CytoSorbents Secures $20 Million Credit Facility

Core Viewpoint - CytoSorbents Corporation has secured a $20 million credit facility to enhance its financial position and support the commercialization of its products, particularly DrugSorb™-ATR, which targets a significant unmet medical need in cardiac surgery [2][4]. Financial Overview - The new credit facility includes an initial term of three years and provides up to $20 million in total term loan capital, with an initial tranche of $15 million [3]. - The facility aims to provide non-dilutive working capital to support the ongoing global CytoSorb® franchise, which generated $32.2 million in trailing 12-month sales as of March 31, 2024 [2]. Product Development and Market Potential - DrugSorb™-ATR, an investigational device, has received FDA Breakthrough Device Designations and aims to reduce serious bleeding complications in patients undergoing coronary artery bypass graft (CABG) surgery [4][8]. - The potential addressable market for DrugSorb-ATR in the U.S. and Canada is estimated to exceed $0.5 billion if approved [4]. Strategic Partnerships - Avenue Capital Group is the financial partner for this credit facility, indicating confidence in CytoSorbents' growth and product development strategies [4][5]. - The partnership is expected to support the international growth of CytoSorb® and other products, particularly in the U.S. and Canadian markets [4]. Technology and Innovation - CytoSorbents' purification technologies utilize biocompatible, highly porous polymer beads to remove toxic substances from blood, addressing critical medical needs in intensive care and cardiac surgery [6][9]. - The company has received approximately $50 million in non-dilutive funding from various U.S. government agencies to support its innovative technologies [9].