CytoSorbents (CSTO) Bullish View Reiterated at Maxim Group on Commercial Launch of CytoSorb for Cardiac Surgery
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Maxim Group analyst Jason Kolbert reiterated a Buy rating and $8 price target on CytoSorbents (NASDAQ: CTSO) after the company announced its strategic partner Terumo Cardiovascular Group has initiated international commercialization of CytoSorb for use during complex cardiac surgery at the European Association for Cardio-Thoracic Surgery (EACTS) conference in Barcelona, Spain (October 1-5, 2016).
- Terumo will distribute the CytoSorb cardiopulmonary bypass (CPB) procedure pack for cardiac surgery in France, Sweden, Denmark, Norway, Finland, and Iceland. Following the EACTS conference, Terumo plans to host a two-day scientific program in Nice, France with cardiac surgery perfusionists to discuss innovative perfusion strategies and the application of CytoSorb.
- Recall that CytoSorbents announced a multi-country strategic partnership with Terumo Cardiovascular Group, a subsidiary of Japan-based Terumo Corporation, in September 2016. Under the terms of the agreement, Terumo will have exclusive rights to distribute the CytoSorb cardiopulmonary bypass (CPB) procedure pack for intraoperative use during cardiac surgery in France, Sweden, Denmark, Norway, Finland and Iceland.
- Conclusion. CytoSorbents continues to expand its commercial efforts in indications beyond sepsis. We look forward to data from the U.S. REFRESH study coming this quarter, followed by a pivotal REFRESH II study in 1Q17.
Shares of CytoSorbents closed at $6.73 yesterday.
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