CytoSorbents (OTC:CTSO) announced that it commenced an underwritten public offering of shares of its common stock worth $40 million.
Monmouth Junction, N.J.-based CytoSorbents intends to grant underwriters a 30-day option to purchase up to an additional 15% of the number of shares of common stock sold in connection with the offering as well, according to a news release.
The developer of blood purification technology for treating cytokine storm and deadly inflammation in cardiac surgery patients plans to use the net proceeds for general corporate purposes. Those may include expansion of manufacturing, R&D and administrative offices, while the company also intends to use funds for clinical studies in the U.S. and abroad.
Cowen and SVB Leerink are acting as joint book-running managers of the proposed offering.