Why CytoSorbents (CTSO) Stock Is Trading Higher
Portfolio Pulse from Henry Khederian
CytoSorbents Corp (NASDAQ:CTSO) shares surged by 21% to $0.85 after securing a $20 million credit facility with Avenue Capital Group. The funds will support the CytoSorb® franchise and aid in FDA and Health Canada applications for DrugSorb™-ATR.
July 02, 2024 | 7:31 pm
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CytoSorbents Corp (NASDAQ:CTSO) shares surged by 21% to $0.85 after securing a $20 million credit facility with Avenue Capital Group. The funds will support the CytoSorb® franchise and aid in FDA and Health Canada applications for DrugSorb™-ATR.
The $20 million credit facility provides non-dilutive working capital, which is positive for the company's financial health. The immediate availability of $10 million and the potential for additional funds contingent on FDA milestones are likely to boost investor confidence.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100