Cytosorbents Corporation Strengthens Balance Sheet With Successful Exercise of Series A Right Warrants

On February 25, 2025, Cytosorbents Corporation (NASDAQ: CTSO) announced that shareholders, including certain members of the Company’s management and Board of Directors, exercised 1,417,208 Series A Right Warrants at an exercise price of $1.13 per warrant. The activity, which concluded following the warrants’ expiration on February 24, 2025, generated aggregate gross proceeds of $1.6 million.

This warrant exercise forms part of a previously closed Rights Offering that, when combined with the $6.25 million raised on January 10, 2025 through subscription rights and warrant exercises, brought the total aggregate gross proceeds to $7.85 million. According to the Company’s press release, these funds played a key role in satisfying a debt covenant and in converting $5.0 million of restricted cash to unrestricted funds. Overall, the transaction has contributed to an increase in net liquidity of approximately $12.3 million, net of related offering fees, thereby further strengthening the Company’s balance sheet.

The exercise price was set at 90% of the five-day volume weighted average price of the Company’s common stock over the period from February 14 to 21, 2025, with a minimum floor of $1.00 and a maximum cap of $2.00 per warrant as specified in the Rights Offering prospectus. In addition, while approximately 12,500,000 shares of common stock were initially available for issuance in the Rights Offering, nearly 4.8 million shares remain reserved for the exercise of Series B Right Warrants. These warrants, which require separate investment and are exercisable beginning on the date of issuance, are priced based on a similar methodology with a floor of $2.00 and a cap of $4.00 per share.

“We are pleased with the success of our Rights Offering, which has not only strengthened our balance sheet but also enhanced our liquidity position,” said Dr. Phillip P. Chan, Chief Executive Officer of Cytosorbents Corporation. “This capital will support ongoing innovation in our core international business with CytoSorb® and further our pursuit of potential U.S. and Canadian approvals and the launch of the DrugSorb™-ATR system in 2025.”

The company’s improved liquidity is expected to support its efforts in advancing regulatory applications for DrugSorb-ATR in both the United States and Canada. As Cytosorbents continues to focus on its portfolio of blood purification technologies for critical care and cardiac surgery applications, these developments mark a significant step forward in the Company’s financial strategy and operational capabilities.

Additional details on the warrant exercises and the Terms of the Rights Offering were disclosed in the Company’s SEC Form 8-K filing and accompanying exhibit.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Cytosorbents’s 8K filing here.

Cytosorbents Company Profile

Cytosorbents Corporation engages in the research, development, and commercialization of medical devices with its blood purification technology platform incorporating a proprietary adsorbent and porous polymer technology in the United States, Germany, and internationally. Its flagship product is CytoSorb, an extracorporeal cytokine adsorber for adjunctive therapy in the treatment of sepsis, adjunctive therapy in other critical care applications, prevention, and treatment of perioperative complications, and maintaining or enhancing the quality of solid organs harvested from donors for organ transplant; and offers VetResQ, a device for adjunctive therapy in the treatment of sepsis, pancreatitis, and other critical illnesses in animals.