FARMINGTON, Connecticut., September 20, 2021 / PRNewswire / – Horizon Technology Finance Corporation (NASDAQ: HRZN) (âHorizonâ), a leading specialty finance company that provides capital in the form of secured loans to venture-backed companies in the areas of technology, life sciences, information and health services, and sustainable development industries, today announced it has led a $ 15 million subprime loan facility to Spineology, Inc. (“Spineology”), which Horizon has funded $ 5 million from the initial $ 10 million drawdown and a private investment vehicle managed by Horizon Technology Finance Management LLC, advisor to Horizon, funded $ 5 million.
Spineology develops and sells a complementary suite of anatomy-preserving technology solutions for use in lumbar spinal fusion procedures. The company’s exclusive OptiMeshÂ® The technology effectively provides structural support for the fusion while limiting patient trauma during surgery, dramatically improving patient outcomes. Spineology has received funding from River Cities Capital, a growth capital investor in the healthcare industry, and will use the loan proceeds for general working capital purposes.
âSpineology’s proprietary technology and its unique, minimally invasive approach to lumbar spinal fusion procedures have resulted in strong clinical adoption,â said Gerald A. Michaud, President of Horizon. âWe are delighted to support the growth of Spineology as it continues to drive the commercialization of its two flagship products, OptiMesh and Duo.â¢. ”
âWe are excited about Horizon’s support for Spineology and our OptiMesh technology, which can significantly improve recoveries and excellent outcomes for our patients,â said John J. Booth, Managing Director of Spineology. âAs the spine market becomes increasingly crowded and commoditized, we believe our clearly differentiated and minimally invasive spine technologies will continue to capture market share as we develop additional offerings and expand our business. ”
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company providing capital in the form of secured loans to venture-backed companies in the technology, life sciences, health information and services and sustainable development. Horizon’s investment objective is to maximize the return on its investment portfolio by generating current income from the debt investments it makes and capital appreciation from the warrants it receives. during these debt investments. Horizon is headquartered at Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located in Portland, Maine, Austin, Texas, and Reston, Virginia. To learn more, please visit www.horizontechfinance.com.
At Spineology, we are committed to transforming spine surgery by providing innovative, anatomy-preserving technologies for surgeons and their patients. Our proprietary mesh technology is used in OptiMesh and Duo Implants, which expand in three dimensions to create large impressions and allow placement of anatomically conforming interbody fusion devices through very small incisions. This technology preserves the anatomy of the spine, increases the efficiency of procedures and speeds up patient recovery. For more information, visit www.Spineology.com.
Statements included in this document may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical fact included in this press release may constitute forward-looking statements and are not statements. guarantees future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from forward-looking statements due to a number of factors, including those described from time to time in documents filed by the Company with the Securities and Exchange Commission. Horizon assumes no obligation to update any forward-looking statements contained in this document. All forward-looking statements speak only as of the date of this press release.
SOURCE Horizon Technology Finance Corporation