secwatch.observer — SEC 8-K summary
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Issuer:     Cytosorbents Corp (CTSO)
CIK:        0001175151
Form:       8-K
Filed at:   2024-07-05T23:59:59+00:00
Accession:  0001104659-24-077866
Event type: debt
Sentiment:  positive
Materiality: 0.65
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1175151/000110465924077866/0001104659-24-077866-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1175151/000110465924077866/tm2418904d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-24-077866

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