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Horizon Technology Finance Provides $20 Million Venture Loan Facility to Magnolia Medical Technologies
FARMINGTON, Conn., May 26, 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., May 26, 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 that on May 6, 2020 it provided a $20 million venture loan facility to Magnolia Medical Technologies, Inc. (\"Magnolia\"). \nMagnolia is the developer of an FDA-cleared high-precision blood culture collection medical device, Steripath®, designed with patented technology to prevent the contamination of blood cultures upon collection. Steripath is especially effective in reducing the false-positive diagnostic rate of bloodstream infections including sepsis, a potentially life-threatening condition, thereby decreasing unnecessary and inappropriate antibiotic use. Magnolia also has several new innovative Steripath products in development to support expanded use cases and further enhance the platform's value proposition. The company is supported by several prominent life science investors, including HealthQuest Capital, Evidity Health Capital, SightLine Partners, and RTW Investments. Magnolia will use the proceeds to continue to drive commercial growth, scale new product launches, and invest in technology platform extensions. \n\"Magnolia's Steripath device has vastly improved blood culture collection capabilities and significantly reduced the misdiagnoses of sepsis,\" said Gerald A. Michaud, President of Horizon. \"Steripath, a patented technology indicated to reduce blood culture contamination, is being used by a broad array of hospitals nationwide and as a result, patients can be released more quickly with reduced complications and re-admissions, enabling hospitals to save considerably on expenses. We are pleased to provide funding for Magnolia as it develops additional products that will further augment Steripath's value proposition and lead to expanded market penetration and share.\" \n\"We are delighted by Horizon's support of Magnolia, which will allow us expand our Steripath product family with exciting new devices,\" said Greg Bullington, Chief Executive Officer of Magnolia. \"Magnolia's devices are filling a vital need by providing an advanced solution that has proven to si...