CytoSorbents Receives $325,000 in Non-Dilutive Funding

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.

Click here to view the full press release.