Cytosorbents Corporation announced that it will entered into a new credit agreement $20 million in a round of funding on June 28, 2024. The transaction will include participation from new lender Avenue Venture Opportunities Fund, L.P., Avenue Venture Opportunities Fund II, L.P., funds managed by Avenue Capital Group, LLC.

On the same date, the company received $15 million in its first tranche, with immediate availability of $10 million and an additional $5 million with the timely acceptance by U.S. FDA of the Company?s planned De Novo application for DrugSorb-ATR and certain liquidity requirements. A second tranche of $5 million would be available in the second half of 2025 with FDA marketing clearance for DrugSorb-ATM to help support an anticipated launch of the therapy in the United States.