describe some of the company's major highlights and controlled market release efforts for CytoSorb, as well as feedback from clinical trial data. 

There is a wealth of research documenting the damaging role that cytokine storm plays in sepsis by causing direct cell death, organ injury, and immune suppression.  In the update, Dr Chan discussed "new research, conducted by Dr. Kellum's group at the University of Pittsburgh, [which suggests] that cytokine storm may have yet another major detrimental role in sepsis. Cytokines are normally produced in the area of infection and help direct activated white blood cells (a patient's 'soldiers against infection') to the infected site. During sepsis, however, the levels of cytokines are very high throughout the body, often causing these white cells to inadvertantly invade and attack 'innocent bystander' organs, leading to latent organ injury." When CytoSorb™ is administered to these animals, the "'immune confusion' resolves, and many more white blood cells go to the true site of infection, killing more bacteria, while fewer cells go to non-infected organs like the lung, leading to less organ injury." 

See Cytokine storm @ Wikipedia.

Read the full release at MarketWire.com