Horizon Technology Finance Provides $9 Million Venture Loan Facility to InfoBionic
Horizon Technology Finance Corporation (NASDAQ: HRZN) has announced a $9 million venture loan facility to InfoBionic, Inc., of which $7 million is initially funded. InfoBionic, known for its FDA-cleared MoMe® Kardia platform, aims to enhance cardiac arrhythmia monitoring for physicians. The loan proceeds will support InfoBionic's growth and operational needs. Gerald A. Michaud, President of Horizon, emphasized the importance of this technology in ensuring timely treatment, while InfoBionic's CEO, Stuart Long, highlighted the investment's role in advancing their innovation.
- Horizon provided a significant $9 million venture loan facility to InfoBionic.
- The loan supports InfoBionic's growth and operational capabilities.
- InfoBionic's MoMe® Kardia platform has FDA clearance, indicating regulatory approval.
- None.
FARMINGTON, Conn., March 9, 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, announced today it has provided a
InfoBionic has developed an FDA-cleared, transformative SaaS remote monitoring system to help physicians more rapidly detect, diagnose and treat cardiac arrhythmia. Along with its innovative technology similar to in-hospital telemetry-style monitoring, the MoMe® Kardia platform provides physicians with full ownership of monitoring services in an easily scalable model. Prominent investors in InfoBionic include Eagle Investment, Excel Venture and Safeguard Scientifics. InfoBionic will use the loan proceeds for general growth and working capital purposes.
"InfoBionic has created an ergonomic, easy-to-use wearable cardiac monitor that continually streams data to ensure a physician can rapidly and properly treat potentially serious cardiac arrhythmias," said Gerald A. Michaud, President of Horizon. "Along with their innovative cardiac device, InfoBionic's advanced software platform empowers the physician to identify and address patient compliance and receive full monitoring data, elevating the standard of care. We are pleased to support InfoBionic as they seek to expand their share of the cardiac monitoring market."
"We appreciate Horizon's confidence in what we are building at InfoBionic and how our MoMe® Kardia platform provides physicians with faster and more effective diagnoses of cardiac arrhythmias," said Stuart Long, Chief Executive Officer of InfoBionic. "Our wearable remote cardiac monitor removes the complexity typically associated with the monitoring process and enables a direct physician and patient relationship. Horizon's investment will help us to continue innovating and enhancing the productivity of our platform, which will further aid physicians and enable us to grow our business."
About Horizon Technology Finance
Horizon 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 to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Headquartered in Farmington, Connecticut, Horizon also has regional offices in Pleasanton, California and Reston, Virginia. To learn more, please visit www.horizontechfinance.com.
About InfoBionic
InfoBionic is a digital health company transforming the efficiency and economics of ambulatory remote patient monitoring processes by optimizing clinical and real-world utility for the users that need it most – physicians and their patients. The Massachusetts-based team of seasoned entrepreneurs have had successful careers in healthcare, IT, medical devices and mobile technology, and bring specific expertise in remote monitoring and cardiology. They have seen first-hand the complexities of traditional cardiac arrhythmia detection and monitoring processes and designed the transformative MoMe® Kardia platform to remove the roadblocks hindering faster, more effective diagnosis and decision-making. Frost & Sullivan bestowed the 2019 North American Remote Cardiac Monitoring Technology Leadership Award upon InfoBionic. More information at http://www.infobionic.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 the Company's filings with the Securities and Exchange Commission. Horizon 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.
Contacts:
Investor Relations:
ICR
Garrett Edson
ir@horizontechfinance.com
(860) 284-6450
Media Relations:
ICR
Chris Gillick
HorizonPR@icrinc.com
(646) 677-1819
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SOURCE Horizon Technology Finance Corporation
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