FARMINGTON, Conn., January 4, 2021 / PRNewswire / – Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon”), a leading specialty finance firm that provides capital in the form of secured loans to venture capital companies in the technology, life sciences, health information and services, and sustainability industries as well Loan partner Silicon Valley Bank (“SVB”), a provider of financial solutions to growth-oriented companies, announced today that it is closing December 31, 2020 they provided $ 20 million Venture loan to Canary Medical, Inc. (“Canary Medical”), a medical data company that uses its proprietary intelligent medical devices to improve health outcomes.
Under the terms of the agreement, Horizon and SVB will become Canary Medical, respectively $ 10 million creditworthiness. $ 5 million the facility was funded upon completion with additional tranches subject to various regulatory and financial milestones. Canary Medical expects to use the loan proceeds for general working capital purposes.
“Canary Medical’s CHIRP implantable sensor technology is pioneering in providing real-time monitoring and feedback for total knee replacements for both clinicians and patients,” said Gerald A. Michaud, President of Horizon. “We are excited to support Canary Medical’s ongoing growth initiatives, including the development of additional orthopedic monitoring solutions using their proprietary sensor technology.”
“We are pleased to have the support of such prominent biotech and healthcare lenders to fund our growth strategy as we launch our advanced implantable sensor technology that enables remote patient monitoring (RPM),” said Bill Hunter, Founder and Chief Executive Officer of Canary Medical. “With the capital from the facility, we are well positioned to complete the FDA approval process, commercialize CHIRP, and develop additional products for other orthopedic procedures to grow our business.”
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance firm that provides capital in the form of secured loans to venture capital firms in the technology, life sciences, health information and services, and sustainability sectors. Horizon’s investment objective is to maximize the return on its investment portfolio by generating ongoing income from its debt investments and capital appreciation from the warrants it receives on such debt investments. Headquarters in Farmington, Connecticut, Horizon also has regional offices in Pleasanton, California and Reston, Virginia. To learn more, please visit horizontechfinance.com.
About the Silicon Valley Bank
For more than 35 years, the Silicon Valley Bank (SVB) has been helping innovative companies and their investors to quickly advance bold ideas. The SVB offers targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, the SVB helps meet the special needs of innovators. Learn more at svb.com.
About Canary Medical
Canary Medical was designed and developed by a team of surgeons, medical device developers and IoT experts with the vision that (1) healthcare transformation requires better and cheaper health data, (2) better monitoring and better data for better outcomes at lower costs lead and (3) patients own their health data and should be compensated for their use. Canary Medical’s patented implant and data management ecosystem technology provides the vehicle to realize its vision. Canary is led by Bill Hunter, MD, a seasoned entrepreneur who has experience starting and running a successful medical device company based on breakthrough technology (Angiotech, who developed the drug eluting coronary stent TAXUS®, which is implanted in millions of patients worldwide). Canary’s team is recognized around the world for its medical device design and development expertise.
Headquarters in Vancouver, with US offices in Carlsbad, California, Canary Medical has raised about $ 45 million by a leading consortium of investors including Global Health Sciences (a joint venture between Quark Ventures and GF Securities), Biosciences Managers and Kobuck Limited interested in innovative biotech, life sciences and healthcare companies. Canary Medical was recognized as a recipient of the 22nd Annual LifeSciences BC Awards, specifically named Medical / Digital Technology Company of the Year. Visit canarymedical.com for more information.
Statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical fact 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 could differ materially from those in forward-looking statements due to a number of factors, including those described from time to time in the company’s filings with the Securities and Exchange Commission. Horizon assumes no obligation to update any forward-looking statements made herein. All forward-looking statements speak only as of the date of this press release.
SOURCE Horizon Technology Finance Corporation