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CytoSorbents to raise $10M through public offering

Cytosorbents Corp. priced its underwritten public offering of 2,222,222 shares at $4.50 apiece to raise approximately $10 million in gross proceeds.

The offering is expected to close April 5, and underwriters haven an option to purchase up to an additional 333,333 of the shares offered.

Cytosorbents plans to use the net proceeds for general corporate and working capital purposes, including advancing the U.S. trial for CytoSorb to treat organ inflammation.

Cowen and Co. is acting as the sole book-running manager and representative of the underwriters for the offering. Aegis Capital Corp., H.C. Wainwright & Co., B. Riley & Co., Maxim Group LLC and Northland Capital Markets are acting as co-managers for the offering.