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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

 

FORM 8-K

CURRENT REPORT

 

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

Date of Report (Date of Earliest Event Reported): December 4, 2020

 

CYTOSORBENTS CORPORATION

(Exact name of registrant as specified in its charter) 

 

Delaware   001-36792   98-0373793
(State or other jurisdiction of
incorporation)
  (Commission File Number)   (I.R.S. Employer Identification No.)

 

7 Deer Park Drive, Suite K,

Monmouth Junction, New Jersey

08852
(Address of principal executive offices) (Zip Code)

 

Registrant’s telephone number, including area code: (732) 329-8885

 

Not Applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

  ¨  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

  ¨  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

  ¨  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

  ¨  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which
registered
common stock, $0.001 par value CTSO The Nasdaq Stock Market LLC (Nasdaq Capital Market)

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging Growth Company ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 ¨

 

 

 

 

 

Item 1.01 Entry into a Material Definitive Agreement

 

On December, 4, 2020 (the “Amendment Date”), CytoSorbents Corporation, a Delaware corporation (the “Company”), along with CytoSorbents Medical, Inc., a Delaware corporation and wholly owned subsidiary of the Company (“CytoSorbents Medical” and, together with the Company, the “Borrower”), entered into an amendment (the “Third Amendment”) to that certain Amended and Restated Loan and Security Agreement by and among the Borrower and Bridge Bank, a division of Western Alliance Bank, an Arizona corporation (the “Bank”), dated as of March 29, 2018, by and among the Borrower and the Bank (as amended, supplemented, restated or otherwise modified from time to time, the “Loan Agreement”).

 

Under the Loan Agreement, together with the Third Amendment, the Bank has agreed to loan up to an aggregate of $30 million to the Borrower, to be disbursed in three tranches: (1) one tranche of $10 million (the “Term A Loan”), which was previously drawn-down and which the Company repaid in full on the Amendment Date, (2) a second tranche of $5 million (the “Term B Loan”), which was previously drawn-down and which the Company repaid in full on the Amendment Date (the “Term B Loan”), and (3) a third tranche of $15 million, which is available for the Company to draw down at its discretion at any time prior to December 4, 2021 (the “Term C Loan” and together with the Term A Loan and the Term B Loan, the “Term Loans”). After repayment, the Term Loans may not be re-borrowed.

 

Pursuant to the Amendment, the Term C Loan shall bear interest, on the outstanding daily balance thereof, at a floating rate of the Index Rate (as defined in the Amendment) on the last business date of the month that immediately precedes the month in which the interest will accrue plus 1.25%. The Amendment, together with the Loan Agreement, provides for a period of interest only payments on the Term C Loan until the amortization date, which is January 1, 2023 if the I/O Extension Event (as defined in the Amendment) does not occur or July 1, 2023 if the I/O Extension Event occurs. Following the amortization date, the Company must make equal monthly payments of principal and interest on the Term C Loan.

 

The Amendment also extends the maturity date for the Term Loans until December 1, 2024.

 

The foregoing is a summary of the material terms of the Amendment and does not purport to be complete. A copy of the Amendment is attached as Exhibit 10.1 and incorporated by reference herein.

 

Item 8.01 Other Events

 

On December 10, 2020, the Company issued a press release announcing its entry into the Amendment. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

 

Item 9.01 Exhibits

 

(d) Exhibits

 

Exhibit
No.
Description
   
10.1 Third Amendment to the Amended and Restated Loan and Security Agreement, dated December 4, 2020
99.1 CytoSorbents Corporation Press Release, dated December 10, 2020
104 Cover Page Interactive Data File (embedded with the Inline XBRL document)

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: December 10, 2020 CYTOSORBENTS CORPORATION
     
  By: /s/ Dr. Phillip P. Chan
  Name: Dr. Phillip P. Chan
  Title: Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

Exhibit 10.1

 

THIRD AMENDMENT TO THE AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT

 

THIS THIRD AMENDMENT to the Amended and Restated Loan and Security Agreement (this “Amendment”) is made effective as of December 4, 2020 (the “Third Amendment Date”) and made by and among WESTERN ALLIANCE BANK, an Arizona corporation (“Bank”) and CYTOSORBENTS CORPORATION, a Delaware corporation and CYTOSORBENTS MEDICAL, INC., a Delaware corporation (individually and collectively, jointly and severally “Borrower”).

