CytoSorbents Corporation (OTC:CTSO) spiked up on a heavy volume during Friday’s trading session in anticipation of the news to be announced this Monday. As predicted by the market behavior, the company said today they will participate in AdvaMed MedTech Conference, to be held on October 20, 2010.From the technical side, an ascending triangle formation forced the breakout, possibly creating some artificial volume through a short squeeze as well. The heavy volume breakout brings in the confirmation and since it is a continuation pattern, some kind of an uptrend is very likely to follow.[BANNER]
The news add to the excitement as well – during his presentation the CEO, Dr. Phillip Chan, could present new facts, comment on the current obstacles and provide some insight on what to expect in general. A public access to the presentation slides will be available after the conference as well.
The development stage company is trying to come up with purification systems that would allow removal of various toxins from circulating blood and physiologic fluids. Currently, the prime product CytoSorb is still in the development phase, but the first prototypes are already being tested on septic patients in Europe. The device literally filters the blood, removing cytokines/toxins that can cause organ failure or death. The company foresees commercialization in 2010.
