CytoSorbents Receives Approximately $740,000 from the New Jersey Business Tax Certificate Transfer Program

CytoSorbents Receives Approximately $740,000

from the New Jersey Business Tax Certificate Transfer Program

JUNCTION, N.J., April 7, 2022 - CytoSorbents Corporation (NASDAQ: CTSO), a leader in the treatment of life-threatening

conditions in the intensive care unit and cardiac surgery using blood purification, today announced that it has received approximately

$740,000, net of transactions costs, in cash proceeds from the sale of its 2020 Net Operating Loss (NOL) and R&D tax credits from

the Technology Business Tax Certificate Transfer Program, sponsored by the New Jersey Economic Development Authority (NJEDA).

Bloch, Chief Financial Officer of CytoSorbents commented, "We are pleased to once again work with the New Jersey Economic Development

Authority to monetize our state NOLs and R&D tax credits and generate a source of non-dilutive funding to benefit our cash position.

These funds will support our global clinical trial program, as well as manufacturing capacity expansion at our new Princeton, New Jersey

facility as we pursue FDA marketing approval of our technology in the United States, among other investments. We have a strong

balance sheet and expect to fund our 2022 operating expenses with cash on hand. We plan to continue to participate in this innovative

program offered by the NJEDA. We appreciate the support of the NJEDA in facilitating our commitment to developing and commercializing

products that are helping to save lives."

New Jersey Technology Business Tax Certificate Transfer Program enables approved Technology and Biotechnology Businesses

with Net Operating Losses to sell their Unused Net Operating Loss (NOL) and Unused Research and Development Tax Credits (R&D Tax

Credits) for at least 80% of the value of the tax benefits to a profitable corporate taxpayer in the State of New Jersey that

is not an Affiliated Business. This allows Technology and Biotechnology Businesses with Net Operating Losses to turn their tax losses

and credits into cash to buy equipment or facilities, or for other allowable expenditures. The New Jersey Economic Development Authority

(NJEDA) determines eligibility, and the New Jersey Division of Taxation determines the value of the tax benefits (NOL and R&D Tax

About CytoSorbents Corporation (NASDAQ: CTSO)

CytoSorbents Corporation is a leader in

the treatment of life-threatening conditions in intensive care and cardiac surgery using blood purification. Its flagship product,

CytoSorb , is approved in the European Union with distribution in more than 70 countries around the world as an extracorporeal

cytokine adsorber designed to reduce the "cytokine storm" or "cytokine release syndrome" seen in common critical

illnesses that may result in massive inflammation, organ failure and patient death. These are conditions where the risk of death

can be extremely high, yet few to no effective treatments exist. CytoSorb is also being used during and after cardiothoracic surgery

to remove inflammatory mediators that can lead to post-operative complications, including multiple organ failure. More than 162,000

cumulative CytoSorb devices have been utilized as of December 31, 2021. CytoSorb was originally introduced into the European

Union under CE-Mark as a first-in-kind cytokine adsorber. Additional CE-Mark label expansions were received for the removal of

bilirubin and myoglobin in clinical conditions such as liver disease and trauma, respectively, and both ticagrelor and rivaroxaban during

cardiothoracic surgery. CytoSorb has also received FDA Emergency Use Authorization in the United States for

use in adult critically ill COVID-19 patients with imminent or confirmed respiratory failure. The DrugSorb -ATR Antithrombotic

Removal System, which is based on the same polymer technology as CytoSorb, has also been granted FDA Breakthrough Designation for

the removal of ticagrelor, as well as FDA Breakthrough Designation for the removal of the direct oral anticoagulant

(DOAC) drugs, apixaban and rivaroxaban, in a cardiopulmonary bypass circuit during urgent cardiothoracic surgery. The Company has

initiated two FDA approved pivotal trials designed to support U.S. marketing approval of DrugSorb-ATR. The first is the 120-patient, 20 center STAR-T (Safe and Timely Antithrombotic Removal- Ticagrelor)

randomized, controlled trial evaluating the ability of intraoperative DrugSorb-ATR use to reduce perioperative bleeding risk in patients

on ticagrelor undergoing cardiothoracic surgery. The second is the 120-patient, 25 center STAR-D (Safe and Timely Antithrombotic Removal-Direct

Oral Anticoagulants) randomized, controlled trial, evaluating the intraoperative use of DrugSorb-ATR to reduce perioperative bleeding

risk in patients undergoing cardiothoracic surgery on direct oral anticoagulants, including apixaban and rivaroxaban.

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 more than $39.5 million from DARPA, the U.S. Department of Health and Human Services (HHS), the National Institutes

of Health (NIH), National Heart, Lung, and Blood Institute (NHLBI), the U.S. Army, the U.S. Air Force, U.S. Special Operations Command

(SOCOM), Air Force Material Command (USAF/AFMC), and others. The Company has numerous marketed products and products under development

based upon this unique blood purification technology protected by many issued U.S. and international patents and registered trademarks,

and multiple patent applications pending, including ECOS-300CY , CytoSorb-XL , HemoDefend-RBC , HemoDefend-BGA ,

VetResQ , K+ontrol , DrugSorb , DrugSorb -ATR, ContrastSorb, 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

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,

future targets and outlooks for our business, expectations regarding the future impacts of COVID-19 or the ongoing conflict between Russia

and the Ukraine, 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 10, 2022, 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.

Investor Relations Contact:

Vice President, Investor Relations

and Corporate Communications

Public Relations Contact:

Eric Kim Rubenstein Public Relations