The Company announced a corporate update as well as its financial results for the three months ended March 31, 2012.
Dr. Phillip Chan, Chief Executive Officer, stated,
Dr. Chan provided updates regarding:
- Sales Development
- Sales Force
- Distribution outside of Germany
- Clinical Programs
- European Subsidiary
- Trademark, Marketing, and Website
- Research Programs
- Raising Capital, and
- Increasing Investor Awareness
Financial Results for the first quarter of 2012
CytoSorbents generated product revenues of $16,893 and $-0- for the three months ended March 31, 2012 and 2011, respectively. Revenues in the current quarter were part of an initial test market phase of CytoSorb® with the company exploring direct sales to hospitals inGermany and sales to distributor networks in other parts of Europe. The device was not available or approved for sale during the first quarter of 2011.
Our research and development costs were, $643,281 and $759,157, for the three months ended March 31, 2012 and 2011, respectively. The Company had net losses of $1,426,596 and $1,214,584 for the three month periods ended March 31, 2012 and 2011, respectively. Historically, our losses have resulted principally from costs incurred in the research and development of our polymer technology, and selling, general and administrative expenses, which together were $912,747 and $1,029,249 for the three month periods ended March 31, 2012 and 2011, respectively. The Company had $1,803,049 in cash at the end of the quarter.
For additional information please see the company's 10Q report for the period ended March 31, 2012 filed on May 15, 2012 on www.sec.gov.
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