Business
CytoSorbents Corporation Announces Pricing of $50 Million Public Offering of Common Stock
MONMOUTH JUNCTION, N.J., July 22, 2020 /PRNewswire/ -- CytoSorbents Corporation (Nasdaq: CTSO) (the "Company"), a critical care immunotherapy leader
About this update from Cytosorbents Corporation
[{"type":"text","content":"MONMOUTH JUNCTION, N.J., July 22, 2020 /PRNewswire/ -- CytoSorbents Corporation (Nasdaq: CTSO) (the \"Company\"), a critical care immunotherapy leader commercializing its CytoSorb® blood purification technology to treat cytokine storm and deadly inflammation in critically-ill and cardiac surgery patients around the world, today announced the pricing of its previously announced underwritten public offering of 5,263,158 shares of its common stock at a public offering price of $9.50 per share, resulting in gross proceeds of approximately $50.0 million before deducting underwriting discounts and commissions and other offering expenses.\n\n \n \n \n \n \n \n\n \nThe offering is expected to close on July 24, 2020, subject to the satisfaction of customary closing conditions. The Company has also granted the underwriters a 30-day option to purchase up to 789,473 additional shares of common stock at the public offering price less the underwriting discount.\nThe Company intends to use the net proceeds from this offering for general corporate purposes, including an expansion of the Company's manufacturing, R&D and administrative offices, to fund clinical studies in the United States and abroad, support its sales and marketing efforts and further develop its products.\nCowen and SVB Leerink are acting as joint book-running managers of the offering. B. Riley FBR is acting as co–manager for the offering.\nThe securities described above are being offered by the Company pursuant to a \"shelf\" registration statement on Form S-3 (File No. 333–226372) previously filed with the Securities and Exchange Commission (the \"SEC\") on July 26, 2018, amended on August 3, 2018, and declared effective by the SEC on August 7, 2018. The offering will be made only by means of a written prospectus and a prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and an accompanying prospectus relating to the offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained, when available, from Cowen and Company, LLC, Attn: Prospectus Department, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, Attn: Prospectus Department, by email at ...