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CytoSorbents Receives $325,000 in Non-Dilutive Funding
Feb. 01, 2016 09:45AM PST
Life Science Investing NewsCytoSorbents Corporation (NASDAQ:CTSO) announced the receipt of $324,606, net of transaction costs, in non-dilutive funding as an approved participant of the Technology Business Tax Certificate Transfer Program sponsored by the New Jersey Economic Development Authority (NJEDA).
CytoSorbents Corporation (NASDAQ:CTSO) announced the receipt of $324,606, net of transaction costs, in non-dilutive funding as an approved participant of the Technology Business Tax Certificate Transfer Program sponsored by the New Jersey Economic Development Authority (NJEDA).
According to the press release:
Funds will be used to help expand manufacturing of CytoSorb® and support sales of CytoSorb® internationally.
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents stated:
CytoSorbents has grown internationally to more than 60 employees and consultants, fueled by increasing usage and adoption of our flagship product, CytoSorb®. We are proud to be driving job growth as a U.S. vertically-integrated medical device manufacturer of CytoSorb® right here in New Jersey, enabling tight control over quality and attractive gross margins of more than 60% which are expected to increase with volume manufacturing. Over the past 7 years, we have been awarded more than $9.0 million in non-dilutive government grants, contracts and other funding, an important part of our overall financing strategy. We thank the NJEDA for their continued support.