 

WHEREAS, Bank and Borrower have entered into that certain Amended and Restated Loan and Security Agreement, dated as of March 29, 2018 (as amended, supplemented, restated or otherwise modified from time to time, the “Loan Agreement”) pursuant to which Bank has provided to Borrower certain loans in accordance with the terms and conditions thereof; and

 

WHEREAS, Bank and Borrower desire to amend certain provisions of the Loan Agreement as provided herein and subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the promises, covenants and agreements contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Bank and Borrower hereby agree as follows:

 

1. Capitalized terms used herein but not otherwise defined shall have the respective meanings given to them in the Loan Agreement.
     
2. Section 1.1 of the Loan Agreement is hereby amended by amending and restating the following definitions therein as follows:

 

“Amortization Date” means (i) January 1, 2023, if the I/O Extension Event does not occur, and (ii) July 1, 2023, if the I/O Extension Event occurs.

 

“Effective Interest Rate” means, with respect to the Term Loan, the per annum rate of interest (based on a year of three hundred sixty (360) days) equal to the sum of (a) Index Rate on the last Business Day of the month that immediately precedes the month in which the interest will accrue, plus (b) One and Twenty-Five Hundredths percent (1.25%).

 

“Final Payment Percentage” means three percent (3.00%).

 

“Index Rate” means the greater of (i) Three and Twenty Five Hundredths Percent (3.25%) and (ii) Prime Rate published in the Money Rates section of the Western Edition of The Wall Street Journal.

 

“Maturity Date” is December 1, 2024.

 

“Required Reserves Test” means that on the date of its determination, Borrower shall have sufficient cash reserves (including the proceeds of the Term C Loans) to meet all of its projected expenses in accordance with its then applicable annual operating budget and financial projections delivered and accepted by Bank in accordance with Section 6.3 hereof (including, but not limited to, interest expenses and any applicable principal repayment expenses) for the then immediately following 12 month period, as reasonably determined by the Bank based on evidence reasonably acceptable to the Bank.

 

“Term Loan” is defined in Section 2.2(a)(iii) of this Agreement.

 

3. Section 1.1 of the Loan Agreement is hereby further amended by adding the following definitions thereto in alphabetical order:

 

 

 

 

“I/O Extension Event” is the meeting by Borrower, of both the Required Reserves Test and the Seventy Five Percent Test as of November 30, 2022 as determined by Bank after receipt of the financial statements for November 2022 from Borrower that Borrower is obligated to provide under Section 6.3 of this Agreement.

 

“Term C Loan” is defined in Section 2.2(a)(iii) of this Agreement.


“Third Amendment Date” is December 4, 2020.

 

“Third Draw Period” means the period commencing on the Third Amendment Date and ending on the earlier of (i) December 4, 2021 and (ii) the occurrence of an Event of Default; provided further that no Term C Loans shall be made during the Third Draw Period unless on the Funding Date of the Term C Loans, the Required Reserves Test is met and on or before the Funding Date of the Term C Loans (but no earlier than ten (10) days prior to the Funding Date), the Seventy Five Percent Test is met.

 

4. Section 2.2(a) of the Loan Agreement is hereby amended and restated as follows:

 

(a)          Availability.

 

(i)      Subject to the terms and conditions of this Agreement, on the Closing Date, Bank shall make a term loan to Borrower in the amount of Ten Million Dollars ($10,000,000) (the “Term A Loan”). After repayment, the Term A Loan may not be re-borrowed. The parties hereby acknowledge that the Term A Loans have been made previously, the outstanding amount of the Term A Loans immediately prior to the Third Amendment Date is $ 8,888,888.89 and the Term A Loans are being fully repaid on the Third Amendment Date.

 

(ii)     Subject to the terms and conditions of this Agreement, during the Second Draw Period, Bank shall make a term loan to Borrower in the amount of Five Million Dollars ($5,000,000) (the “Term B Loans”). After repayment, the Term B Loan may not be re-borrowed. The parties hereby acknowledge that the Term B Loans have been made previously, the outstanding amount of the Term B Loans immediately prior to the Third Amendment Date is $4,444,444.45 and the Term B Loans are being fully repaid on the Third Amendment Date.

 

(iii)    Subject to the terms and conditions of this Agreement, during the Third Draw Period, Bank shall make a term loan to Borrower in the amount of Fifteen Million Dollars ($15,000,000) (the “Term C Loans”, and together with the Term A Loans and the Term B Loans, the “Term Loans,” and each individually, a “Term Loan”). After repayment, the Term C Loan may not be re-borrowed.

