CytoSorbents Further Strengthens Balance Sheet with Exercise of Previously Announced Series A Right Warrants

Core Points - CytoSorbents Corporation raised $1.6 million from the exercise of 1,417,208 Series A Right Warrants at$1.13 per warrant, which expired on February 24, 2025 [1] - The total gross proceeds raised by the company now amount to $7.85 million, including$6.25 million from a previous Rights Offering on January 10, 2025 [2] - The proceeds from the Rights Offering have strengthened the company's balance sheet, increasing net liquidity to approximately $12.3 million after related fees [2] Financial Details - The exercise price of$1.13 per share was based on 90% of the 5-day volume weighted average price of the stock prior to the expiration date, which was $1.2589 per share [3] - Approximately 4.8 million shares of common stock remain available for the exercise of Series B Right Warrants, which will expire worthless if not exercised [4][6] Product Development - The company is pursuing U.S. and Canadian approval for its DrugSorb™-ATR product, with regulatory decisions expected in 2025 [3] - CytoSorbents' lead product, CytoSorb, is already approved in the EU and distributed in 76 countries, with over a quarter million devices used to date [10] - The company has received FDA Breakthrough Device Designations for DrugSorb-ATR, aimed at reducing perioperative bleeding in high-risk surgeries [11]