Impressive news on CytoSorbents Corporation (OTC:CTSO) brought about a record-breaking performance of its stock on the market yesterday. CTSO gained 128% in value, closing at $0.389 on a staggering volume of 22.5 million. Both figures are the highest registered for the last 52 weeks.Given that no promotions have been taking place recently, the giant leap can only be contributed to yesterday’s announcement. CEO Phillip Chan proudly revealed that the company’s flagship product, CytoSorb, had been approved for sale throughout the European Union. Moreover, CTSO was given the right to sell CytoSorb devices under CE Mark certifying their conformity to all standards adopted with the European Medical Devices Directive.
Chan has already classified the recognition as the biggest milestone the company has achieved so far. The product itself has been described as a cytokine filter whose function is to help patients with sepsis by reducing a potential hypercytokinemia. In general, CTSO is a therapeutic device company operating on the OTCBB market. Its managers claim to have patented a special blood purification technology. [BANNER]
CytoSorbents Corporation is a regular SEC filer, too. Along with yesterday’s breaking news, it published its comprehensive 10-K annual report for 2010. By Dec.31, 2010, CTSO had accumulated:
- $1.05 million in cash and cash equivalents;
- working capital surplus in excess of $180 thousand;
- an annual net loss to the amount of $2.9 million.
- a total net loss of $78.6 million since inception on Jan.22, 1997.
While CTSO has indeed incurred tremendous losses over the years, it has also invested more than $48 million in research and development. So, the company’s efforts might have started to bear fruit. Provided that its CytoSorb meets with success on the European market, CTSO’s losses will gradually melt away. Not to mention that the company has applied for an FDA approval, as well.