 

5. Section 2.2(b) of the Loan Agreement is hereby amended and restated in its entirety as follows:

 

(b)         Repayment. Borrower shall make monthly payments of interest only commencing on the first (1st) Payment Date following the Funding Date of each Term Loan, and continuing on the Payment Date of each successive month thereafter through and including the Payment Date immediately preceding the Amortization Date of such Term Loan. Borrower agrees to pay, on the Funding Date of each Term Loan, any initial partial monthly interest payment otherwise due for the period between the Funding Date of such Term Loan and the first Payment Date thereof. Commencing on the Amortization Date for the Term Loans, and continuing on the Payment Date of each month thereafter, Borrower shall make equal monthly payments of principal, together with applicable interest, in arrears, as calculated by Bank (which calculations shall be deemed correct absent manifest error) based upon: (1) the amount of the Term Loans, (2) the Effective Interest Rate, as determined in Section 2.3(a), and (3) a repayment schedule equal to (A) twenty-four (24) months, if the I/O Extension Event does not occur, and (B) eighteen (18) months, if the I/O Extension Event occurs. All unpaid principal and accrued and unpaid interest is due and payable in full on the Maturity Date with respect to the Term Loans. For the avoidance of doubt, if Borrower pays the Term Loan in full on the Maturity Date in accordance with this Agreement, no prepayment fee will apply. The Term Loans may only be prepaid in accordance with Sections 2.2(c) and 2.2(d).

 

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6.   Section 2.2(d) of the Loan Agreement is hereby amended and restated in its entirety as follows:

 

(d)         Permitted Prepayment of Term Loans. Borrower shall have the option to prepay, all but not less than all, of Term C Loan advanced by Bank under this Agreement, provided Borrower (i) provides written notice to Bank of its election to prepay such Term Loan at least ten (10) days prior to such prepayment, and (ii) pays to the Bank on the date of such prepayment an amount equal to the sum of (A) all outstanding principal of such Term Loan being prepaid plus accrued and unpaid interest thereon through the prepayment date, (B) the Final Payment, (C) the Prepayment Fee, plus (D) all other Obligations that are due and payable, including Bank Expenses and interest at the Default Rate with respect to any past due amounts. Notwithstanding anything herein to the contrary, the parties agree that on the Third Amendment Date, Borrower shall prepay all of the outstanding principal amount of Term A Loan and Term B Loan along with the applicable Final Payment (as such term was defined prior to the Third Amendment Date) and accrued but unpaid interest thereon, but with any Prepayment Fee with respect thereto waived, in accordance with the payoff letter delivered by Bank to Borrower with respect to such prepayment.

 

7. Section 2.5 of the Loan Agreement is hereby amended by deleting the text “ and” at the end of Section 2.5(f), replacing the text “.” at the end of Section 2.5(g) with “; and” and adding the following Section 2.5(h) thereto:

 

(h)         A fully earned and non-refundable third amendment fee equal to Seventy-Five Thousand Dollars ($75,000.00) which shall be due and payable on the Third Amendment Date.

 

8.   Section 6.7 of the Loan Agreement is hereby amended and restated in its entirety as follows:

 

6.7        Accounts. Borrower shall (i) maintain and shall cause each of its Subsidiaries to maintain its primary depository, operating, and investment accounts with Bank (including, without limitation, all depository, operating, and investment accounts maintained in the United States) and (ii) endeavor to utilize and shall cause each of its Subsidiaries to endeavor to utilize Bank’s International Banking Division for any international banking services required by Borrower, including, but not limited to, foreign currency wires, hedges and swaps. Notwithstanding the foregoing, (a) Borrower may continue to maintain, and cause its Subsidiaries to maintain (as applicable) (I) Borrower’s account with Chase Bank in an amount not to exceed Fifty Thousand Dollars ($50,000) at any time, (II) German Sub’s account maintained outside of the United States in an amount not to exceed Five Hundred Thousand Dollars ($500,000) at any time and (III) accounts maintained by other Foreign Subsidiaries outside of the United States in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000) at any time, (b) for so long as the Collateral Accounts maintained at Chase Bank (as described in this Section 6.7) are maintained in accordance with the provisions of this Section 6.7, no control agreements shall be required by the Bank with respect thereto and (c) the aggregate cash maintained by Borrower in accounts with the Bank shall not at any given time be less than the lesser of (i) Thirty Million Dollars ($30,000,000.00) and (ii) all cash assets of Borrower.

