CytoSorbents Updates Corporate Progress and Third Quarter 2012 Financial Results Wednesday

Updates Corporate Progress and Third

Quarter 2012 Financial Results

Wednesday November 21, 2012

MONMOUTH JUNCTION, NJ-November 21,

2012 - CytoSorbents Corporation (OTCBB: CTSO), a critical care-focused company using blood purification to reduce inflammation

as a means to prevent or treat organ failure caused by life-threatening illnesses, announced a corporate update and its financial

results for the three months and nine months ended September 30, 2012.

Key recent accomplishments include:

Dr. Phillip Chan, Chief Executive Officer,

commented, "We are very pleased with our recent progress. From a commercialization standpoint, the third quarter of 2012

was a transitional period marking the beginning of our formal direct sales effort in Germany, Austria and Switzerland. Our sales

force came together in August 2012, and in the span of only a few months, the Company has generated cumulative sales of approximately

$83K. With many key opinion leaders enthusiastic about working with us, our focus in the near future will be to harness this interest

to drive broader awareness and usage amongst like-minded colleagues at their institutions. We are grateful for the continued positive

reception of CytoSorb amongst an increasing number of critical care physicians, as well as new studies that many of them are

proposing. In addition, we are encouraged by positive CytoSorb treatment case reports demonstrating benefit in patients with

a number of different critical illnesses such as sepsis, pancreatitis, liver disease, lung injury, and others. "

"To further augment sales generated

by our direct sales force, we are in the process of establishing relationships with certain critical care focused distributors.

The goal is to create multiple revenue drivers that, when layered together, can potentially accelerate our growth."

Dr. Chan continued, "In terms of

our research and development initiatives, we are thankful that DARPA and the U.S. Army have recognized the potential of our technology

for the treatment of sepsis, trauma, and burn and smoke inhalation injury, with the total award of approximately $5 million in

non-dilutive funding to the Company during the third quarter. These awards are intended to help advance our technologies and are

milestone-based, with the majority of the funds expected to be earned over the course of the next several years. Because they cover

both direct and indirect (e.g. fixed overhead) costs, they have the ability to significantly offset our cash needs."

Dr. Chan concluded, "We continue

to be very excited about this unique potential opportunity to revolutionize the future of critical care medicine with CytoSorb

- hopefully saving lives while reducing exorbitant healthcare costs. We plan to issue a more in depth shareholder update

in January that will review our progress and discuss the Company in greater detail. In the meantime, we thank our investors for

their continued support."

About CytoSorbents, CytoSorb , and

CytoSorbents Corporation is a critical

care focused therapeutic device company using blood purification to modulate the immune system and fight multi-organ failure in

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 surface adsorption. In 2011, CytoSorb , the

Company's flagship product, achieved European regulatory approval as an extracorporeal cytokine filter, allowing it to be sold

throughout the European Union (E.U.) under the CE Mark, to be used in clinical situations where cytokines are elevated. The goal

of CytoSorb is to modulate the immune system by reducing "cytokine storm" in critically-ill patients that could

otherwise lead to deadly inflammation, multiple organ failure, immune dysfunction, and often death in common illnesses such as

sepsis, trauma, burn injury, acute respiratory distress syndrome, and pancreatitis. CytoSorb has demonstrated statistically

significant reductions in mortality in septic patients at high risk of death in early studies and is now being sold in Germany,

Austria and Switzerland for the treatment of critical care illnesses, with availability in other E.U. countries planned in the

future, assuming adequate and timely funding, and continued positive results from clinical studies.

HemoDefend is a development-stage blood

purification technology platform for the blood transfusion industry intended to reduce transfusion reactions and safeguard the

quality and safety of the blood supply. The HemoDefend technology utilizes the Company's polymer bead technology to remove many

substances, such as antibodies, free hemoglobin and inflammatory mediators that can cause potentially serious and sometimes fatal

transfusion reactions.

CytoSorb and HemoDefend are just two

of a number of different polymers the Company has designed for various medical applications, including improved dialysis, reduction

of post-surgical complications in cardiac surgery, treatment of inflammatory and autoimmune disorders, radio-imaging contrast removal

in imaging and interventional radiology procedures, and the treatment of rhabdomyolysis, drug overdose, and others. Additional

information is available for download on the Company's website: http://www.cytosorbents.com.

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. Forward-looking statements in this press release are not promises or guarantees and are subject to risks and uncertainties

that could cause our actual results to differ materially from those anticipated. These statements are based on management's current

expectations and assumptions and are naturally subject to uncertainty and changes in circumstances. We caution you not to place

undue reliance upon any such forward-looking statements. Actual results may differ materially from those expressed or implied by

the statements herein. CytoSorbents Corporation and CytoSorbents, Inc. believe that its primary risk factors include, but are not

limited to: obtaining government approvals including required FDA and additional CE Mark approvals; ability to successfully develop

commercial operations; dependence on key personnel; acceptance of the Company's medical devices in the marketplace; the outcome

of pending and potential litigation; compliance with governmental regulations; reliance on research and testing facilities of various

universities and institutions; the ability to obtain adequate and timely financing in the future when needed; product liability

risks; limited manufacturing experience; limited marketing, sales and distribution experience; market acceptance of the Company's

products; competition; unexpected changes in technologies and technological advances; and other factors detailed in the Company's

Form 10-K filed with the SEC on March 30, 2012, which is available at http://www.sec.gov.

CytoSorbents Corporation

Chief Executive Officer

(732) 329-8885 ext. *823

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Source: CytoSorbents Corporation

CYTOSORBENTS CORPORATION

(a development stage company)

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(amounts in thousands, except per share

CYTOSORBENTS CORPORATION

(a development stage company)

CONDENSED CONSOLIDATED BALANCE SHEETS

(amounts in thousands)