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Horizon Technology Finance and Silicon Valley Bank Provide $20 Million Venture Loan Facility for Canary Medical
FARMINGTON, Conn., Jan. 4, 2021 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty finance company that
About this update from Horizon Technology Finance Corporation
[{"type":"text","content":"FARMINGTON, Conn., Jan. 4, 2021 /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 sustainability industries, along with lending partner, Silicon Valley Bank (\"SVB\"), a provider of financial solutions for growth-oriented companies, announced today that on December 31, 2020 they provided a $20 million venture loan facility to Canary Medical, Inc. (\"Canary Medical\"), a medical data company improving healthcare outcomes with its proprietary smart medical devices. \nUnder the terms of the agreement, Horizon and SVB will each provide Canary Medical with $10 million of borrowing capacity. $5 million of the facility was funded at closing, with additional tranches to be provided subject to various regulatory and financial milestones. Canary Medical expects to use the loan proceeds for general working capital purposes. \n\"Canary Medical's implantable CHIRP sensor technology is a game-changer with respect to providing real-time monitoring and feedback for total knee replacements for both physicians and patients,\" said Gerald A. Michaud, President of Horizon. \"We are excited to help support Canary Medical's ongoing growth initiatives, including the development of additional orthopedic monitoring solutions utilizing their proprietary sensor technology.\" \n\"We are thrilled with the support from such prominent biotech and healthcare lenders to fund our growth strategy as we look to bring our advanced implantable sensor technology that enables remote patient monitoring (RPM) to market,\" said Bill Hunter, Founder and Chief Executive Officer of Canary Medical. \"With capital from the facility, we are positioned well to complete the FDA approval process, commercialize CHIRP and develop additional products for other orthopedic procedures to grow our business.\"\nAbout Horizon Technology Finance\nHorizon 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 sustainability industries. The investment objective of Horizon is t...