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CytoSorbents Announces Lease of New Global Headquarters in Princeton, New Jersey
MONMOUTH JUNCTION, N.J., March 29, 2021 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a critical care immunotherapy leader commercializing its
About this update from Cytosorbents Corporation
[{"type":"text","content":"MONMOUTH JUNCTION, N.J., March 29, 2021 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a critical care immunotherapy leader commercializing its CytoSorb® blood purification technology to treat deadly inflammation in critically-ill and cardiac surgery patients around the world, announces the lease of its new global headquarters in Princeton, NJ. On March, 26, 2021, the company entered into a new agreement with National Business Parks to lease approximately 48,500 square feet located at 305 College Road East at Princeton Forrestal Village in Princeton, New Jersey. The mixed-use facility is expected to accommodate all U.S. administrative, clinical, commercialization, manufacturing, and research and development activities. The 15-year lease is expected to commence on June 1, 2021, subject to certain conditions.\n\n \n \n \n \n \n \n\n \nCytoSorbents to Consolidate Operations and to Quintuple Manufacturing Capacity at new Headquarters in Princeton, NJMr. Vincent Capponi, MS, President and Chief Operating Officer of CytoSorbents stated, \"We are incredibly pleased to work with National Business Parks to lease the facility at 305 College Road East, which has a solid existing infrastructure to meet our unique operational needs. With other modifications that will be made to the space, we will be able to consolidate all of our operations in one building and allow the launch of new product lines. The changes we are planning will also allow us to increase our CytoSorb production from our current $80 million annual capacity to approximately $300 to $400 million annually to support our future growth while allowing us to achieve further economies of scale.\" \nMr. Capponi continued, \"As we bring our new manufacturing facility online next year, we plan to continue utilizing our existing Deer Park manufacturing facility in Monmouth Junction, NJ, exiting in a staged fashion between now and December 31, 2022, in close cooperation with our landlord, Princeton Corporate Plaza. As we move forward to our next stage of growth, we want to thank Kent Management of Princeton Corporate Plaza for their wonderful support and innovative solutions to meet our growing design and space needs over the past many years. We would not be where we are today without them.\" \nAccording to Vincent Marano, Chief Operating Officer of National Business Parks, \"...