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Why CytoSorbents Is Soaring 12% Today

TheMotleyFool

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Shares in CytoSorbents (NASDAQ: CTSO) are surging 12% higher at 11:30 a.m. EDT on Wednesday after the company announced it will offer 5.3 million shares to the public at $9.50 per share. Management expects the offering will generate approximately $50 million for the company's balance sheet, before fees and other expenses.

The influx of capital from this share offering will substantially improve CytoSorbents' liquidity, providing it with additional flexibility to support efforts to increase demand for its blood purification technology, CytoSorb.

Image source: Getty Images.

Source Fool.com

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