CytoSorbents Reports Corporate Update and First Quarter 2012 Financial Results; $CTSO

CytoSorbents Reports Corporate Update and First Quarter 2012 Financial Results; $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 absorption.

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,

"We have successfully achieved the majority of our goals in our controlled market release for CytoSorb® and are now putting the last pieces in place that will enable us to transition smoothly from a development stage company into one focused on early commercialization."

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
He concluded,

"In all, with our small but growing team of dedicated professionals, we have been able to accomplish a significant number of major milestones over the past several years. As we wind down our controlled market release and transition towards a formal launch of CytoSorb® in Germany, I am confident that the experience we have gained during this time will help us execute well on our go-to-market strategy. I would encourage investors to keep focused on the longer-term prospects of the Company as we enter into this exciting early commercialization phase. We thank our employees and shareholders for their continued support and belief in the company."

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.

Read the full release at SeekingAlpha.com.