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Horizon Technology Finance Provides $5 Million Venture Loan Facility to Meditrina
FARMINGTON, Conn., May 7, 2019 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and cleantech industries, announced today it has provided a $5 million venture loan facility to Meditrina, Inc. ("Meditrina"), of which $3 million has been initially funded.
Meditrina is a pre-FDA cleared medical device company focused on developing fully disposable endoscopes and an office-based platform that can address multiple procedures for gynecologists. Meditrina's core management team and Board of Directors have collaborated on projects for two decades and achieved multiple successful exits in the gynecology space. Meditrina will use proceeds for general corporate purposes.
"Meditrina is developing efficient solutions for the diagnosis and treatment of a variety of minimally invasive uterine procedures that can be performed in the comfort of a doctor's office, which will be of significant benefit and convenience to patients and physicians," said Gerald A. Michaud, President of Horizon. "We are pleased to add Meditrina to our life sciences portfolio and help facilitate their next step in the FDA clearance process, and commercialization of the company's system, Aveta."
"We are excited to partner with Horizon as we continue to make progress in securing FDA clearance for our Aveta system," said Csaba Truckai, Founder of Meditrina, Inc. "Aveta is intended for hysteroscopic diagnostic and therapeutic uterine procedures and conveniently combines viewing, fluid management and resection capabilities all into one system. With Horizon's investment, we will be able to further our development and accelerate commercial activities of the Aveta system."
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and cleantech industries. The investment objective of Horizon is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Headquartered in Farmington, Connecticut, Horizon also has regional offices in Pleasanton, California, Reston, Virginia and Boston, Massachusetts. To learn more, please visit www.horizontechfinance.com.
Founded in 2016, Meditrina, Inc. is a pre-FDA cleared medical device company focused on developing fully disposable endoscopes and an all-inclusive office-based or clinical visualization platform that can address multiple procedures for gynecologists. Their first system, Aveta, is intended for hysteroscopic diagnostic and therapeutic uterine procedures (i.e. removal of polyps and fibroids). The Aveta system combines viewing, fluid management and resection capabilities into one system versus standalone systems in the market today. To learn more about Meditrina, please visit www.meditrina-inc.com.
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company's filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
SOURCE Horizon Technology Finance Corporation