 

9.   Section 6.13 of the Loan Agreement is hereby amended and restated in its entirety as follows:

 

6.13      Financial Covenant.

 

(a)     Following the funding of the Term C Loans hereunder, but subject to the provisions of Section 6.13(b) below, the Borrower must satisfy the Seventy Five Percent Test each month, as determined by the Bank on the date of the receipt of the monthly financial statements by the Bank in accordance with Section 6.3 hereof.

 

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(b)    If, after the Funding Date of the Term C Loans, the aggregate cash reserves of Borrower (held in accounts maintained with the Bank or in such accounts as are subject to one or more account control agreements with the Bank in form and substance satisfactory to Bank) for any given month, as determined by the Bank based on evidence reasonably acceptable to the Bank, exceed One Hundred Twenty Five percent (125%) of the then outstanding aggregate outstanding principal amount of the Term Loans, Borrower shall not be required to comply with the provisions of Section 6.13(a) for such month.

 

10. Limitation of Amendment.

 

a. The amendments and the consents set forth above are effective for the purposes set forth herein and shall be limited precisely as written and shall not be deemed to (a) be a consent to any amendment, waiver or modification of any other term or condition of any Loan Document, or (b) otherwise prejudice any right, remedy or obligation which the Bank or Borrower may now have or may have in the future under or in connection with any Loan Document, as amended hereby.
     
b. This Amendment shall be construed in connection with and as part of the Loan Documents and all terms, conditions, representations, warranties, covenants and agreements set forth in the Loan Documents, except as herein amended, are hereby ratified and confirmed and shall remain in full force and effect.
     

11. To induce the Bank to enter into this Amendment, Borrower hereby represents and warrants to the Bank as follows:

 

a. Immediately after giving effect to this Amendment (a) the representations and warranties contained in the Loan Documents are true, accurate and complete in all material respects as of the date hereof (except to the extent such representations and warranties relate to an earlier date, in which case they are true and correct in all material respects as of such date), and (b) no Event of Default has occurred and is continuing;
     
b. Borrower has the power and due authority to execute and deliver this Amendment and to perform its obligations under the Loan Agreement, as amended by this Amendment;
     
c. The organizational documents of Borrower delivered to the Bank on the Effective Date, and updated pursuant to subsequent deliveries by the Borrower to the Bank, if any, remain true, accurate and complete and have not been amended, supplemented or restated and are and continue to be in full force and effect;
     
d. The execution and delivery by Borrower of this Amendment and the performance by Borrower of its obligations under the Loan Agreement, as amended by this Amendment, will not constitute an event of default under any material agreement with a Person binding on Borrower, or a breach of any provision contained in the Articles of Incorporation or Bylaws of Borrower; and
     
e. This Amendment has been duly executed and delivered by Borrower and is the binding obligation of Borrower, enforceable against Borrower in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, liquidation, moratorium or other similar laws of general application and by general equitable principles.

 

  12. Except as expressly set forth herein, the Loan Agreement shall continue in full force and effect without alteration or amendment. This Amendment and the Loan Documents represent the entire agreement about this subject matter and supersede prior negotiations or agreements.

 

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  13. This Amendment shall be deemed effective as of the Amendment Date upon (i) the due execution and delivery to the Bank of this Amendment by each party hereto, (ii) the payment by Borrower to the Bank of the third amendment fee of Seventy Five Thousand Dollars ($75,000.00) in accordance with the provisions of Section 2.5(h) of the Loan Agreement and (iii) the prepayment of the Term A Loan and Term B Loan by Borrower and the related Final Payment and accrued but unpaid interest thereon, but with any Prepayment Fee with respect thereto waived, in accordance with the provisions of the payoff letter issued by Bank to Borrower in connection with such prepayment.
     
  14. This Amendment may be executed in any number of counterparts, each of which shall be deemed an original, and all of which, taken together, shall constitute one and the same instrument.
     
  15. This Amendment and the rights and obligations of the parties hereto shall be governed by and construed in accordance with the laws of the State of California.

 

[Balance of Page Intentionally Left Blank]

 

     

 

 

IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to the Amended and Restated Loan and Security Agreement to be executed as of the date first set forth above.

