CytoSorbents Corporation (CTSO)

[alexander77]

Article from biomed reports:


"Monday, investors in Cytosorbents (OTC: CTSO) saw an increase of 13.64% on volume of 2.95 million. This adds to Friday’s gain of over 21% on nearly 3.5 million volume. These two days alone had more volume than the past seven days combined. The question now becomes: What’s triggering this renewed interest in the company?


In my mid-September penny stock pick for BioMedReports, I notified readers that Cytosorbents was nearing several key milestones including successful trial completion, partnership talks and ultimately CE Mark approval. On September 27, Cytosorbents announced the achievement of an ISO 13485 Certification. This certification is extremely beneficial to the company as Dr. Chan explained:

“Of the possible options, Full Quality Systems certification is the most stringent and efficient route to CE Mark approval for CytoSorb™ and other future CytoSorbents products. When coupled with CE Mark approval, ISO 13485 certification will allow CytoSorbents to commercialize its products in the E.U. market and other countries that recognize the ISO 13485 and CE Mark standards."
This suggests that the trial is going well and the company is taking the steps to expedite the CE Mark approval process upon completion.

In other news, Cytosorbents announced on Monday that the company was selected to present at the prestigious 2010 AdvaMed MedTech Conference in Washington D.C. on October 20. This will be another great opportunity for Cytosorbents to update the investment community on the company’s progress. In my last update, the trial was nearly 80% complete. Nearly a month later, (based on historical enrollment rates) we can expect that number to increase to about 85%.

From a technical standpoint, the stock has completed a major breakout on a number of fronts. First, the ISO 13485 certification announcement pushed the stock price out of a 1.5 month bullish pennant which had kept the price at $.09 or below. Second, and more importantly, was Friday’s move above the $.10 mark.

This is the first time in about five months that the price has closed above this level. In addition, it solidifies the company’s financial position moving forward as it allows the company to utilize its financing arrangement (if necessary) with Lincoln Park Capital completed on May 10. Today, price was able to break through the 200-day moving average at $.122. This inflection point signals bulls are in control and price has room to run significantly.

Both the fundamentals and the technicals are pointing to a sustained move higher.

With the trial nearing completion, investors can expect increased interest and volatility.

However, if there is one mantra an investor should heed: Volume Precedes Price!"

http://biomedreports.com/2010101257765/pump-up-the-volume-cytosorbents-breaking-out.html