CytoSorbents Secures $20 Million Credit Facility

Company Overview - CytoSorbents Corporation is a leader in treating life-threatening conditions in intensive care and cardiac surgery through blood purification technology [14][15] - The company's lead product, CytoSorb®, is an extracorporeal cytokine adsorber approved in the European Union and distributed in 75 countries [15] - CytoSorbents has received significant funding, approximately $50 million, from various U.S. government agencies for its purification technologies [10] Financial Partnership - On June 28, 2024, CytoSorbents entered into a $20 million credit facility with Avenue Capital Group to strengthen its financial position and support ongoing initiatives [14] - The credit agreement includes an initial term of three years, providing up to $20 million in total term loan capital, with an initial tranche of $15 million [3] - Proceeds from the facility will support the global CytoSorb® franchise, planned marketing applications for DrugSorb-ATR, and refinancing of existing debt [14] Product Development - DrugSorb-ATR, an investigational device, aims to reduce serious bleeding complications in patients undergoing coronary artery bypass graft surgery while on the blood-thinning drug Brilinta® [1][5] - The company plans to submit marketing applications for DrugSorb-ATR to the U.S. FDA and Health Canada this summer, with a potential addressable market exceeding $0.5 billion if approved [1] - The DrugSorb-ATR has received two FDA Breakthrough Device Designations for the removal of ticagrelor and direct oral anticoagulants during cardiothoracic procedures [5] Market Potential - The anticipated launch of DrugSorb-ATR in the U.S. could significantly impact the market, addressing a major unmet medical need related to bleeding risks in patients on anticoagulants [1][4] - CytoSorbents generated $32.2 million in trailing 12-month sales as of March 31, 2024, indicating a strong market presence [14]