CytoSorbents Gains $1.7M Via NJEDA Tax Credit Sale To Fund Strategic Growth

(RTTNews) - Cytosorbents Corporation (CTSO) Monday announced that it has received $1.7 million in non-dilutive funding through the sale of its 2023 and amended 2022 net operating losses or NOLs and R&D tax credits under the New Jersey Economic Development Authority's or NJEDA Technology Business Tax Certificate Transfer Program.

This initiative enables biotech firms to convert unused tax credits into immediate cash by selling them to eligible, profitable companies.

The funds will support CytoSorbents' strategic initiatives, including preparations for the launch of DrugSorb™-ATR in the U.S. and Canada, and scaling up operations at its new Princeton facility. CFO Peter Mariani expressed appreciation for NJEDA's continued support in helping the company advance its mission to deliver life-saving blood purification technologies.

The recently enacted New Jersey tax reform (A.B. 5323) allowed the retroactive deduction of R&E expenditures starting January 1, 2022. This prompted CytoSorbents to amend its 2022 tax return, increasing its eligible NOLs and boosting the funding obtained through the NJEDA program.

CTSO is currently trading at $1.1 or 6.7961% higher on the Nasdaq Capital Market.