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Cytosorbents Corporation Message Board

  • slappe_was slappe_was May 17, 2010 7:40 AM Flag

    nearly two-thirds of the way complete

    First Quarter 2010 Financial Results:

    Dr. Phillip Chan, Chief Executive Officer and President, stated, "The beginning of 2010 has been very active for the Company. Less than a few short months after hitting the midpoint of our enrollment in our European Sepsis Trial, we are now nearly two-thirds of the way complete, notwithstanding a traditionally slow April for trials in Germany due to Easter and spring vacations amongst investigators and study nurses. We continue to make good progress with nearly 200 human treatments in sepsis."

    Dr. Chan continued, "We also recently entered into a $6 million equity line of credit with an institutional investor at favorable terms that, coupled with our current cash balance, is anticipated to provide the Company with the necessary resources to go well beyond the completion of the current clinical trial. Lastly, we announced the official change of the Company's name to CytoSorbents Corporation with a new ticker symbol (OTC.BB:CTSO - News). This allows us to finally focus on a branding and marketing effort around the new name."

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    • Dr Lowenstein,

      I'm so confused. Didn't you say that you were a top model or close to one at one point?

      We know how furry and bottom heavy you are already. Does that count?!?!?

      The pirates withdrew their invitation to run away with them after they were informed of your attributes.

    • 91,668 here

    • milldoug holding 136,000 shares

    • I am a member of the club since last August. If you look back you will see I have always had 501,000 shares. I did accumulate a few more just last week and now have 594,000 total shares. My target is and still remains at $4.85 as a long-term hold, or if it gets to that level quickly that is fine as well. As you may also recall, I was at a hospital last Sept (with a family member) and there was a sepsis "all-call" which is what they do and still do during a severe sepsis case to get all medical personell on the same page (unfortunatley, that is mostly how much drug doasge and how often will that patient receive it). Cheers.

    • Dear Doctor
      The highest preferance when liquidating is accounts payable($971K)and wind down costs. My assessment of the Company's BS after payout of all costs- there would be nothing to liquidate - hence the preferance in classes of stock is moot.

    • Well, I must say that is an unusual way of looking at it. Usually, the way preferred works is that the holders want to hang until until success, because if there is not success, they want to be higher on the liquidation totem pole. Also, if you are not concerned about the dilution due to the coupon, then so be it. I however, do not like the fact that in 2009, for example, the series b holders were issued new shares that effectively are convertible into over 16 million common shares. To each his or her own I guess.

    • Dear Doctor

      I feel that way because of what I call the State of the State of CTSO.Without a successful trial and medical breakthrrough there is very little difference, if any, between preferred and common. It is only when the asset has value that the preferred differeniates itself from common. If CTSO is successful with a medical breakthrough and the therapy is accepted worldwide, value will be acccredited to the shares and only then will the preferred enjoy a preferred position. In the event of failure all classes lose.
      I remain optimistic that this Cytosorb process will work, the results of the trials will be published and the Company will be acquired to build on the value that created by the original team.

    • Bill, why do you think the differences in preferred and common are not a factor? Are you aware, for example, that the preferred each have a 10% coupon annually? That effectively means that year after year they get 10% more shares (dilution).

    • Ah, I thought you meant that ANY biotech has 2-3X overhang. I am well aware that there are companies with as much is not more overhang than CTSO, but that is the exception, not the rule. But, I will stipulate that CTSO is one of those companies that belong in the category of messed up capital structure companies.

    • Dear Doctor
      In my post where I disagreed with your position, I was adddressing your point about the "difference" between preferred and common. In essence, whatever difference that in the past separated these various instruments - today they are not a factor.I did not address dilution simply because the process has not proven itself, the warrants and options have not been exercised and the preferred has not converted. Of course, a preferred instrument has a priority over common but today in the case of CTSO that is very little.
      As I mentioned in my email, I was not the author but supported his position that collectively the common shareholders do have some influence. I am really interested in where he is taking this thought.

      Lasttly, I do not think your response was bashing but direct.

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