CytoSorbents Corporation (CTSO)

[Bloat Dastardly]

With the history of this company, no, I don't believe that there will be a flurry of PR's next week. My guess is that if they announce anything related to the AATS presentation it will be rolled into the quarterly results PR and that what details they share will be few. As much as I would like to see the data, as we all would, reality is that the company is probably hamstrung by the fact that the data isn't theirs, it belongs to the researchers, so they can't put anything out without their permission which they may not have or ever get. Further, they are dealing with the FDA on REFRESH 2. As a consequence they need to be circumspect on language with respect to the data out of REFRESH 1. If they are seen by the FDA as blowing up the results of the first phase or interpreting the data in a way the FDA doesn't agree with they put themselves in a difficult position with respect to the on-going negotiations around the size and scope of the second phase. I work for a major medical company and we operate this way when we are dealing with the FDA on similar things so I know what is at stake for CTSO. If they play this right there is nothing to worry about but if they play this wrong then they only make their jobs more difficult.

In short, with everything going on we are not exposed to and given the history of the company, those expecting a grand and explosive PR on REFRESH 1 will be disappointed. I expect it to be brought up during the investor call, maybe a slide or two showing something, but that would be the extent of it.