CytoSorbents announces closing of $10.3M registered direct offering

CytoSorbents Corporation announces the closing of its previously announced registered direct offering for the sale by the company directly to investors of an aggregate of 7,733,090 shares of registered common stock and warrants to purchase up to 2,706,561 shares of common stock. Net proceeds from the offering, after transaction fees and expenses, are expected to be approximately $9.83M, excluding any proceeds that may be received upon the exercise of the warrants. Each warrant is immediately cash exercisable at an exercise price per share of $2.00 and will expire on the fifth anniversary of the original issue date. Each share of common stock and accompanying warrant to purchase up to 0.35 shares of common stock, were sold together for a combined purchase price of $1.33, for an aggregate gross purchase price of $10,285,009.70. The company’s executive officers, directors, and certain non-executive officer employees of the company also participated in the financing with a combined investment of $435,000. The company intends to use the net proceeds from this offering for general corporate purposes, including to fund clinical and regulatory efforts to file for DrugSorb-ATR marketing approval in the United States and Canada, to fund clinical studies in the United States and Canada, to support growth initiatives for CytoSorb, to invest in clinical studies and the generation of new clinical data, and to fund ongoing R&D initiatives and further develop products.