Full Press Release Details
CytoSorbents Rights Offering Begins
To Participate, Eligible Stockholders Should
Consult Their Broker or Financial Advisor in Advance of the Rights Offering Expiration on January 10, 2025
PRINCETON, NJ, December 23, 2024 - CytoSorbents
Corporation (NASDAQ: CTSO) announces the commencement of its Rights Offering, previously detailed in our December 9, 2024
announcement press release.
Stockholders and certain Warrantholders of record
on December 16, 2024 are now being distributed a dividend of one non-transferable Subscription Right Warrant ("Subscription Right")
for each share of common stock owned on the record date.
For any questions or further information about
this Rights Offering, please call D.F. King & Co., Inc., the information agent for the offering, at (800) 549-6864 (toll-free) or
(212) 269-5550 (broker-dealers and nominees), or email to: CTSO@dfking.com.
short presentation on this Rights Offering has been filed with the SEC as a free writing prospectus and can be found in the presentation
section on our investor relations website at https://ir.cytosorbents.com/events-presentations.
Additional information about the Company can be found at www.cytosorbents.com
Moody Capital Solutions, Inc. is the dealer manager
for the offering. Any interested broker dealers may contact Moody at info@moodycapital.com
is being made pursuant to CytoSorbents' effective shelf registration statement on Form S-3 (File No. 333-281062), and a related
prospectus supplement containing the detailed terms of the rights offering filed with the SEC. The information in this press
release is not complete and is subject to change. This press release shall not constitute an offer to sell or a solicitation of an offer
to buy any securities, nor shall there be any offer, solicitation or sale of the securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful under the securities laws of such state or jurisdiction. The Rights Offering is being made
only by means of a prospectus and a related prospectus supplement. The prospectus incorporates all the Company's SEC filings
by reference. Copies of the prospectus and related prospectus supplement, are being distributed to all Subscription Right recipients
and may also be obtained free of charge at the website maintained by the SEC at www.sec.gov or
by contacting the information agent for the offering.
About CytoSorbents Corporation (NASDAQ:
CytoSorbents Corporation is a leader
in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery through blood purification. CytoSorbents'
proprietary blood 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. Cartridges filled with these beads can be used with standard
blood pumps already in the hospital (e.g. dialysis, ECMO, heart-lung machines). CytoSorbents' technologies are used in a number
of broad applications. Specifically, two important applications are 1) the removal of blood thinners during and after cardiothoracic
surgery to reduce the risk of severe bleeding and 2) the removal of inflammatory agents in common critical illnesses such as sepsis,
burn injury, trauma, lung injury, liver failure, cytokine release syndrome, and pancreatitis that can lead to massive inflammation, organ
failure and patient death. In these diseases, the risk of death can be extremely high, and there are few, if any, effective treatments.
CytoSorbents' lead product, CytoSorb ,
is approved in the European Union and distributed in 76 countries worldwide, with more than a quarter million devices used
cumulatively to date. CytoSorb was originally launched in the European Union under CE mark as the first cytokine adsorber.
Additional CE mark extensions were granted for bilirubin and myoglobin removal in clinical conditions such as liver disease and
trauma, respectively, and for ticagrelor and rivaroxaban removal in cardiothoracic surgery procedures.
CytoSorb has also received FDA Emergency Use Authorization in the United States for use in adult critically
ill COVID-19 patients with impending or confirmed respiratory failure, to reduce pro-inflammatory cytokine levels. CytoSorb is not yet
approved in the United States.
In the U.S. and Canada, CytoSorbents is developing
the DrugSorb -ATR antithrombotic removal system, an investigational device based on an equivalent polymer technology to
CytoSorb, to reduce the severity of perioperative bleeding in high-risk surgery due to blood thinning drugs. It has received two FDA
Breakthrough Device Designations: one for the removal of ticagrelor and another for the removal of the direct
oral anticoagulants (DOAC) apixaban and rivaroxaban in a cardiopulmonary bypass circuit during urgent cardiothoracic procedures.
In September 2024, the Company submitted a De Novo medical device application to the U.S. FDA requesting marketing approval to
reduce the severity of perioperative bleeding in CABG patients on the antithrombotic drug ticagrelor, which was accepted for substantive
review in October 2024. In November 2024, the Company received its Medical Device Single Audit Program (MDSAP) certification and
submitted its Medical Device License (MDL) application to Health Canada. DrugSorb-ATR is not yet granted or approved in the United
States and Canada, respectively.
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 , ContrastSorb, and others. For more information, please visit the
Company's website at https://ir.cytosorbents.com/ or
Forward-Looking Statements
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, representations and contentions, and the outcome of our regulatory submissions, 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 14, 2024, 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.
Peter J. Mariani, Chief Financial Officer
305 College Road East
Investor Relations Contact:
Investor Relations, ICR-Westwicke