CytoSorbents draws $5M debt from Bridge Bank, extends $10M drawdown to March 2023

Cytosorbents Corp

Received $5M non-dilutive term loan; no financial covenants on initial tranche.
Drawdown period for remaining $10M extended from Dec 31, 2022 to March 1, 2023.
Loan at Index Rate +1.25% (min 3.25%), capped at 8%; interest-only until Jan 2024, principal+interest to Dec 2025.
Funds to support U.S. STAR-T pivotal trial for DrugSorb-ATR™, commercial growth, and cost control.

item 1.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Cytosorbents Corp amended Fifth Amendment with Bridge Bank valued at $10 million (effective 2022-12-28).

Action: amendment
Agreement: credit facility
Counterparty: Bridge Bank
Value: $10 million
Effective: 2022-12-28

Exact text from the filing

On December 28, 2022 (the “ Fifth Amendment Date ”), CytoSorbents Corporation, a Delaware corporation (the “ Company ”), CytoSorbents Medical, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“ CytoSorbents Medical ” and, together with the Company, the “ Borrower ”) and Bridge Bank, a division of Western Alliance Bank, an Arizona corporation (the “ Bank ”), entered into an amendment (the “ Fifth Amendment ”) to that certain Amended and Restated Loan and Security Agreement

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Source: SEC EDGAR

accession 0001104659-22-130966

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