MONMOUTH JUNCTION, NJ -- (Marketwire) -- 01/09/13 -- CytoSorbents Corporation (OTCBB: CTSO), a critical care focused company using blood purification to treat life-threatening illnesses, issued the following letter to shareholders.
Dear Shareholders and Friends,
As we welcome 2013, it marks an opportune time to reflect upon our many important accomplishments in the past year and to further elaborate on our vision for the future.
Our mission is to improve and save lives, reduce spiraling healthcare costs, and increase shareholder value by driving the success of CytoSorbents. To this end, we are building the Company upon three pillars of value.
•The first and most important pillar is the commercialization of our CytoSorb® cytokine filter in the European Union (E.U.), in other countries outside of the (E.U.), and eventually in the U.S. Based upon the growing number of potential applications we are seeing, we continue to believe that CytoSorb® has the potential to revolutionize critical care medicine by targeting the prevention or treatment of organ failure - the leading cause of death in the intensive care unit from such life-threatening illnesses as sepsis, burn injury, trauma, lung injury, pancreatitis, liver failure, and many others. •The second pillar is research and development and the creation and testing of valuable new products. Our highly biocompatible, porous polymer bead technology has demonstrated the unique and elegant ability to remove a broad range of unwanted substances from blood and other bodily fluids. We have expanded our product pipeline beyond CytoSorb® and BetaSorb (dialysis), to other development stage technologies that address large markets such as HemoDefend (blood transfusion), ContrastSorb (imaging and interventional radiology/cardiology), DrugSorb (drug overdose), and several more that have not yet been disclosed. We fund R&D through a combination of direct expenditures and non-dilutive government sources. In 2012, we were awarded approximately $5 million in R&D contracts from two U.S. Department of Defense agencies: DARPA and the U.S. Army. These contracts are valuable because they can advance our technologies while simultaneously helping to fund overall operating expenses. •The third pillar is business development. We seek to unlock the value of our technology portfolio through strategic partnerships with other companies. As a small, but rapidly expanding company, we would like to focus the majority of our resources on the commercialization of CytoSorb®. Partnering with well-positioned and financially capable partners who are leaders in their respective fields and have the ability to bring our products to market, would provide an ideal way to realize the full potential of our technology.
This represents our overarching strategy for the Company. With trailing revenues expected to be approximately in the range of $1.2-1.4 million in 2012 (unaudited results) -- a combination of primarily grant income and early product revenue -- we hope that we are just at the beginning of creating a valuable growth company.
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