 

 

  CYTOSORBENTS CORPORATION, A DELAWARE CORPORATION
     
  By: /s/ Kathleen P. Bloch
  Name: Kathleen P. Bloch
  Title: Chief Financial Officer
     
  CYTOSORBENTS MEDICAL, INC., A DELAWARE CORPORATION
     
  By: /s/ Kathleen P. Bloch
  Name: Kathleen P. Bloch
  Title: Chief Financial Officer
     
  WESTERN ALLIANCE BANK, AN ARIZONA CORPORATION
     
  By: /s/ Lindsay Fouty
  Name: Lindsay Fouty
  Title: VP, Portfolio Management

 

     

 

 

Exhibit 99.1

 

 

CytoSorbents Pays Off $15M Term Loans and Establishes New Undrawn

$15M Loan Commitment with Bridge Bank

 

Eliminates long-term debt with flexibility of a new term loan commitment to fund future expansion, if needed

 

MONMOUTH JUNCTION, NJ – December 10, 2020 - CytoSorbents Corporation (NASDAQ: CTSO), 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, announces it has closed on the Third Amendment (the “Amendment”) of its Amended Loan and Security Agreement with Bridge Bank. Under the terms of the Amendment, which closed on December 4, 2020 (the “Closing Date”), 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.

 

 

 

 

About Bridge Bank

 

Bridge Bank, a division of Western Alliance Bank, Member FDIC, helps business clients realize their ambitions. Founded in 2001 in Silicon Valley, Bridge Bank offers a better way to bank for small-market and middle-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank delivers a broad scope of financial solutions including capital, equipment and working capital credit facilities, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services. Based in San Jose, Bridge Bank has 16 offices in major markets across the country along with Western Alliance Bank’s powerful array of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. One of the country’s top-performing banking companies, Western Alliance has ranked in the top 10 on the Forbes “Best Banks in America” list for five consecutive years, 2016-2020, and was named #1 best-performing of the 50 largest public U.S. banks for 2019 by S&P Global Market Intelligence. For more information, visit bridgebank.com.

 

About CytoSorbents Corporation (NASDAQ: CTSO)

 

CytoSorbents Corporation is a leader in critical care immunotherapy, specializing in blood purification. Its flagship product, CytoSorb® is approved in the European Union with distribution in 66 countries around the world, as an extracorporeal cytokine adsorber designed to reduce the “cytokine storm” or “cytokine release syndrome” that could otherwise cause massive inflammation, organ failure and death in common critical illnesses. These are conditions where the risk of death is extremely high, yet no effective treatments exist. CytoSorb® is also being used during and after cardiac surgery to remove inflammatory mediators that can lead to post-operative complications, including multiple organ failure. CytoSorb® has been used in more than 110,000 human treatments to date. CytoSorb has received CE-Mark label expansions for the removal of bilirubin (liver disease), myoglobin (trauma) and both ticagrelor and rivaroxaban during cardiothoracic surgery. CytoSorb has also received FDA Emergency Use Authorization in the United States for use in critically ill COVID-19 patients with imminent or confirmed respiratory failure, in defined circumstances. CytoSorb has also been granted FDA Breakthrough Designation for the removal of ticagrelor in a cardiopulmonary bypass circuit during emergent 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 bodily fluids by pore capture and surface adsorption. Its technologies have received non-dilutive grant, contract, and other funding of more than $38 million from DARPA, the U.S. Department of Health and Human Services (HHS), the National Institutes of Health (NIH), National Heart, Lung, and Blood Institute (NHLBI), the U.S. Army, the U.S. Air Force, U.S. Special Operations Command (SOCOM), Air Force Material Command (USAF/AFMC), and others. The Company has numerous products under development based upon this unique blood purification technology protected by many issued U.S. and international patents and multiple applications pending, 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 from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, including statements regarding our expectations about our cash runway, the advancement of our trials, our plans to initiate new trials, our goals to develop and commercialize CytoSorb and the timing thereof, the potential impact of COVID-19 on our operations and milestones, and are not historical facts and typically are identified by use of terms such as “may,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements in this press release represent management’s current judgment and expectations, but our actual results, events and performance could differ materially from those in the forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, 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 the press releases and other communications to shareholders issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business. We caution you not to place undue reliance upon any such forward-looking statements, particularly in light of the current coronavirus pandemic, where businesses can be impacted by rapidly changing state and federal regulations, as well as the health and availability of their workforce. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, other than as required under the Federal securities laws.

 

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Cytosorbents Contact:
Amy Vogel

Investor Relations

732-398-5394

avogel@cytosorbents.com

 

Investor Relations Contact:

Jeremy Feffer

LifeSci Advisors

917-749-1494

jeremy@lifesciadvisors.com

 

Public Relations Contact:

Eric Kim

Rubenstein Public Relations

212-805-3055

ekim@rubensteinpr.com