Vancouver, BC, January 30, 2014 - San Francisco-based Vista Partners has initiated coverage on CytoSorbents Corporation (CTSO). Analyst Ross Silver gives the company a 12 month target price of $0.50, a premium of 85% to the $0.27 price on January 28th, the day the report was issued.
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CytoSorbents is a development stage company, engaged in the research, development, and commercialization of medical devices based on its platform blood purification technology. The company utilizes its proprietary adsorbent polymer technology in a way similar to that of a filter.
The company has developed its technology for various planned applications in the medical field, primarily to provide blood purification for acute and chronic health complications associated with conditions that cause blood toxicity. The highly advanced technology, which is comprised of biocompatible, highly porous polymer beads that contain millions of pores and channels, is highly adaptable. The system could possibly be modified to remove a wide variety of toxins from a patient; aiming to essentially run the gamut in terms of removing harmful substances from the blood, from ones as small as drugs, often comprised of only a few molecules, to those as large as antibodies.
The company is in the process of, and has, developed a number of different proprietary, and in a number of cases novel, medical devices, utilizing complex macromolecules.
Although still a development stage company, it has begun selling its flagship CytoSorb® device in certain European markets. 2013 was the first full year of CytoSorb® commercialization, with the company expecting to report total revenue of approximately $2.4 million for the year ending December 31st including both product sales and grant income. Expected 4th quarter product sales in the range of $330,000 to $360,000 were a record for the company.
Analyst Ross Silver stated, "The Company is on the "ground floor" of commercialization and positioned to potentially create significant value with their approved product, CytoSorb®, which has the potential to revolutionize critical care medicine; save lives, and reduce cost. CytoSorb® and the other products in the Company`s pipeline may have significant upside, considering the massive markets they seek to address. The Company enjoys a unique, high margin product and pipeline with little to no current competition."
The Company has received validation of their technology from many large organizations including: Biocon, DARPA, U.S. Army, U.S. Air Force, National Institutes of Health, National Heart, Lung & Blood Institute, scientific advisors & analysts.
The company currently trades at $0.27, well below the $0.50 target price, and with 245 million shares outstanding, the company is capitalized at $66 million.
The company`s investor relations is handled by Amy Vogel. She can be reached at 732-329-8885 ext *777 or by email at firstname.lastname@example.org.
For more information about Vista Partners or to obtain a copy of their research report, contact your nearest Vista Partners office. Their branches are listed on their website at www.vistapglobal.com.
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Barry Morgan, CFO
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Source: InvestmentPitch via GlobeNewswire