Brean Capital sells units of one common share and a half-share warrant
By Devika Patel
Knoxville, Tenn., March 7 - CytoSorbents Corp. said it will conduct a $10.2 million registered direct offering of units. Brean Capital LLC is the agent.
The company will sell 40.8 million units of one common share and one half-share warrant at $0.25 per unit, with each whole warrant exercisable at $0.3125 for five years. The strike price is a 20.19% premium to the March 6 closing share price of $0.26.
Settlement is expected March 11.
Proceeds will be used for sales and marketing, clinical studies, product development, working capital and general corporate purposes.
"We were pleased to have broad support from high quality institutional investors in this financing. Proceeds from this offering will primarily be used to accelerate commercialization of CytoSorb internationally, while helping to initiate pivotal clinical studies in the United States and in Europe, with the goal of U.S. regulatory approval of CytoSorb," chief executive officer Phillip Chan said in a press release.
Based in Monmouth Junction, N.J., CytoSorbents is a medical device company that has developed a new adsorbent platform technology for removal of toxins from blood and physiologic fluids.
| Issuer: | CytoSorbents Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | $10.2 million
|
| Units: | 40.8 million
|
| Price: | $0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.3125
|
| Agent: | Brean Capital LLC
|
| Pricing date: | March 7
|
| Settlement date: | March 11
|
| Stock symbol: | OTCBB: CTSO
|
| Stock price: | $0.26 at close March 6
|
| Market capitalization: | $56.11 million
|
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