CYTOSORBENTS CORPORATION (NASDAQ:CTSO) Files An 8-K Other Events

Item 8.01

On May 30, 2017, CytoSorbents Corporation (the Company) issued a
press release announcing the appointment of Eric R. Mortensen,
M.D., Ph.D. as the Companys Chief Medical Officer, to the terms
of an employment agreement by and between the Company and Dr.
Mortensen dated May 23, 2017 (the Employment Agreement). A copy
of the press release is furnished as Exhibit 99.1 hereto.

For the past two years, Dr. Mortensen served as the Vice
President Therapeutic Area Clinical Head for Inflammation and
Immunology at Pfizer, leading Pfizers global, late-stage
development organization for programs in inflammatory diseases
including studies for Enbrel and Xeljanz. Prior to assuming his
most recent role, Dr. Mortensen held various other positions
Pfizer: from 2011 through 2014, he served as the Clinical
Inflammation Development Strategy Lead and co-chair for
Inflammations Therapeutic Area Strategy Team (TAST), and from
2008 through 2011, he served as the Vice President, Global
Medicine Development Group Global Lead for Xeljanz and Assistant
Vice President and Global Therapeutic Area Director for Enbrel.
In addition, from 2001 through 2008, Dr. Mortensen worked at
GlaxoSmithKline, where he led clinical programs for the
reintroduction of alosetron to the US market, the registration
program for alvimopan, and medical affairs programs for assets
within the Womens Health, Urology, Acute Care, Gastrointestinal
and Ophthalmologic business units. Prior to that, Dr. Mortensen
spent five years at Merck Research Laboratories, where he was
responsible for registration studies of the COX2 inhibitors
rofecoxib and etoricoxib. Dr. Mortensen received his medical
degree from the Harvard University and Massachusetts Institute of
Technology Division of Health Sciences and Technology, and his
doctorate in biophysics from the Graduate School of Arts and
Sciences at Harvard University. Dr. Mortensen completed his
residency training in internal medicine at Massachusetts General
Hospital and a fellowship in gastroenterology at the University
of Michigan Medical Center, Ann Arbor.

Dr. Mortensens Employment Agreement provides for an initial term
commencing June 1, 2017 and ending December 31, 2019. Thereafter,
the Employment Agreement shall automatically renew for an
additional one year term, unless either the Company or Dr.
Mortensen provides written notice of non-renewal at least 60 days
prior to the end of the initial term. Dr. Mortensen is entitled
to a base salary of $330,000 per year, and such salary will be
reviewed on an annual basis by the Compensation Committee of the
Board of Directors of the Company (the Compensation Committee).
Dr. Mortensen is eligible to receive equity compensation under
the CytoSorbents Corporation 2014 Long-Term Incentive Plan and
shall be entitled to an incentive compensation award in the event
of a Change of Control (as defined in the Employment Agreement)
of the Company, on such terms and conditions as determined by the
Compensation Committee. The Employment Agreement contains
customary covenants regarding non-competition, non-solicitation,
confidentiality and work made for hire.

The foregoing description of Dr. Mortensens Employment Agreement
is qualified in its entirety by the terms of the Employment
Agreement, which is filed as Exhibit 10.1 hereto and incorporate
herein by reference.

(d) Exhibits.

About CYTOSORBENTS CORPORATION (NASDAQ:CTSO)

CytoSorbents Corporation is a critical care focused immunotherapy company. The Company is engaged in commercializing its product, CytoSorb, which is a blood purification technology with focus in preventing or treating multiple organ failure. The Company’s purification technologies are based on biocompatible, porous polymer beads that remove toxic substances from blood and other bodily fluids by pore capture and surface adsorption. The Company’s CytoSorb is an extracorporeal cytokine filter and is designed to reduce the cytokine storm that causes inflammation, organ failure and death in common critical illnesses, such as sepsis, burn injury, trauma, lung injury and pancreatitis. In addition, CytoSorb is used in other inflammatory conditions, such as cardiac surgery and autoimmune disease flares and cancer cachexia. It also has other products under development based upon its blood purification technology, including HemoDefend, ContrastSorb, DrugSorb, BetaSorb and others.

CYTOSORBENTS CORPORATION (NASDAQ:CTSO) Recent Trading Information

CYTOSORBENTS CORPORATION (NASDAQ:CTSO) closed its last trading session down -0.10 at 4.25 with 37,439 shares trading hands.