CytoSorbents has received an additional $5 million in cash through an amended loan agreement with Bridge Bank‘s Life Sciences Group.
On July 31, 2019 the company entered into the amended its credit agreement with Bridge Bank. The amendment provided the company with $5 million of cash proceeds from an additional term B loan and extended the interest-only period for the original $10 million loan (term loan A) and term loan B through April 2020, with the ability to further extend the interest-only period through October 2020, provided that certain conditions are met.
“This loan amendment represents a key milestone for our company that has the potential to increase our working capital by approximately $9 million, by providing an additional $5 million of working capital and potentially deferring the repayment of $4 million of principal by 12 months that was previously scheduled to begin in November 2019. But most importantly, it strengthens our balance sheet and provides additional operating capital for us to continue the aggressive pursuit of our clinical trial objectives and to rapidly grow worldwide product sales,” said Kathleen P. Bloch, CPA, MBA, CEO of CytoSorbents.
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CytoSorbents specializes in blood purification. Its flagship product, CytoSorb has been used in more than 61,000 human treatments to date.
