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US Immunology Firm Lands Government Contract, Raises Cash

Source: Streetwise Reports

 

August 6, 2020 (Investorideas.com Newswire) These two CytoSorbents events are discussed in a Dawson James report.


In a July 31 research note, Dawson James analyst Jason Kolbert reported that CytoSorbents Corp. (CTSO:NASDAQ) landed a $4.4 million contract and completed a $50 million cash raise.

Kolbert discussed both. As for the cash influx, the New Jersey-based company raised about $50 million in cash at $9.50 per share for 5.2 million shares. The analyst described the raise as "well timed" and "accretive" in that CytoSorbents can use the funds to "drive the pipeline and current revenues."

As for the new contract, relayed Kolbert, it is a $4.4 million agreement with the U.S. Department of Defense for CytoSorbents' blood and plasma protection product, HemoDefend, which is now being evaluated.

Kolbert explained that HemoDefend can be employed in two ways. One is during transfusion as a filter in the line between the patient and the blood bag. The other is during storage, via biocompatible "beads" kept in the blood bag.

HemoDefend keeps donated blood fresh and thus, extends its shelf life. Also, the product removes from the blood any contaminants that were present when the blood was obtained and/or that resulted from changes to the red blood cells while in storage. "This is to minimize the current 1-5% risk chance patients have of developing a transfusion reaction," noted Kolbert.

Dawson James has a Buy rating and a $15 per share price target on CytoSorbents, the stock of which is currently trading at about $9.89 per share.

Disclosure:

1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.

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Disclosures for Dawson James Securities, CytoSorbents Corp., July 31, 2020

The Firm does not make a market in the securities of the subject Company (s). The Firm has NOT engaged in investment banking relationships with CTSO in the prior twelve months, as a manager or co-manager of a public offering and has NOT received compensation resulting from those relationships. The Firm may seek compensation for investment banking services in the future from the subject Company (s). The Firm has NOT received any other compensation from the subject Company (s) in the last 12 months for services unrelated to managing or co-managing of a public offering.

Neither the research analyst(s) whose name appears on this report nor any member of his (their) household is an officer, director or advisory board member of these companies. The Firm and/or its directors and employees may own securities of the company(s) in this report and may increase or decrease holdings in the future. As of June 30, 2020, the Firm as a whole did not beneficially own 1% or more of any class of common equity securities of the subject company(s) of this report. The Firm, its officers, directors, analysts or employees may affect transactions in and have long or short positions in the securities (or options or warrants related to those securities) of the company(s) subject to this report. The Firm may affect transactions as principal or agent in those securities.

Analysts receive no direct compensation in connection with the Firm's investment banking business. All Firm employees, including the analyst(s) responsible for preparing this report, may be eligible to receive non-product or service specific monetary bonus compensation that is based upon various factors, including total revenues of the Firm and its affiliates as well as a portion of the proceeds from a broad pool of investment vehicles consisting of components of the compensation generated by investment banking activities, including but not limited to shares of stock and/or warrants, which may or may not include the securities referenced in this report.

Analyst Certification: The analyst(s) whose name appears on this research report certifies that 1) all of the views expressed in this report accurately reflect his (their) personal views about any and all of the subject securities or issuers discussed; and 2) no part of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed by the research analyst in this research report; and 3) all Dawson James employees, including the analyst(s) responsible for preparing this research report, may be eligible to receive non-product or service specific monetary bonus compensation that is based upon various factors, including total revenues of Dawson James and its affiliates as well as a portion of the proceeds from a broad pool of investment vehicles consisting of components of the compensation generated by investment banking activities, including but not limited to shares of stock and/or warrants, which may or may not include the securities referenced in this report.

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