CytoSorbents Corporation, a critical care immunotherapy leader commercializing its CytoSorb® blood purification technology to treat deadly inflammation in critically ill and cardiac surgery patients around the world, closed on the Third Amendment of its Amended Loan and Security Agreement with Bridge Bank. Under the terms of the Amendment, which closed on December 4, 2020, the Company repaid the outstanding principal balance of its existing $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 needed.

"As a result of the $57.5 million equity raise that the Company completed in July 2020, the Company has enough cash to meet our needs for the foreseeable future.  Following a thorough review of different options, we concluded it was prudent to repay our outstanding term loan to avoid the payment of interest expense.  Bridge Bank was simultaneously able to provide us with an additional $15 million term loan commitment, which is exercisable at our sole discretion over the next 12 months, should we need additional funding for expansion." stated Ms. Kathleen P. Bloch, CPA, MBA, Chief Financial Officer of CytoSorbents.  "We are pleased to continue to build on our excellent relationship with Bridge Bank, a premier lending institution with a broad scope of financial services."

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

Under the terms of the Amendment, the Company may, at its sole discretion, draw down the New Term Loan at any time over the next twelve months. The New Term Loan, if drawn, shall 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 business date of the month the immediately preceding the month in which the interest will accrue) plus 1.25%.  In addition, the Company would be required to make payments of interest-only commencing on the first day of the month after the New Term Loan was made until January 2023.  The interest-only period may be further extended through July 2023 if the Company maintains compliance certain conditions as outlined in the Amendment.  Following 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.