MONMOUTH JUNCTION, N.J., Jan. 29, 2013 /PRNewswire/ -- CytoSorbents Corporation (OTCBB:CTSO), a critical care focused company using blood purification to treat life-threatening illnesses, announced today that, as an approved participant of the Technology Business Tax Certificate Transfer Program sponsored by the New Jersey Economic Development Authority, it has received $391,562 from the sale of its prior unused net operating loss carryovers. These funds are non-dilutive to shareholders and will be used for working capital purposes.
Since the beginning of 2009, the Company has worked to specifically attain non-dilutive funding as a means to generate cash without issuing equity. In that period of time, the Company has been awarded approximately $6.5 million in non-dilutive grants, contract awards from DARPA and the U.S. Army, and net operating loss carryover awards. A significant portion of this $6.5 million still remains to be realized over the next few years, pending the successful achievement of our contract milestones under the Company's DARPA contract and pending U.S. Army Phase II SBIR contract, that is expected to help offset future cash needs.
About CytoSorbents Corporation
CytoSorbents Corporation is a critical care focused therapeutic device company using blood purification to treat life-threatening illnesses commonly seen in the intensive care unit such as sepsis and infection, influenza, severe lung injury, trauma, burn injury, and pancreatitis. Its advanced purification technology is based upon biocompatible, highly porous polymer beads that can efficiently remove toxic substances from blood and other bodily fluids. The Company's flagship product CytoSorb®, a first-in-class extracorporeal cytokine filter compatible with standard hemodialysis machines, has achieved European Union CE Mark regulatory approval and is now being commercialized in Europe
SOURCE CytoSorbents Corporation
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