CytoSorbents Corporation Announces Pricing of $50 Million Public Offering of Common Stock

CytoSorbents Corporation Announces Pricing of $50 Million Public Offering

MONMOUTH JUNCTION, N.J., July 22, 2020 (PR Newswire) -

CytoSorbents Corporation (Nasdaq: CTSO) (the "Company"), a critical care immunotherapy leader commercializing its

CytoSorb blood purification technology to treat cytokine storm and deadly inflammation in critically-ill and cardiac

surgery patients around the world, today announced the pricing of its previously announced underwritten public offering of 5,263,158

shares of its common stock at a public offering price of $9.50 per share, resulting in gross proceeds of approximately $50.0 million

before deducting underwriting discounts and commissions and other offering expenses.

The offering is expected to close on July 24,

2020, subject to the satisfaction of customary closing conditions. The Company has also granted the underwriters a 30-day

option to purchase up to 789,473 additional shares of common stock at the public offering price

less the underwriting discount.

The Company intends to use the net proceeds from this offering

for general corporate purposes, including an expansion of the Company's manufacturing, R&D and administrative offices,

to fund clinical studies in the United States and abroad, support its sales and marketing efforts and further develop its products.

Cowen and SVB Leerink are acting as joint book-running managers

of the offering. B. Riley FBR is acting as co-manager for the offering.

The securities described above are being offered by the Company

pursuant to a "shelf" registration statement on Form S-3 (File No. 333-226372) previously filed with the

Securities and Exchange Commission (the "SEC") on July 26, 2018, amended on August 3, 2018, and declared

effective by the SEC on August 7, 2018. The offering will be made only by means of a written prospectus and a prospectus supplement

that form a part of the registration statement. A preliminary prospectus supplement and an accompanying prospectus relating to

the offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. Electronic copies of the final

prospectus supplement and the accompanying prospectus relating to the offering may be obtained, when available, from Cowen and

Company, LLC, Attn: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn:

Prospectus Department, by email at PostSaleManualRequests@broadridge.com, or by telephone at (833) 297-2926; or from SVB Leerink

LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, or by telephone at (800) 808-7525, ext.

6218, or by email at syndicate@svbleerink.com.

Before investing in the offering, you should read in their entirety

the preliminary prospectus supplement and its accompanying prospectus filed with the SEC and the other documents that the Company

has filed with the SEC that are incorporated by reference in the preliminary prospectus supplement and its accompanying prospectus,

which provide more information about the Company and the offering.

This press release shall not constitute an offer to sell or

the solicitation of an offer to buy any securities described herein, nor shall there be any sale of these securities in any state

or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities

laws of any such state or jurisdiction.

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

65 countries around the world, as an 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.

These are conditions where the risk of death is extremely high, yet no effective treatments exist. CytoSorb has been used

in more than 98,000 human treatments to date. CytoSorb has received CE-Mark label expansions for the removal of bilirubin (liver

disease), myoglobin (trauma), and both ticagrelor and rivaroxaban during cardiothoracic surgery. CytoSorb has also received FDA

Emergency Use Authorization in the United States for use in critically-ill COVID-19 patients with imminent or confirmed respiratory

failure, in defined circumstances. CytoSorb has also been granted FDA Breakthrough Designation for the removal of ticagrelor in

a cardiopulmonary bypass circuit during emergent and urgent cardiothoracic surgery. 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 of approximately

$33 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), the U.S. Army, U.S. Special Operations

Command (USSOCOM), the U.S. Air Force, Air Force Material Command (USAF/AFMC) and others. The Company has numerous products under

development based upon this unique blood purification technology protected by many issued U.S. and international patents and multiple

applications pending, including CytoSorb-XL , HemoDefend , VetResQ , K+ontrol , ContrastSorb, DrugSorb,

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 the use of proceeds for the offering, the timing of the closing for

the offering, 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 5,

2020, 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.