CytoSorbents Inc., 7 Deer Park Drive, Suite K, Monmouth Junction 08852; 732-329-8885; fax, 732-329-8650. Phil Chan, CEO. www.cytosorbents.com
CytoSorbents, which develops devices to remove toxins from blood, has signed an agreement for the sale of up to $8.5 million in common stock to Lincoln Park Capital Fund, a Chicago-based institutional investor, over 32 months. The proceeds will help fund the commercialization of the company’s CytoSorb product in Europe, conduct additional clinical trials, expand CytoSorbents’ research and development pipeline, and provide general working capital.
CytoSorb is the company’s marquee product. Designed to remove harmful cytokines, the device is filled with biocompatible, porous plastic beads, and specifically targets what CEO Phil Chan calls the “cytokine sweet spot.” Each bead is roughly the size of a grain of salt, looks like a tiny sponge, and can sop up excessive cytokines.
The deal expands a deal CytoSorbents had in place in early 2010 with Lincoln Park Capital. The first round helped CytoSorbents raise approximately $3.7 million.
Jacqueline Bucco, 33, was sentenced to 24 months in prison for wire fraud, for stealing approximately $429,000 from her former employer, Dow Jones in South Brunswick (U.S.1, July 29). Bucco admitted to taking the money between 2009 and 2011, in an attempt to please her mother.
John Alexander, 67, on December 10. He was a longtime pharmaceutical executive who helped develop several major drugs, including Celebrex and Pravachol. In 2009 he founded Alexander Global Consulting. A memorial service will be held on Saturday, Dec. 17, at 1 p.m. at Stuart Country Day School.
Faith Wolf, 59, on December 7. She was employed by Hamilton Gastroenterology in the billing department.
Wallace DeVaul, 84, on December 6. He was employed by RCA at the David Sarnoff Research Center in Princeton, on the engineering team that developed color television. He later joined the RCA-AED Weather Satellite program at the company’s Hightstown facility.
Frances Allison, 87, on November 27. She was an administrator at Princeton University and as one of the founders of Techno-Systems Analysis Corporation. After retirement she was a receptionist at University Medical Center at Princeton.