CytoSorbents Secures $20 Million Credit Facility Credit facility provides timely non-dilutive capital to support ongoing global commercialization of CytoSorb as well as regulatory submissions and potential commercializat

CytoSorbents Secures $20 Million Credit Facility

Credit facility provides timely non-dilutive

capital to support ongoing global commercialization of CytoSorb as well as regulatory submissions and potential commercialization

plans for DrugSorb -ATR in the U.S. and Canada

July 2, 2024 -- CytoSorbents Corporation (NASDAQ: CTSO), a leader in the treatment of life-threatening conditions in the

intensive care unit and cardiac surgery using blood purification via its proprietary polymer adsorption technology, announced that on

June 28, 2024, the Company entered into a new $20 million credit facility with Avenue Capital Group, including its Avenue Venture

Opportunities Fund, L.P. and Avenue Venture Opportunities Fund II, L.P.. Armentum Partners, LLC served as financial advisor to

the Company on the transaction. Proceeds from the facility are intended to provide non-dilutive working capital to support the Company's

ongoing global CytoSorb franchise in critical care and cardiac surgery that generated $32.2 million in trailing 12-month sales as

of March 31, 2024, planned marketing applications to U.S. Food and Drug Administration (FDA) and Health Canada for DrugSorb -ATR

and initial launch and commercialization preparations if approved, and refinancing of existing Bridge Bank debt.

The credit agreement, which has an initial term

of three years, provides up to $20 million in total term loan capital including an initial tranche of $15 million, 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.

Ms. Kathleen Bloch, Chief Financial Officer

of CytoSorbents stated, "We are pleased to enter into this relationship with Avenue Capital Group to strengthen our financial

position, expand our working capital, and to enable us to confidently pursue our regulatory and commercialization objectives. We

believe the planned marketing applications of DrugSorb-ATR to U.S. FDA and Health Canada this summer and the prospects of opening an

estimated total addressable market in the U.S. and Canada in excess of $0.5 billion if approved, represents a potential watershed

event for the Company. As an FDA Breakthrough Device, DrugSorb-ATR aims to reduce serious bleeding complications in patients

undergoing coronary artery bypass graft (CABG) surgery on the blockbuster blood-thinning drug Brilinta (ticagrelor,

AstraZeneca) - a major unmet medical need. The full $20 million is expected to help fund the Company through both Health

Canada and U.S. FDA regulatory decisions."

Mr. Chad Norman, Senior Portfolio Manager at Avenue

Capital Group stated "We have followed the CytoSorbents story for many years and all of the exciting work the company is doing to

help save lives in critical care and cardiac surgery. We are pleased to now partner with CytoSorbents to support the international growth

of CytoSorb and other products, and importantly help fund the U.S. and Canadian initiatives with DrugSorb-ATR. Many of us unfortunately

know family, friends, and colleagues on blood thinners and the high bleeding risk they have, should they need surgery. We see a great

opportunity to be part of a solution to address this major problem."

About Avenue Capital Group

Avenue Capital Group is a global investment

firm, founded in 1995, that is primarily focused on specialty lending, opportunistic credit, and other special situations in the United

States, Europe, and Asia. The Senior Principals and the Senior Portfolio Managers have spent virtually their entire careers investing

in the private and public debt markets. Headquartered in New York, with three offices across Europe, four offices throughout Asia, an

office in Silicon Valley, and an office in Abu Dhabi, the firm manages assets estimated to be approximately $12.5 billion. Avenue draws

on the skills and experience of over 185 employees worldwide and maintains a well-developed infrastructure with experienced accounting,

tax, compliance, risk management, legal, investor relations, and information technology professionals. Avenue's team of over 60

investment professionals has deployed approximately $100 billion in investments across a variety of industries, regions, and market cycles

with an eye toward value creation and capital conservation. Through rigorous due diligence and a robust network of relationships, the

Firm proactively identifies public and private opportunities in fragmented, capital-constrained markets.

About CytoSorbents Corporation (NASDAQ: CTSO)

CytoSorbents Corporation is a leader

in the treatment of life-threatening conditions in the intensive care unit and in cardiac surgery through blood purification. Its

lead product, CytoSorb , is approved in the European Union and distributed in 75 countries worldwide. It is an

extracorporeal cytokine adsorber that reduces "cytokine storm" or "cytokine release syndrome" in common

critical illnesses that can lead to massive inflammation, organ failure and patient death. In these diseases, the risk of death can

be extremely high, and there are few, if any, effective treatments. CytoSorb is also used during and after cardiothoracic surgery to

remove antithrombotic drugs and inflammatory mediators that can lead to postoperative complications, including severe bleeding and

multiple organ failure. As of March 31, 2024, more than 237,000 CytoSorb devices have been used cumulatively. CytoSorb was

originally launched in the European Union under CE mark as the first cytokine adsorber. Additional CE mark extensions were granted

for bilirubin and myoglobin removal in clinical conditions such as liver disease and trauma, respectively, and for ticagrelor and rivaroxaban

removal in cardiothoracic surgery procedures. CytoSorb has also received FDA Emergency Use Authorization in the United States

for use in adult critically ill COVID-19 patients with impending or confirmed respiratory failure.

The DrugSorb -ATR antithrombotic

removal system, an investigational device based on the same polymer technology as CytoSorb, has received two FDA Breakthrough

Device Designations, one for the removal of ticagrelor and another for the removal of the direct oral anticoagulants

(DOAC) apixaban and rivaroxaban in a cardiopulmonary bypass circuit during urgent cardiothoracic procedures. The Company has

completed the FDA-approved, randomized, controlled STAR-T (Safe and Timely Antithrombotic Removal-Ticagrelor) study of 140 patients

at approximately 30 centers in U.S. and Canada to evaluate whether intraoperative use of DrugSorb-ATR can reduce the perioperative

risk of bleeding in patients receiving ticagrelor and undergoing cardiothoracic surgery. This pivotal study is intended to support

U.S. FDA and Health Canada marketing approval for DrugSorb-ATR in this application.

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 approximately

$50 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 marketed products and products under development based upon this unique blood

purification technology protected by many issued U.S. and international patents and registered trademarks, and multiple patent applications

pending, including ECOS-300CY , CytoSorb-XL , HemoDefend-RBC , HemoDefend-BGA , VetResQ , K+ontrol ,

DrugSorb , ContrastSorb, and others. For more information, please visit the Company's websites at www.cytosorbents.com and www.cytosorb.com or

Forward-Looking Statements

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, future targets and outlooks for our business, statements about potential exposures resulting from our cash

positions, representations and contentions, 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, the risks discussed in our Annual Report on Form 10-K, filed with the SEC on March 14, 2024, as

updated by the risks reported in our Quarterly Reports on Form 10-Q, 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. 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.

U.S. Company Contact:

305 College Road East

LifeSci Advisors, LLC

250 W 55th St, #3401