Daniel Grizelj
Medical device maker Cytosorbents Corporation (NASDAQ:CTSO) announced Thursday that California-based Bridge Bank provided the company with $5M debt financing, and the two parties agreed to extend a loan agreement.
$5M debt financing is part of a term loan commitment of up to $15M that Bridge Bank agreed to provide Cytosorbents (CTSO) for drawdown in $5M tranches each at the discretion of the company.
As part of the extension to the loan agreement, Bridge Bank has allowed the company to delay the drawdown period on the remaining $10M commitment from December 31, 2022, to March 1, 2023, subject to certain conditions.
“We believe that debt capital represents an attractive alternative to equity at the current time and that this non-dilutive financing strengthens our balance sheet at favorable terms, providing us with additional capital that we anticipate using for three of our major goals as we enter 2023,” Chief Financial Officer of Cytosorbents (CTSO) Kathleen P. Bloch said.
The financing arrangement comes as the company runs its U.S. STAR-T pivotal trial for DrugSorb-ATR to reduce perioperative bleeding in patients undergoing cardiothoracic surgery.
Cytosorbents (CTSO) expects to file for U.S. marketing approval of DrugSorb-ATR in H2 2023.
Source link
