Cytosorbents Corp CTSO shares are trading higher by 15.55% to $1.38 Thursday afternoon after the company announced it received $5 million in non-dilutive debt financing from Bridge Bank and extended a loan agreement.
What's Happening?
Cytosorbents says the initial $5 million tranche of the term loan has no associated financial or other covenants and bears interest at the Index Rate plus 1.25%, subject to an interest rate cap of 8.00%.
Subject to certain financial requirements, Cytosorbents says interest-only payments are due until January 1, 2024, followed by equal monthly payments of principal and interest until the maturity of the loan on December 1, 2025.
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Bill Wickline, Head of Life Sciences at Bridge Bank, stated, "Over the years of working with CytoSorbents, we have witnessed the significant revenue growth of the Company and the validation of its scalable, high margin business model.
"We are pleased to contribute to the capital needs of CytoSorbents at this next stage of their evolution and to support their important mission of working to save lives worldwide," Wickline stated.
According to data from Benzinga Pro, CTSO has a 52-week high of $4.33 and a 52-week low of $1.33.
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