- Healthcare company CytoSorbents ( NASDAQ: CTSO ) rose ~7% after the announcement that it received $5M in non-dilutive debt financing under an existing loan facility.
- The amended and restated loan and security agreement with Bridge Bank, which provided for a term loan commitment of up to $15M in aggregate, was available for drawdown in tranches of $5M each.
- The initial $5M tranche bears interest at the index rate, defined in the loan agreement as the greater of 3.25% or the prime rate plus 1.25%, subject to an interest rate cap of 8.00%.
- Source: Press Release
For further details see:
CytoSorbents receives $5M in non-dilutive debt financing