MONMOUTH JUNCTION, N.J., Jan. 14, 2015 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO) today announced the closing of a $10.3 million underwritten public offering of 1,250,000 shares of common stock at a price of $8.25 per share to the public. The net proceeds to CytoSorbents from this offering were approximately $9.48 million, after deducting underwriting discounts and commissions and other offering expenses payable by CytoSorbents (including final legal fees). Except for the warrants issued as part of the underwriters' fee, no warrants were issued to investors.
Brean Capital, LLC and H.C. Wainwright & Co., LLC acted as joint book-running managers for the offering. Merriman Capital, Inc., MLV & Co., and WBB Securities, LLC acted as co-managers of the offering.
Dr. Phillip Chan, Chief Executive Officer of CytoSorbents stated, "We are pleased to have completed this $10.3 million financing that was priced at a modest discount to the closing share price and done without warrant coverage. The net proceeds of this round of financing will be used to fund our long-term growth strategy that includes increasing sales of CytoSorb(R), funding clinical studies including our planned U.S. Cardiac Surgery trial, and expanding our manufacturing capacity to meet anticipated demand."
A registration statement on Form S-1 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (the "SEC") and was declared effective on January 8, 2015. A final prospectus related to the offering has been filed with the SEC and is available on the SEC's website at www.sec.gov. Copies of the final prospectus and accompanying prospectus may also be obtained from Brean Capital, LLC Attention: Equity Syndicate, by telephone at (212) 702-6536 or by email at syndicate@breancapital.com.
