CytoSorbents, a critical care immunotherapy leader specializing in blood purification, refinanced its existing $10 million term loan with a new $15 million debt facility with Bridge Bank.
The new debt facility is structured as a four-year $10 million term loan, with monthly payments of interest-only for the first 18 months, followed by monthly payments of principal and interest through the remainder of the term. No change was made to the success fee terms of the first loan.
CytoSorbents also has the ability, at its discretion, to borrow an additional $5 million prior to March 31, 2019, provided certain conditions are met. If this occurs, the period of interest-only payments on both term loans will be extended by an additional six month period, followed by 24 months of straight line amortization through the April 1, 2022 maturity date.
The company intends to use the proceeds from the loan to provide working capital to fund ongoing operations and to support clinical trials.
“We have been working with CytoSorbents for several years now and are excited to continue our partnership with this rapidly growing and dynamic company that is helping to save lives,” said Justin McDonie, senior vice president with Bridge Bank.
