RTTNews | Jul 22, 2020 10:53AM EDT

10:53 Wednesday, July 22, 2020 (RTTNews.com) - Shares of Cytosorbents Corporation (CTSO), a critical care immunotherapy company specialized in blood purification technology, are up more than 10% Wednesday morning at $10.76, close to its 52-week high of $11.74.

The company today priced the previously announced public offering of 5,263,158 shares at $9.50 per share.

Cytosorbents Corporation intends to use the net proceeds of about $50 million for general corporate purposes, including an expansion of the Company's manufacturing, R&D and administrative offices, to fund clinical studies in the United States and abroad, support its sales and marketing efforts and further develop its products.

The offering is expected to close on July 24, 2020.

On Monday when the company reported preliminary second-quarter results, revenue had increased 58% year-over-year to about $9.8 million, helped by 61% increase in product sales.

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