CytoSorbents Delivers Technology to Calm the Storm
Our clients across the country are demonstrating remarkable resilience, innovation and creativity in this unusual year when COVID-19 has impacted all of our lives and businesses. Bridge Bank has put together some of these incredible stories that reinforce how businesses can rise to new heights even amid exceptional challenges. We are inspired and we hope you will be, too.
Before spring 2020, most people – certainly most non-medical professionals – could be forgiven for thinking a “cytokine storm” was a little-known tropical weather event.
But then again, before spring 2020, The New York Times, Forbes and The Wall Street Journal were not publishing news about how COVID-19 was causing some people’s immune systems to go into overdrive with deadly consequences – a phenomenon known as a cytokine storm.
One emerging medical technology company, New Jersey-based CytoSorbents Corporation, had a ready response. The 174-person company’s flagship product, CytoSorb®, is a blood purification technology designed to reduce the cytokine storm that could otherwise cause massive inflammation, organ failure and death in critically ill and cardiac surgery patients. CytoSorb is already approved in the European Union and sold in 67 countries worldwide.“For the past seven years, since commercializing the product, we’ve been working with physicians who are using our technology to treat patients with cytokine storm,” said Kathleen Bloch, chief financial officer at CytoSorbents Corporation. “Physicians who were familiar with our device in Germany, Italy, China and France realized immediately it could make a difference and were among the first users. We now have treated more than 4,500 COVID-19 patients across more than 30 countries during this pandemic.”
CytoSorb received Emergency Use Authorization by the U.S. Food and Drug Administration in Q2 2020 for use in adult, critically ill COVID-19 patients with imminent or confirmed respiratory failure. “It was gratifying for us to begin treating patients in the U.S., the home of our production facility, quality and R&D activities – where our headquarters are located,” said Bloch.
“We had two objectives to meet – we knew we needed to make more and more devices, and we also knew we needed to protect our workforce,” she added. “Our executives, administrative and clinical teams started working from home in mid-March, but our on-site production team needed to rapidly ramp up. Key changes included getting more personal protective equipment, reconfiguring certain aspects of the production process and adding two, full-length shifts on the weekends.”
According to Bloch, U.S. sales went from $0 to $667,000 in a matter of months. This frenzy of activity included taking orders from U.S. hospitals before the company even had an order-processing system in place in the United States. However, the company quickly adapted, leveraging the clinical and training resources it had from running clinical trials in the U.S., with people pitching in from other departments to support sales and with contributions by the extensive commercialization team in Europe.
“The most important thing to know,” said Bloch, “is that our product saves lives. We are all incredibly passionate about doing whatever we can to get our device into doctors’ hands to help patients. With COVID-19 physicians have a new awareness of cytokine storm and CytoSorb. We all hope the pandemic is contained as quickly as possible, and when COVID-19 does go away we hope to have gleaned valuable data to unlock other indications for our life-saving blood purification therapy.”
To learn more about the tailored solutions and exceptional service Bridge Bank provides, contact one of our experienced bankers at (408) 423-8500.
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RSVP today and receive a free download of our report Markets to Watch: Chicago with data provided by PitchBook. info.bridgebank.com/markets-to-wat… - about 1 month 3 weeks ago pic.twitter.com/ATuhmDVuQLOur Technology Banking Group is proud to partner with Fluxx, the cloud platform used by world-class foundations and nonprofits to intelligently automate workflows, ensure compliance, improve operations and drive impact. pic.twitter.com/6wUsqMJnwyIn observance of Memorial Day, all Bridge Bank offices will be closed on Monday, May 31. pic.twitter.com/OPRe4C8wH6Join us and PitchBook, along with special guest Voyager Capital, tomorrow morning to discover key top-level trends that have defined VC deal-making in the Pacific Northwest. RSVP now to attend this virtual event. bit.ly/3odHXY4 - about 2 months 1 week ago #pnw #venturecapital #virtualevent pic.twitter.com/aJsyVW4XFiKey top-level trends that have defined VC deal-making in the Pacific Northwest over the past several years can be found in our recently released report, Markets to Watch: Pacific Northwest. Download it now to learn more. bit.ly/2R6cYkB - about 2 months 2 weeks ago #pnw #venturecapital pic.twitter.com/39v4LukI5zJoin us virtually for Markets to Watch: Pacific Northwest to discover how the PNW’s reputation for innovation has helped fresh capital flow into the VC ecosystem with commitments to new investment funds. RSVP today to attend and learn more. bit.ly/3odHXY4 - about 2 months 2 weeks ago pic.twitter.com/hoFdrqjYBcFunding for leading database software and cloudtech & DevOps segments bounced back in 2020, in the PNW, posting gains on deal count and aggregate deal value. Download our report, Markets to Watch: Pacific Northwest to learn more and read the analysis. bit.ly/2R6cYkB - about 2 months 2 weeks ago pic.twitter.com/OcWPQUF5QEOn May 19, our panel of experts will provide analysis and key insights into the VC ecosystem of the Pacific Northwest, which posted a record $5.4 billion in value for 2020. RSVP now to attend this informative, virtual event. bit.ly/3odHXY4 - about 2 months 2 weeks ago #pnw #venturecapitalThe Pacific Northwest’s VC ecosystem posted a record $5.4 billion in value for 2020. Download our report, Markets to Watch: Pacific Northwest to learn more and read the analysis. info.bridgebank.com/markets-to-wat… - about 2 months 2 weeks ago pic.twitter.com/HTrfF4UWCoWe would like to extend our congratulations to our client, Securly, for their recent acquisition by Golden Gate Capital. Comprised of parents, educators and technologists, Securly is the first and only provider of enterprise security for K-12 schools since 2013. pic.twitter.com/OoRHNh5coQOur Boston-based Technology Banking Group recently provided a growth capital term loan to Examity, a technology company concentrating in the online proctoring market. Read our press release to learn more. bit.ly/3eWeu0g - about 2 months 3 weeks agoLearn how liquidity surges are fueling reinvestment into life sciences ecosystems by downloading a complimentary copy of our report Life Sciences Markets to Watch. The report also contains analysis of trends in valuations and financing sizes and their implications. pic.twitter.com/mWrsT22dBZFind out how CytoSorbents delivered technology to calm the storm during the COVID-19 pandemic. 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RSVP now to attend this virtual event. bit.ly/3dwyk2C - about 3 months 1 week ago pic.twitter.com/L2LpL5ooZuWith strong liquidity and rates of funding, it is likely that venture investment in the space will continue at a rapid pace. Download our complimentary report, Life Sciences Markets to Watch, to learn more and read the analysis. bit.ly/3gnq7Q9 - about 3 months 1 week ago pic.twitter.com/iH1LMoypkaOur #LifeSciences Group recently provided a term loan to Adarza Biosystems, developer of the ZIVA platform, a next-generation biomarker discovery and therapeutic research tool. pic.twitter.com/CR160SrQKbAustin’s VC ecosystem topped $2 billion in value for the third year running in 2020. 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RSVP by clicking this link bit.ly/3rzsUaZ - about 3 months 3 weeks ago pic.twitter.com/M3ithiqhjjOn April 14, our panel of experts will provide analysis and key insights into Austin’s VC ecosystem, which topped $2 billion in value for the third year running. RSVP now to attend this informative event. bit.ly/3rzsUaZ - about 3 months 3 weeks ago #Austin #venturecapital #technology #innovation pic.twitter.com/gzRc4qJELoAustin’s VC ecosystem topped $2 billion in value for the third year running in 2020. Download our report, Markets to Watch: Austin, TX, to learn more and read the analysis. bit.ly/3sGCwly - about 4 months ago #Austin #venturecapital pic.twitter.com/ltpq7r20P8Join us for Markets to Watch: Austin, TX to discover how the Austin VC ecosystem still secured a record $2.3 billion in aggregate value thanks in no small part to the its resilient enterprise tech sector. 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