PRINCETON - CytoSorbents Corporation (NASDAQ:CTSO), a company specializing in blood purification therapies with a market capitalization of $51.21 million, today announced the establishment of a new regional sales subsidiary located in Dubai, UAE. According to InvestingPro analysis, the stock appears undervalued despite generating annual revenues of $37.74 million. This move aims to tap into the growing demand for advanced medical technologies in the Middle East and Africa.
The subsidiary is set to serve as a central commercial hub for CytoSorbents, enhancing the company’s ability to support existing partnerships, engage with customers, and create new alliances in the region. The Dubai office is strategically positioned in the city's Science Park, a healthcare-focused economic zone known for its favorable tax policies and robust infrastructure.
Dr. Phillip Chan, CEO of CytoSorbents, expressed the company’s commitment to expanding its presence in these markets and stated that the new subsidiary is expected to drive long-term value creation for the company.
CytoSorbents’ blood purification technology, which includes their lead product CytoSorb, is designed to remove toxic substances from blood and bodily fluids. The technology is utilized in critical care and cardiac surgery applications, with CytoSorb approved in the European Union and distributed in 76 countries. It is also authorized for emergency use in the United States for critically ill COVID-19 patients.
The company has submitted a De Novo medical device application to the U.S. FDA for marketing approval of its DrugSorb-ATR system to reduce perioperative bleeding in heart surgery patients. This system is still under review and has not yet received approval in the United States or Canada.
This expansion reflects CytoSorbents’ strategic approach to addressing the needs of a rapidly growing healthcare market in the Middle East and Africa. The information provided in this article is based on a press release statement from CytoSorbents Corporation.
In other recent news, CytoSorbents Corporation reported a significant growth in its Q4 revenue, with an estimated increase of 22% to 25% year-over-year, bringing the expected total to between $9.0 million and $9.2 million. The full-year revenue is also expected to show a growth of approximately 14%, amounting to between $35.4 million to $35.6 million. On the other hand, the company has initiated a Rights Offering for eligible stockholders, aiming to raise between $3.0 million and $5.0 million.
In addition, CytoSorbents is currently undergoing reviews with the U.S. Food and Drug Administration (FDA) and Health Canada for the marketing application of DrugSorb-ATR, a medical device intended to reduce perioperative bleeding. The company anticipates regulatory decisions in both the U.S. and Canada in 2025.
Furthermore, CytoSorbents has reported a year-over-year increase in product sales of 11% in the third quarter of 2024, reaching $8.6 million. The company is also making progress with its blood purification technology, particularly in critical care and cardiac surgery applications. These developments are part of the company's recent activities aimed at expanding its reach and improving its financial health.
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