Business
Horizon Technology Finance Provides $12.5 Million Venture Loan Facility to Sonex Health
FARMINGTON, Conn., Nov. 17, 2020 /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., Nov. 17, 2020 /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, announced today it has provided a $12.5 million venture loan facility to Sonex Health, Inc. (\"Sonex\"), of which $7.5 million has been initially funded. \nSonex develops innovative technology, education and training programs for ultrasound guided procedures that reduce invasiveness, improve safety and lower the cost of quality care. Sonex's first device, the SX-One MicroKnife®, is FDA 510k cleared and is the first major technological advance in treating Carpal Tunnel Syndrome (CTS) in 20 years. CTS affects approximately 5% of people in the United States, and the SX-One MicroKnife allows physicians to safely perform Carpal Tunnel Release (CTR) in a doctor's office under local anesthesia, while reducing recovery time for patients from weeks to a matter of days. Sonex will use the loan proceeds for general working capital purposes.\n\"Sonex's innovative SX-One MicroKnife provides physicians with a clear alternative to treat CTS,\" said Gerald A. Michaud, President of Horizon. \"We are excited to support Sonex Health's growth initiatives, as well as launching additional therapeutic devices to treat other common medical conditions.\" \n\"We are very appreciative of Horizon's support of Sonex, and its clear understanding of how the innovative SX-One Microknife is a game-changer for those who suffer with CTS,\" said Dr. Darryl Barnes, Chief Executive Officer of Sonex. \"Physicians are able to safely and effectively perform CTR with real time ultrasound guidance, considerably reducing recovery time for patients and freeing up operating room availability for other procedures. Horizon's support allows us to further market the SX-One MicroKnife and strengthen our efforts to develop new solutions that lower the cost of quality care for treating additional widespread conditions.\"\nAbout Horizon Technology FinanceHorizon 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 technol...