CytoSorbents secures $20M credit facility with Avenue Capital; $10M available at close

Cytosorbents Corp

Initial tranche $15M with $10M immediately available; $5M released upon FDA acceptance of DrugSorb-ATR De Novo.
Interest rate Prime + 5% (floor 13.5%); maturity July 2027 (extendable to Jan 2028 if full tranche drawn).
Lenders receive warrants for 1,645,569 shares and conversion option on up to $2M principal at 120% of closing price.
Proceeds to fund CytoSorb global commercialization, DrugSorb-ATR FDA/Health Canada submissions, and refinance Bridge Bank debt.
Trailing 12-month CytoSorb sales $32.2M as of March 31, 2024; DrugSorb-ATR TAM in US/Canada >$0.5B if approved.

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