GREENWICH, CT, Developer of minimally invasive treatments for gastroesophageal reflux disease (GERD) and bowel control disorder (BCD), has raised $10M from Horizon Technology Finance.
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Horizon Technology Finance Corporation (NASDAQ: HRZN) ('Horizon'), a leading specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies in the technology, life science, healthcare information and services, and clean-tech industries, today announced it has closed a $10 million venture loan facility to Mederi Therapeutics, Inc. ('Mederi'), a developer of minimally invasive treatments for gastroesophageal reflux disease (GERD) and bowel control disorder (BCD).
Mederi will use the funds for working capital purposes. Horizon funded an initial $6 million of its $10 million commitment under the venture loan facility.
'We are pleased to provide this $10 million venture debt facility to Mederi, an innovative medical device company that provides solutions for debilitating digestive disorders, which affect millions of people worldwide,' stated Gerald A. Michaud, President of Horizon. 'Mederi's minimally invasive Stretta┬® and Secca┬® treatments improve patient quality of life and we are excited to help the company accelerate the commercialization of these treatments. Mederi Therapeutics is a compelling addition to Horizon's dynamic loan portfolio.'
'Horizon's strength and reputation in the marketplace made it a clear choice for our financing partner,' stated William Rutan, CEO of Mederi. 'The customized growth capital provided by Horizon, with a flexible structure and terms closely aligned with Mederi's strategic goals, enhances our ability to continue to expand production and successfully treat patients worldwide, allowing them to lead more fulfilling lives. We appreciate the support of Horizon and their confidence in our future prospects.'
About Horizon Technology Finance
Horizon Technology Finance Corporation is a business development company that provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services, and clean-tech industries. The investment objective of Horizon is to maximize total risk-adjusted returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants to purchase the equity of portfolio companies. Headquartered in Farmington, Connecticut, with regional offices in Walnut Creek, California and Reston, Virginia, Horizon is externally managed by its investment advisor, Horizon Technology Finance Management LLC. Horizon's common stock trades on the NASDAQ Global Select Market under the ticker symbol 'HRZN'. In addition, Horizon's 7.375% Senior Notes due 2019 trade on the New York Stock Exchange under the ticker symbol 'HTF'. To learn more, please visit www.horizontechnologyfinancecorp.com
Mederi Therapeutics manufactures and markets innovative medical devices that deliver radiofrequency energy to treat diseases of the human digestive system. All Mederi therapies are outpatient, minimally invasive, and promote rapid recovery. Mederi Therapeutics is located in Greenwich, Connecticut. For more information, visit www.mederi-inc.com.