CytoSorbents, a critical care immunotherapy provider, closed a $10 million senior debt facility with the Life Sciences group of Bridge Bank, a division of Western Alliance Bank.

CytoSorbents and its U.S. operating subsidiary, CytoSorbents Medical, entered into a loan and security agreement with Bridge Bank, securing an initial $5 million four-year term loan that was funded on June 30, 2016.

Interest-only monthly payments are due for the first year and then monthly principal and interest payments are due through the remainder of the term. Prior to June 30, 2017, CytoSorbents has the ability, at its discretion, to receive an additional term loan of $5 million, provided certain conditions are met. If this occurs, the period of interest-only payments on both term loans will be extended by six months through January 31, 2018, followed by 30 months of straight line amortization through the July 1, 2020 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 following CytoSorbents for several years now, and believe they possess a truly innovative technology in the life sciences space which could transform critical care medicine and cardiac surgery and save lives throughout the world,” said Justin McDonie, SVP and managing director for Bridge Bank. “We are pleased to provide this growth capital at this important juncture in CytoSorbents’ evolution and look forward to helping make the company a success.”