CytoSorbents Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
2024年8月17日 - 5:05AM
CytoSorbents Corporation (NASDAQ: CTSO), a leader in the treatment
of life-threatening conditions in the intensive care unit and
cardiac surgery using blood purification via its proprietary
polymer adsorption technology, today announced that it granted
inducement equity awards on August 14, 2024 (the “Grant Date”) to
its newly-hired Chief Financial Officer, Peter J. Mariani.
The inducement equity awards consist of (i) a
non-qualified stock option to purchase 215,000 shares of
CytoSorbents’ common stock (“Common Stock”), which vest upon the
achievement of certain performance milestones described in Mr.
Mariani’s employment agreement, (ii) restricted stock units
(“RSUs”) relating to 65,000 shares of Common Stock, which vest in
two equal annual installments on the first and second anniversaries
of the Grant Date, (iii) RSUs relating to 110,000 shares of Common
Stock, which vest upon the earlier of a change of control of
CytoSorbents and the four year anniversary of the Grant Date, (iv)
RSUs relating to 175,000 shares of Common Stock, which vest only
upon a change of control of CytoSorbents, and (v) a non-qualified
stock option to purchase 80,000 shares of Common Stock, 41,000
shares of which vest on the six-month anniversary of the Grant Date
and the remaining 39,000 shares vest in three equal annual
installments on the first, second and third anniversaries of the
Grant Date. The foregoing options have an exercise price of $0.90
per share, which is equal to the closing price of Common Stock as
of the date immediately prior to the Grant Date.
The inducement equity awards were approved by
the Board of Directors of CytoSorbents in reliance on the
employment inducement exception under Nasdaq Listing Rule
5635(c)(4). While the inducement awards were granted outside of
CytoSorbents’ Equity Incentive Plan, the awards will have terms and
conditions consistent with those set forth under the plan.
About CytoSorbents Corporation (NASDAQ:
CTSO)
CytoSorbents Corporation is a leader in the
treatment of life-threatening conditions in the intensive care unit
and in cardiac surgery through blood purification. Its lead
product, CytoSorb®, is approved in the European
Union and distributed in 76 countries worldwide. It is an
extracorporeal cytokine adsorber that reduces “cytokine storm” or
“cytokine release syndrome” in common critical illnesses that can
lead to massive inflammation, organ failure and patient death. In
these diseases, the risk of death can be extremely high, and there
are few, if any, effective treatments. CytoSorb is also used during
and after cardiothoracic surgery to remove antithrombotic drugs and
inflammatory mediators that can lead to postoperative
complications, including severe bleeding and multiple organ
failure. As of June 30, 2024, more than 248,000 CytoSorb
devices have been used cumulatively. CytoSorb was originally
launched in the European Union under CE mark as the first
cytokine adsorber. Additional CE mark extensions were granted for
bilirubin and myoglobin removal in clinical conditions such as
liver disease and trauma, respectively, and
for ticagrelor and rivaroxaban removal in
cardiothoracic surgery procedures. CytoSorb has also
received FDA Emergency Use Authorization in the
United States for use in adult critically ill COVID-19
patients with impending or confirmed respiratory failure. CytoSorb
is not yet approved in the United States.
The DrugSorb™-ATR antithrombotic removal system,
an investigational device based on the same polymer technology as
CytoSorb, has received two FDA Breakthrough Device
Designations, one for the removal of ticagrelor and
another for the removal of the direct oral anticoagulants
(DOAC) apixaban and rivaroxaban in a cardiopulmonary bypass
circuit during urgent cardiothoracic procedures. The Company has
completed the FDA-approved, randomized, controlled STAR-T (Safe and
Timely Antithrombotic Removal-Ticagrelor) study of 140 patients at
approximately 30 centers in U.S. and Canada to
evaluate whether intraoperative use of DrugSorb-ATR can reduce the
perioperative risk of bleeding in patients receiving ticagrelor and
undergoing cardiothoracic surgery. This pivotal study is intended
to support U.S. FDA and Health Canada marketing
approval for DrugSorb-ATR in this application.
CytoSorbents’ purification technologies are
based on biocompatible, highly porous polymer beads that can
actively remove toxic substances from blood and other bodily fluids
by pore capture and surface adsorption. Its technologies have
received non-dilutive grant, contract, and other funding of
approximately $50 million from DARPA,
the U.S. Department of Health and Human Services (HHS),
the National Institutes of Health (NIH), National Heart,
Lung, and Blood Institute (NHLBI), the U.S. Army,
the U.S. Air Force, U.S. Special Operations Command
(SOCOM), Air Force Material Command (USAF/AFMC), and others. The
Company has numerous marketed products and products under
development based upon this unique blood purification technology
protected by many issued U.S. and international patents
and registered trademarks, and multiple patent applications
pending, including ECOS-300CY®, CytoSorb-XL™, HemoDefend-RBC™,
HemoDefend-BGA™, VetResQ®, K+ontrol™, DrugSorb™, ContrastSorb, and
others. For more information, please visit the Company’s websites
at www.cytosorbents.com and www.cytosorb.com or
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U.S. Company Contact:Dr. Phillip Chan, CEO305
College Road EastPrinceton, NJ 08540pchan@cytosorbents.com
Investor Relations Contact:Eric RibnerLifeSci
Advisors, LLC250 W 55th St, #3401New York,
NY 10019ir@cytosorbents.com
CytoSorbents (NASDAQ:CTSO)
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