Cytosorbents (CTSO) - Get Report, a $270 million market cap biotech company, has been granted authorization by the Food and Drug Administration to sell its blood purification product for Coronavirus patients.
CEO Phillip Chan told TheStreet the product could be in use in hospitals by the week beginning Monday April 20.
Cytosorbents stock has risen 92% year-to-date.
Here's exactly what Dr. Chan said:
"The emergencies authorization allows us now to commercial sell Cytosorb to hospitals all over the country and we are currently taking orders for the product and hopefully we'll be able to get our Cytosorb blood purification technology to treat [and] into hands of doctors in the very near-term -- hopefully next week."
Chan said a few hospitals have been using this type of product, but the authorization makes the treatment more broadly available.
Biotech players, small and large, have been racing to create vaccines and therapies.
Johnson and Johnson (JNJ) - Get Report said it may have a vaccine ready for human testing by September, while smaller players like Emergent Biosolutions (EBS) - Get Report may have a therapy in the works by the summer, CEO Bob Kramer recently told TheStreet.
The virus' spread has decelerated in New York in the past week and has been said to be decelerating at times across the U.S. Social distancing and lockdown measures may be working, although that's a conclusion experts haven't yet come to .
Meanwhile, a vaccine to wipe out the virus seems off in the distance, while therapies seem to be gaining more traction.
Biotech stocks have seen a tailwind from the entire pandemic, while the broader U.S. market has fallen roughly 14% year-to-date, although it has gained 24% since its 2020 low hit in March, as investors have begun to price in the end of the virus and recession.
Here's how drugs get approved.
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