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