CytoSorbents Corporation, a leader in the treatment of life-threatening conditions in the intensive care unit and cardiac surgery through blood purification using its proprietary polymer adsorption technology, announced that it had received USD 5 million in non-dilutive debt financing within the terms of the Fourth Amendment to its Amended and Restated Loan and Security Agreement with Bridge Bank, which provided for a term loan commitment of upto USD 15 million in a tetrahedral loan.
On December 29, 2022, the two parties signed the Fifth Amendment to the Amended and Restated Loan and Security Agreement, which extended the drawing period on the existing USD 10 million loans.
Bridge Bank’s Head of Life Sciences, Bill Wickline, commented, “We have seen the Company’s tremendous revenue growth and the confirmation of its scalable, high-profit business model throughout the years we have worked with CytoSorbents. We are glad to contribute to CytoSorbents’ financial needs at this next stage of their evolution and assist their essential aim of saving lives worldwide.”
CPA, MBA, Chief Financial Officer of CytoSorbents, Kathleen P. Bloch:
“We feel that debt capital is a more appealing option to equity at the moment, and that this non-dilutive transaction improves our balance sheet on favourable terms, providing us with extra money that we want to use for three of our primary priorities as we move towards 2023. The first aim is to complete our STAR-T pivotal trial in the US and file for potential FDA and Health Canada marketing authorisation for DrugSorb-ATRTM in the second part of 2023.”
About the company:
CytoSorbents Corporation pioneered blood purification to treat life-threatening illnesses in the critical care unit and heart surgery. Its flagship product, CytoSorb®, is authorized in the European Union and available in 75 countries worldwide. It is a type of extracorporeal cytokine adsorber that minimizes “cytokine storm” or “cytokine release syndrome” in frequent severe conditions, which can cause significant inflammation, organ failure, and patient mortality.
The risk of mortality with these conditions is exceedingly high, and there are few, if any, effective therapies. CytoSorb is used before and after cardiothoracic surgery to eliminate antithrombotic medicines and inflammatory mediators that might cause postoperative problems such as severe bleeding and organ failure. On September 30, 2022, there will be over 186,000 CytoSorbs.
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