CytoSorbents Recognized Again as One of the Fastest Growing Companies in North America on Deloitte's 2018 Technology Fast 500™
MONMOUTH JUNCTION, N.J., Nov. 19, 2018 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a critical care immunotherapy leader commercializing its CytoSorb® blood purification technology to treat deadly inflammation in critically-ill and cardiac surgery patients around the world, announced that the Company was once again recognized as one of the fastest growing companies in North America on Deloitte's 2018 Technology Fast 500™, a ranking of the top 500 technology, media, telecommunications, healthcare and life sciences, and energy tech companies in terms of revenue growth on the continent. The Company's revenues grew by 267% in the three-year period from 2014 to 2017.
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents stated, "We are pleased to be named to the Deloitte Technology Fast 500™ for the second consecutive year, ranking 13th of 27 medical device companies on the list, and 304th overall across all categories in North America. It is an honor, particularly among so many outstanding companies, and we congratulate everyone on the list on their success."
"Our rapid growth is being driven by increased global demand for our European Union approved CytoSorb® blood purification technology that reduces a broad range of inflammatory toxins from blood," continued Dr. Chan. "In doing so, CytoSorb helps to control the deadly inflammation that otherwise commonly leads to organ failure and death in millions of people each year with life-threatening illnesses such as sepsis and infection, influenza, trauma, lung injury, liver failure, and cytokine release syndrome in cancer immunotherapy, as well as due to complications of cardiac and other high-risk surgery. In more than 51,000 human treatments, CytoSorb has been credited in helping to save untold patient lives across 53 countries."
Ms. Kathleen Bloch, Chief Financial Officer of CytoSorbents added, "CytoSorbents has the potential to be an exceptional company in the medical device space by both growing rapidly and achieving early profitability at a relatively modest revenue base. At trailing 12-month sales of $19.1 million, we are already on the verge of achieving quarterly operating breakeven that excludes non-cash expenses and clinical trial costs. Other factors in our favor include:
CytoSorb - a superior, best-in-class device that helps to save lives
An estimated $20 billion total addressable market in critical care and cardiac surgery with few competitors and a compelling unmet medical need to control deadly inflammation
An underlying lucrative "razorblade" disposables business model with CytoSorb gross margins expected to exceed 80% in the next year
Major strategic partnerships with leading players such as Fresenius Medical Care, Terumo Cardiovascular, Biocon, and Dr. Reddy's Laboratories
Potential U.S. FDA approval by 2021 with our pivotal REFRESH 2 cardiac surgery trial underway
Dr. Chan and Ms. Bloch concluded, "On behalf of the company, we thank our rapidly expanding CytoSorbents family of more than 110 dedicated employees and consultants across two international offices, our strategic partners and network of independent distributors, and the many physicians and healthcare workers using our therapy to help their patients, for helping us to achieve this milestone."
About Deloitte's 2018 Technology Fast 500™
For the past 24 years, Deloitte's Technology Fast 500 provides a ranking of the fastest growing technology, media, telecommunications, life sciences and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2014 to 2017.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD, and current-year operating revenues of at least $5 million USD. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
About CytoSorbents Corporation (NASDAQ: CTSO)
CytoSorbents Corporation is a leader in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb® is approved in the European Union with distribution in 53 countries around the world, as an extracorporeal cytokine adsorber designed to reduce the "cytokine storm" or "cytokine release syndrome" that could otherwise cause massive inflammation, organ failure and death in common critical illnesses. These are conditions where the risk of death is extremely high, yet no effective treatments exist. CytoSorb® is also being used during and after cardiac surgery to remove inflammatory mediators that can lead to post-operative complications, including multiple organ failure. CytoSorb is not yet approved in the U.S. The Company is currently conducting its pivotal REFRESH 2-AKI trial – a multi-center, randomized controlled, clinical trial intended to support U.S. regulatory approval of CytoSorb for use in a heart-lung machine during complex cardiac surgery to reduce organ injury. CytoSorb® has been used in more than 51,000 human treatments to date.
CytoSorbents' 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. Its technologies have received non-dilutive grant, contract, and other funding of approximately $25 million from DARPA, the U.S. Army, the U.S. Department of Health and Human Services, the National Institutes of Health (NIH), National Heart, Lung, and Blood Institute (NHLBI), U.S. Special Operations Command (USSOCOM), and others. The Company has numerous products under development based upon this unique patented blood purification technology including CytoSorb-XL™, HemoDefend™, VetResQ™, K+ontrol™, ContrastSorb, DrugSorb, and others. For more information, please visit the Company's websites at www.cytosorbents.com and www.cytosorb.com or follow us on Facebook and Twitter
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. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions 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 8, 2018, 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.
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