FARMINGTON, Conn. and
GUILFORD, Conn., April 25, 2013 /PRNewswire/ -- Horizon
Technology Finance Corporation (Nasdaq: HRZN) ("Horizon"), a
leading specialty finance company that provides secured loans to
venture capital and private equity backed development-stage
companies in the technology, life science, healthcare information
and services, and clean-tech industries, today announced it has
closed a $2 million venture loan
facility with New Haven Pharmaceuticals, Inc. ("NHP"), a developer
of prescription pharmaceuticals that utilize currently marketed
drugs or active pharmaceutical ingredients generally recognized as
safe for use in therapeutic applications. The proceeds of the
venture loan facility will be used for working capital
purposes.
"We are pleased to provide NHP with a venture loan facility
which will support its development of proprietary prescription
pharmaceuticals," stated Gerald A.
Michaud, President of Horizon. "NHP continues to achieve
important strides in developing products for patients with a higher
risk for secondary strokes or acute cardiac events. Based on the
company's impressive product pipeline and experienced,
well-respected management team, NHP represents a strong addition to
Horizon's high-quality investment portfolio."
"Horizon's $2 million venture loan
facility provides NHP with the right capital structure and the
timely liquidity to continue to execute our product development and
FDA registration plans," stated Patrick P. Fourteau, NHP's
President & CEO. Harry H. Penner,
Jr., NHP's Executive Chairman, added, "The responsiveness
and flexibility of the Horizon team resulted in a seamless process
from initial contact to funding and a very positive business
experience. It's gratifying to have Horizon, a Connecticut-based company like our own, as a
financial partner."
About Horizon Technology Finance
Horizon Technology
Finance Corporation is a business development company that provides
secured loans to development-stage companies backed by established
venture capital and private equity firms within the technology,
life science, healthcare information and services, and clean-tech
industries. The investment objective of Horizon Technology Finance
is to maximize total risk-adjusted returns by generating current
income from a portfolio of directly originated secured loans as
well as capital appreciation from warrants to purchase the equity
of portfolio companies. Headquartered in Farmington, Connecticut, with regional offices
in Walnut Creek, California and
Reston, Virginia, the Company is
externally managed by its investment advisor, Horizon Technology
Finance Management LLC. Horizon's common stock trades on the NASDAQ
Global Select Market under the ticker symbol, "HRZN." In addition,
the Company's 7.375% Senior Notes due 2019 trade on the New York
Stock Exchange under the ticker symbol "HTF." To learn more, please
visit www.horizontechnologyfinancecorp.com.
About New Haven Pharmaceuticals
New Haven
Pharmaceuticals Inc. (NHP) is a specialty pharmaceutical company
developing proprietary prescription drug products based on
proprietary controlled-release technologies, as well as
intellectual property licensed from Yale
University, which will enable optimal dosing, safety,
efficacy and patient convenience. For more information on NHP,
please visit www.newhavenpharma.com, or contact Harry H. Penner, Jr., Executive Chairman at
(203) 676-3676, or email at hpenner@newhavenpharma.com.
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.
The Company 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 Corporation
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Investor
Relations and Media Contacts:
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Christopher M. Mathieu
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The IGB
Group
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Chief
Financial
Officer
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Michael
Cimini / Leon Berman
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(860)
676-8653
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(212)
477-8261 / (212) 477-8438
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chris@horizontechfinance.com
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mcimini@igbir.com / lberman@igbir.com
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SOURCE Horizon Technology Finance Corporation