CytoSorbents Corporation Expands with New Sales Subsidiary in Dubai, UAE
PRINCETON – CytoSorbents Corporation (NASDAQ: CTSO), a leader in blood purification therapies with a current market value of $51.21 million, has announced the launch of a new regional sales subsidiary in Dubai, United Arab Emirates. As highlighted by InvestingPro, despite achieving annual revenues of $37.74 million, the stock is considered undervalued. This strategic step is aimed at meeting the rising demand for cutting-edge medical technologies across the Middle East and Africa.
The newly established subsidiary will act as a vital commercial base for CytoSorbents, facilitating stronger relationships with existing partners, customer engagement, and the formation of new collaborations within the region. Strategically located in Dubai Science Park, the office benefits from the zone’s healthcare-oriented infrastructure and favorable tax policies.
Dr. Phillip Chan, CEO of CytoSorbents, emphasized the company’s dedication to growth in these emerging markets. He stated that the Dubai office would play a key role in driving sustainable value and advancing the company’s long-term goals.
CytoSorbents is recognized for its innovative blood purification solutions, including its flagship product, CytoSorb, which removes harmful substances from blood and bodily fluids. This technology is widely used in critical care and cardiac surgery and has received regulatory approval in the European Union, with distribution in 76 countries. In the United States, CytoSorb has been authorized for emergency use in treating critically ill COVID-19 patients.
Additionally, the company has submitted a De Novo medical device application to the U.S. Food and Drug Administration (FDA) for its DrugSorb-ATR system, designed to minimize perioperative bleeding in cardiac surgery. While this product has not yet been approved in the U.S. or Canada, regulatory reviews are ongoing.
The establishment of the Dubai office underscores CytoSorbents’ strategic focus on addressing the growing healthcare needs in the Middle East and Africa. This announcement is based on an official press release from the company.
In related updates, CytoSorbents reported robust growth in its Q4 revenue, forecasting an increase of 22% to 25% compared to the previous year, with an estimated total of $9.0 million to $9.2 million. Full-year revenue is also projected to grow approximately 14%, reaching between $35.4 million and $35.6 million. The company has also launched a Rights Offering for eligible stockholders, aiming to raise $3.0 million to $5.0 million.
In parallel, CytoSorbents continues to work with the FDA and Health Canada to obtain marketing approval for its DrugSorb-ATR system, targeting regulatory decisions in both regions by 2025.
Furthermore, CytoSorbents reported an 11% year-over-year increase in Q3 2024 product sales, reaching $8.6 million. The company remains focused on advancing its blood purification technologies for critical care and cardiac surgery applications. These efforts highlight CytoSorbents’ commitment to expanding its presence and improving its financial position.
This article was crafted to ensure accuracy and clarity, using publicly available information and company announcements.
