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Short Form Commentary On Some Moving Companies
2/17/10 - MedaSorb Up On Improved Cash Position
MedaSorb Technologies Corporation, and its wholly-owned subsidiary, CytoSorbents,
Inc.,
(MSBT)
traded up 2.63% closing at $0.195 after announcing that it was approved to
participate, for its second year, in the New Jersey Emerging Technology and
Biotechnology Financial Assistance Program. CytoSorbents was approved by
the State to sell additional net operating losses, which has resulted in
net proceeds of approximately $299,000 to the Company.
"This additional improvement in our cash resources will be used to continue
the funding of our European Sepsis Trial -- evaluating the treatment of patients
with severe sepsis and respiratory failure," commented Dr. Phillip Chan,
CEO. "The proceeds from the sale of our net operating losses have additional
benefit as a non-dilutive event for our shareholders. We are also pleased
to announce the receipt of $80,000 from the University of Pittsburgh Medical
Center, for our fourth year of sub-contracting work in support of their NIH
grant studying sepsis. Additionally, we are excited to have enrolled our
50th patient, reaching the midway point in our 100 patient trial, and are
continuing to work with all sites to maximize enrollment."
