Friday, January 23, 2015 9:25:58 AM
CytoSorbents Receives $385,000 in Non-Dilutive Funding
from the New Jersey Technology
Business Tax Certificate Transfer Program
MONMOUTH JUNCTION, N.J., Jan. 23, 2015 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ CM: CTSO), a critical care immunotherapy company commercializing its CytoSorb® extracorporeal cytokine adsorber to reduce deadly inflammation in critically-ill and cardiac surgery patients, announced the receipt of $385,642, net of transaction costs, in non-dilutive funding as an approved participant of the Technology Business Tax Certificate Transfer Program sponsored by the New Jersey Economic Development Authority (NJEDA). Funds will be used to help expand manufacturing of CytoSorb® and support sales of CytoSorb® internationally.
The New Jersey Technology Business Tax Certificate Transfer Program enables approved Technology and Biotechnology Businesses with Net Operating Losses to sell their Unused Net Operating Loss Carryover (NOL) and Unused Research and Development Tax Credits (R&D Tax Credits) for at least 80% of the value of the tax benefits to a profitable corporate taxpayer in the State of New Jersey that is not an Affiliated Business. This allows Technology and Biotechnology Businesses with Net Operating Losses to turn their tax losses and credits into cash to buy equipment or facilities, or for other Allowable Expenditures. The New Jersey Economic Development Authority (NJEDA) determines eligibility, and the New Jersey Division of Taxation determines the value of the tax benefits (NOL and R&D Tax Credits).
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents stated, "As a high growth, international therapeutics company with distribution of CytoSorb® in 28 countries around the world, and continued expansion of our manufacturing, R&D and administrative facility in New Jersey, we thank the continued support of the NJEDA. Over the past 6 years, we have obtained nearly $7.5 million in non-dilutive government grants, contracts and other funding, an important part of our overall financing strategy."
Recent CTSO News
- CytoSorbents to Present at the H.C. Wainwright 26ᵗʰ Annual Global Investment Conference • GlobeNewswire Inc. • 08/27/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/20/2024 08:51:51 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/16/2024 10:58:42 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 08/16/2024 10:57:45 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 08/16/2024 09:28:33 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/16/2024 09:12:04 PM
- CytoSorbents Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4) • GlobeNewswire Inc. • 08/16/2024 08:05:00 PM
- CytoSorbents Reports Second Quarter 2024 Financial and Operational Results • GlobeNewswire Inc. • 08/13/2024 08:19:55 PM
- CytoSorbents Appoints Peter J. Mariani Chief Financial Officer • GlobeNewswire Inc. • 08/13/2024 08:18:28 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/13/2024 08:04:32 PM
- CytoSorbents to Report Second Quarter 2024 Operating and Financial Results • GlobeNewswire Inc. • 08/07/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2024 08:12:56 PM
- CytoSorbents Announces Compliance with Nasdaq Minimum Bid Price Requirement • GlobeNewswire Inc. • 08/01/2024 11:00:00 AM
- CytoSorbents Unveils Newly Redesigned, Unified Company and Product Website • GlobeNewswire Inc. • 07/29/2024 12:00:00 PM
- Form S-3 - Registration statement under Securities Act of 1933 • Edgar (US Regulatory) • 07/26/2024 09:14:03 PM
- Form 424B5 - Prospectus [Rule 424(b)(5)] • Edgar (US Regulatory) • 07/26/2024 09:11:21 PM
- CytoSorbents to Present at the Inaugural American Association of Physicians of Indian Origin (AAPI) World Health Congress • GlobeNewswire Inc. • 07/17/2024 11:00:00 AM
- CytoSorbents Secures $20 Million Credit Facility • GlobeNewswire Inc. • 07/02/2024 11:00:00 AM
- CytoSorbents Announces Regulatory Approval of CytoSorb® in Taiwan • GlobeNewswire Inc. • 06/24/2024 11:00:00 AM
- CytoSorbents Announces the Launch and Immediate Availability of the PuriFi™ Blood Pump in the European Union • GlobeNewswire Inc. • 06/13/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 06/10/2024 08:31:20 PM
- CytoSorbents to Host its 2024 Virtual Annual Stockholders Meeting • GlobeNewswire Inc. • 06/05/2024 11:00:00 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/22/2024 08:35:12 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/09/2024 09:23:00 PM
- CytoSorbents Reports First Quarter 2024 Results • GlobeNewswire Inc. • 05/09/2024 08:17:23 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM