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CytoSorbents Receives Approximately $400,000 in Non-Dilutive Capital from the Sale of Net Operating Loss Carryovers

CytoSorbents Receives Approximately $400,000 in Non-Dilutive Capital from the
                    Sale of Net Operating Loss Carryovers

PR Newswire

MONMOUTH JUNCTION, N.J., Jan. 29, 2013

MONMOUTH JUNCTION, N.J., Jan.29, 2013 /PRNewswire/ --CytoSorbents
Corporation (OTCBB:CTSO), a critical care focused company using blood
purification to treat life-threatening illnesses, announced today that, as an
approved participant of the Technology Business Tax Certificate Transfer
Program sponsored by the New Jersey Economic Development Authority, it has
received $391,562 from the sale of its prior unused net operating loss
carryovers. These funds are non-dilutive to shareholders and will be used for
working capital purposes.

Since the beginning of 2009, the Company has worked to specifically attain
non-dilutive funding as a means to generate cash without issuing equity. In
that period of time, the Company has been awarded approximately $6.5 million
in non-dilutive grants, contract awards from DARPA and the U.S. Army, and net
operating loss carryover awards. A significant portion of this $6.5 million
still remains to be realized over the next few years, pending the successful
achievement of our contract milestones under the Company's DARPA contract and
pending U.S. Army Phase II SBIR contract, that is expected to help offset
future cash needs.

About CytoSorbents Corporation

CytoSorbents Corporation is a critical care focused therapeutic device company
using blood purification to treat life-threatening illnesses commonly seen in
the intensive care unit such as sepsis and infection, influenza, severe lung
injury, trauma, burn injury, and pancreatitis. Its advanced purification
technology is based upon biocompatible, highly porous polymer beads that can
efficiently remove toxic substances from blood and other bodily fluids. The
Company's flagship product CytoSorb^®, a first-in-class extracorporeal
cytokine filter compatible with standard hemodialysis machines, has achieved
European Union CE Mark regulatory approval and is now being commercialized in
Europe. The goal of the CytoSorb^® cytokine filter is to prevent or treat
multiple organ failure, the leading cause of death in the intensive care unit,
by reducing the excessive production of cytokines, or "cytokine storm", that
could otherwise lead to deadly inflammation, organ injury, and death.
Multiple organ dysfunction syndrome and acute organ failure represents one of
the most serious unmet medical needs in modern medicine, claiming millions of
lives around the world, at a cost of hundreds of billions of dollars, each
year. By actively addressing one of the most important underlying causes of
acute organ failure, CytoSorb^® represents a potentially revolutionary advance
in the treatment of critical illnesses.

CytoSorbents has received funding from both DARPA and the US Army, and
continues to invest significantly in its research and development pipeline.
One of its most advanced products under development is HemoDefend, a blood
purification technology platform for the blood transfusion industry intended
to reduce transfusion reactions and improve the safety of "old" blood by
removing many substances, such as antibodies, free hemoglobin and inflammatory
mediators that can cause potentially serious and sometimes fatal transfusion
reactions.CytoSorb^® and HemoDefend are just two of a number of different
polymers the Company has developed for various medical applications, including
improved dialysis, reduction of post-surgical complications in cardiac
surgery, treatment of inflammatory and autoimmune disorders, radio-imaging
contrast removal in imaging and interventional radiology procedures, and the
treatment of rhabdomyolysis, drug overdose, and others. Additional information
is available for download on the Company's website:
http://www.cytosorbents.com.

Forward-Looking Statements

This press release includes forward-looking statements intended to qualify for
the safe harbor from liability established by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements in this press
release are not promises or guarantees and are subject to risks and
uncertainties that could cause our actual results to differ materially from
those anticipated. These statements are based on management's current
expectations and assumptions and are naturally subject to uncertainty and
changes in circumstances. We caution you not to place undue reliance upon any
such forward-looking statements. Actual results may differ materially from
those expressed or implied by the statements herein. CytoSorbents Corporation
and CytoSorbents, Inc believe that its primary risk factors include, but are
not limited to: obtaining government approvals including required FDA and
additional CE Mark approvals; ability to successfully develop commercial
operations; dependence on key personnel; acceptance of the Company's medical
devices in the marketplace; the outcome of potential litigation; compliance
with governmental regulations; reliance on research and testing facilities of
various universities and institutions; the ability to obtain adequate and
timely financing in the future when needed; product liability risks; limited
manufacturing experience; limited marketing, sales and distribution
experience; market acceptance of the Company's products; competition;
unexpected changes in technologies and technological advances; and other
factors detailed in the Company's Form 10-K filed with the SEC on March 30,
2012, which is available at http://www.sec.gov.

Company Contact:
CytoSorbents Corporation
Dr. Phillip Chan
Chief Executive Officer
(732) 329-8885 ext. *823
pchan@cytosorbents.com

Investor Contact:

Alliance Advisors, LLC
Alan Sheinwald
(914) 669-0222
asheinwald@allianceadvisors.net

Valter Pinto
(914) 669-0222 x201
valter@allianceadvisors.net

SOURCE CytoSorbents Corporation

Website: http://www.cytosorbents.com
 
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