FARMINGTON, Conn. and
MIDDLETOWN, Pa., July 18, 2018 /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 led a $10
million loan facility ("Term Loan Facility") for MacuLogix,
Inc. ("MacuLogix"). Horizon funded an initial $3.75 million of its commitment under the Term
Loan Facility and Silicon Valley Bank ("SVB") funded $1.25 million of its commitment under the Term
Loan Facility. SVB also provided a $3
million senior revolving line of credit to MacuLogix.
MacuLogix, a medical device company in the optometry and
ophthalmology industry, is the maker of the AdaptDx automated dark
adaptometer. The AdaptDx is the only device that allows eye care
professionals to measure retinal function to accurately diagnose
age-related macular degeneration (AMD), the leading cause of
irreversible blindness in adults, three years before it is
clinically evident. MacuLogix is backed by leading investors,
including Roche Ventures, Fisk Ventures and Life Sciences
Greenhouse of Central
Pennsylvania. MacuLogix will use the proceeds for general
working capital purposes.
"MacuLogix is a pioneer in detecting AMD, a condition that
affects a growing segment of the population, and we are pleased to
provide the company with this venture debt financing," said
Gerald A. Michaud, President of
Horizon. "With the innovative AdaptDx, eye care professionals are
able to provide patients a cost-effective, time-efficient and
accurate screening test for AMD. Horizon and SVB are excited to
support MacuLogix during the company's current stage of rapid
growth."
"Because of Horizon and SVB's considerable track records as
leading venture lenders with experienced teams, we value their
support and confidence in our business strategy and prospects,"
said William D. McPhee, President
and CEO of MacuLogix. "MacuLogix has more than tripled our sales in
the past year. This important financing will allow us to meet the
growing demand for the AdaptDx, empowering eye care professionals
to achieve the best possible outcomes for their patients by
diagnosing AMD earlier and monitoring disease progression."
About Horizon Technology Finance
Horizon Technology
Finance Corporation 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 has regional
offices in Pleasanton, California,
Reston, Virginia and Boston, Massachusetts. Horizon's common stock
trades on the NASDAQ Global Select Market under the ticker symbol
"HRZN". To learn more, please visit www.horizontechfinance.com.
About Silicon Valley Bank
For 35 years, Silicon
Valley Bank (SVB) has helped innovative companies and their
investors move bold ideas forward, fast. SVB provides targeted
financial services and expertise through its offices in innovation
centers around the world. With commercial, international and
private banking services, SVB helps address the unique needs of
innovators. Learn more at svb.com.
About MacuLogix®
MacuLogix, Inc. equips eye care
professionals with the instrument, tools and education needed to
effectively diagnose and treat patients with AMD. By leveraging the
science of dark adaptation through its AdaptDx®, MacuLogix is
working to eliminate preventable blindness caused by AMD, a
chronic, progressive disease that impacts over 170 million people
worldwide and goes undiagnosed in 25 percent of patients. The
AdaptDx® automated dark adaptometer enables eye care professionals
to diagnose AMD three years before it can be seen clinically.
MacuLogix provides in-practice training and treatment best
practices to support the implementation and optimization of the
AdaptDx®.
Forward-Looking Statements
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 our 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.
Contact:
|
|
Horizon Technology
Finance
|
Investor Relations
and Media Contact:
|
Daniel R.
Trolio
|
The IGB
Group
|
Chief Financial
Officer
|
Leon
Berman
|
(860)
674-9977
|
(212)
477-8438
|
dtrolio@horizontechfinance.com
|
lberman@igbir.com
|
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SOURCE Horizon Technology Finance Corporation