CytoSorbents Inc. (CTSO), 7 Deer Park Drive, Suite K, Monmouth Junction 08852. 732-329-8885. Phillip Chan, CEO. www.cytosorbents.com.
CytoSorbents, a small company headquartered on Deer Park Drive, has had a banner year, increasing sales by more than 50 percent, to about $20 million, as doctors around the world have adopted the company’s medical devices.
CytoSorbents (U.S. 1, July 17, 2013) makes a blood purifying cartridge that attaches to a standard dialysis machine. This filter is designed to remove toxic “cytokines” from the blood of patients undergoing surgery or who are critically ill. Cytokines, which are helpful in small quantities, are overproduced by the body in some circumstances, such as septic shock, and can lead to organ failure.
According to the company’s annual report, doctors around the world delivered 56,000 CytoSorb treatments. The device is approved in Europe and is awaiting regulatory approval in the U.S. The company said its increase in sales has been driven by positive results in peer-reviewed medical publications.
The company is also pursuing research to expand the use of its technology for other conditions, and has received $5 million in funding from the National Heart, Long, and Blood Institute, a division of the National Institutes of Health, to create a blood filter for use in blood transfusions.
The company also said it has reached “operating breakeven,” meaning the company is taking in as much as it is spending (excluding the costs of clinical trials.) A newly opened manufacturing plant is driving down the cost to produce its product.
“Having demonstrated the growth and profit potential of our business model, with a solid base of revenue, and strong product gross margins, we are now well-positioned to generate significant gross profit that can be utilized to fund some combination of growth, clinical studies, and profitability,” the annual report said.