CytoSorbents Appoints Melanie Grossman, CPA as Vice President and Corporate Controller

Company Appointment - CytoSorbents Corporation announced the appointment of Melanie Grossman as Vice President and Corporate Controller, bringing over 25 years of finance and accounting experience in publicly-traded companies [1][2] - The Chief Financial Officer, Peter J. Mariani, highlighted Ms. Grossman's expertise in financial operations, planning, analysis, and regulatory compliance as beneficial for the company's growth and efficiency [2] Inducement Grants - The Compensation committee approved inducement awards for Ms. Grossman under Nasdaq Listing Rule 5635(c)(4), with terms subject to applicable award agreements and vesting conditions [3] Company Overview - CytoSorbents is a leader in treating life-threatening conditions in intensive care and cardiac surgery through blood purification technologies [4] - The proprietary technology utilizes biocompatible polymer beads to remove toxic substances from blood, applicable in various critical illnesses such as sepsis and liver failure [4] Product Development - The lead product, CytoSorb®, is approved in the EU and used in over 70 countries, with more than 270,000 devices utilized to date [6] - CytoSorb has received FDA Emergency Use Authorization for critically ill COVID-19 patients, although it is not yet approved in the U.S. [6] Future Products - CytoSorbents is developing DrugSorb™-ATR, an investigational device aimed at reducing perioperative bleeding in high-risk surgeries, which has received two FDA Breakthrough Device Designations [7] - The company submitted a De Novo medical device application to the U.S. FDA for DrugSorb-ATR, which is currently under substantive review [7] Intellectual Property - The company holds numerous patents and trademarks for its blood purification technologies, with multiple products under development [8]