Eliminate long-term debt with the flexibility of a new term loan commitment to finance future expansion, if needed

MONMOUTH JUNCTION, NJ, Dec 10 2020 / PRNewswire / – CytoSorbents Company (NASDAQ: CTSO), a leader in critical care immunotherapy marketing its CytoSorb® blood purification technology to treat fatal inflammation in critically ill and heart surgery patients around the world, announces the completion of the Third Amendment (the “Amendment”) of its amended loan and guarantee agreement with Bridge Bank. Under the amendment, which ended on December 4, 2020 (the “Closing Date”), the Company has reimbursed the balance of the unpaid capital of its $ 15 million term loans and simultaneously received a commitment from Bridge Bank to provide a new term loan of $ 15 million (the “new term loan”), if necessary.

CytoSorbents Eliminates Long-Term Debt with New Flexibility $ 15 million loan commitment to finance future expansion, if necessary

“Following the $ 57.5 million capital increase that the Company carried out in july 2020, the Company has sufficient liquidity to meet our needs for the foreseeable future. After careful consideration of the various options, we concluded that it was prudent to repay our outstanding term loan in order to avoid paying interest charges. Bridge Bank was able to simultaneously provide us with a $ 15 million term loan commitment, which may be exercised at our sole discretion over the next 12 months, should we require additional funds for expansion. Kathleen P. Bloch, CPA, MBA, CFO of CytoSorbents. “We are delighted to continue to strengthen our excellent relationship with Bridge Bank, a leading lending institution offering a wide range of financial services.”

“We have been working with CytoSorbents for the past five years and are delighted to continue our partnership with this dynamic and rapidly growing company that helps save lives,” said Ms. Lindsay Fouty, Vice President of Portfolio Management in the Life Sciences Group of Bridge Bank. “We are pleased to be a part of the success and evolution of the Company by providing attractive growth capital and flexible payment terms.”

The story continues

Under the Rider, the Company may, in its sole discretion, draw down on the New Term Loan at any time during the next twelve months. The new term loan, if drawn, will bear interest at the index rate (defined in the amendment as the greater of 3.25% or the prime rate as published by The Wall Street Journal on the last day of the month immediately preceding the month in which the interest will accrue) plus 1.25%. In addition, the Company would be required to make interest-only payments from the first day of the month following the granting of the new term loan until January 2023. The interest-only period may be extended until July 2023 if the Company maintains compliance with certain conditions described in the Amendment. After the interest-only period, the Company will be required to make equal monthly payments of principal and interest until maturity of the new term loan. The maturity date of the new term loan is December 1, 2024.

About Bridge Bank

Bridge Bank, a division of Western Alliance Bank, a member of the FDIC, helps corporate clients achieve their ambitions. Founded in 2001 in Silicon Valley, Bridge Bank offers a better way to bank for small and medium businesses across many industries, as well as for emerging technology companies and the private equity community. Aimed at serving both venture capital and non-venture capital funded businesses, Bridge Bank offers a wide range of financial solutions, including credit facilities for capital, equipment and working capital. , risk debt, cash management, asset-based lending, SBA and commercial real estate loans, ESOP financing and a full range of international products and services. Situated at San jose, Bridge Bank has 16 offices in major markets across the country as well as Western Alliance Bank’s powerful portfolio of specialized financial services. Western Alliance Bank is the main subsidiary of Phoenixbased at Western Alliance Bancorporation. One of the nation’s top-performing banking companies, Western Alliance has been ranked in the top 10 on Forbes’ list of “America’s Best Banks” for five consecutive years, 2016-2020, and was named No. 1 of the best performing of the 50 largest banks. U.S. Banks for 2019 by S&P Global Market Intelligence. For more information, visit bridgebank.com.

About CytoSorbents Corporation (NASDAQ: CTSO)

CytoSorbents Company is a leader in intensive care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb® is approved in the European Union with distribution in 66 countries worldwide, as an extracorporeal cytokine absorber designed to reduce the “cytokine storm” or “cytokine release syndrome” that could otherwise cause inflammation massive, organ failure and death in common serious illnesses. These are conditions where the risk of death is extremely high, but no effective treatment exists. CytoSorb® is also used during and after heart surgery to eliminate inflammatory mediators that can lead to postoperative complications, including multiple organ failure. CytoSorb® has been used in over 110,000 human treatments to date. CytoSorb has received CE mark extensions for the removal of bilirubin (liver disease), myoglobin (trauma) and both ticagrelor and rivaroxaban during cardiothoracic surgery. CytoSorb also received FDA Emergency Use Clearance in United States for use in critically ill COVID-19 patients with imminent or confirmed respiratory failure, under defined circumstances. CytoSorb also obtained FDA breakthrough designation for the elimination of ticagrelor in a cardiopulmonary bypass circuit during urgent and urgent cardiothoracic surgery.

CytoSorbents purification technologies are based on biocompatible, highly porous polymer beads that can actively remove toxic substances from blood and other body fluids by pore capture and surface adsorption. Its technologies have received grants, contracts and other non-dilutive funding of more than $ 38 million DARPA, US Department of Health and Human Services (HHS), National Institutes of Health (NIH), National Heart, Lung, and Blood Institute (NHLBI), US Army, US Air Force, US Special Operations Command (SOCOM), Air Force Material Command (USAF / AFMC) and others. The company has many products in development based on this unique blood purification technology protected by numerous US and international patents and pending applications, including ECOS-300CY ™, CytoSorb-XL ™, HemoDefend-RBC ™, HemoDefend -BGA ™, VetResQ ™, K⁺ontrol ™, ContrastSorb, DrugSorb and others. For more information, please visit the Company’s websites at www.cytosorbents.com and www.cytosorb.com or follow us on Facebook and Twitter.

Forward-looking statements

This press release includes forward-looking statements intended to qualify for the safe harbor of liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding our plans, objectives, statements and representations, including statements regarding our expectations regarding our cash flow track, the progress of our trials, our plans to initiate new trials, our CytoSorb development and commercialization objectives and the timing thereof, the potential impact of COVID-19 on our operations and milestones, and are not historical facts and are generally identified by the use of terms such as “may”, “should”, “could”, “expect” to ”,“ plan ”,“ anticipate ”,“ believe ”,“ estimate ”,“ potential ”,“ continue ”and similar words, although certain forward-looking statements are expressed differently. You should be aware that the forward-looking statements contained in this press release represent the current judgment and expectations of management, but our actual results, events and performance could differ materially from those of the forward-looking statements. Factors that could cause or contribute to such differences include, without limitation, the risks discussed in our Annual Report on Form 10-K, filed with the SEC on March 5, 2020, as updated by the risks reported in our quarterly reports on Form 10-Q and current reports on Form 8-K, and in press releases and other communications to shareholders that we issue from time to time which attempt to inform interested parties of the risks and factors that may affect our business. We caution you not to place undue reliance on such forward-looking statements, particularly in light of the current coronavirus pandemic, where businesses may be affected by rapidly changing state and federal regulations, as well as by health and the availability of their workforce. We assume no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, other than in accordance with federal securities laws.

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Contact of cytosorbents:
Amy Vogel
Investor Relations
732-398-5394
[email protected]

Investor Relations Contact:
Jeremy Feffer
LifeSci Advisors
917-749-1494
[email protected]

Contact person for public relations:
Eric Kim
Rubenstein Public Relations
212-805-3055
[email protected]

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SOURCE CytoSorbents Corporation