CytoSorbents Refinances Existing Debt with New $15 Million Debt Facility with Bridge Bank
MONMOUTH JUNCTION, N.J., April 4, 2018 /PRNewswire/ -- CytoSorbents Corporation (NASDAQ: CTSO), a critical care immunotherapy leader using CytoSorb® blood purification to treat deadly inflammation in critically-ill and cardiac surgery patients around the world, announced that it has refinanced its existing $10 million term loan with a new $15 million debt facility with Bridge Bank.
"This debt refinancing is a key milestone for our Company that preserves cash and increases our working capital by approximately $6 million, by deferring the repayment of principal that was scheduled to begin in January 2018, for an additional 18 months. It also makes available, if we so choose, an additional $5 million of non-dilutive, low cost debt. But most importantly, it strengthens our financial capability to aggressively pursue our clinical trial objectives and to rapidly grow worldwide product sales to reach operating cash flow breakeven – which is expected to be achieved on a quarterly basis later this year," stated Ms. Kathleen P. Bloch, CPA, MBA, Chief Financial Officer of CytoSorbents. "We are pleased to expand our excellent relationship with Bridge Bank, a premier lending institution with a broad scope of financial services."READ MORE AT CISION PR NEWSWIRE
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