Horizon Technology Finance Provides $5 Million Venture Loan to Corinth MedTech
FARMINGTON, Conn., Dec. 29, 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 $5 million venture loan to Corinth MedTech, Inc. ("Corinth").
Corinth is a medical device company which has developed the Veloxion™ System, an FDA-cleared device for treating symptoms related to Benign Prostatic Hyperplasia (BPH), more commonly known as TURP for enlarged prostate. The Veloxion™ System includes the world's first single-use resectoscope with integrated camera, a light source and a complete fluid management system for TURP and TURBT (removal of bladder tumors) procedures, allowing physicians to perform faster, safer and more cost-effective tissue resections for their patients. Corinth will use the loan proceeds for general working capital purposes.
"Through its advanced proprietary technology, Corinth has provided an effective and efficient solution to correct the common affliction of BPH among men worldwide," said Gerald A. Michaud, President of Horizon. "We are excited to add our support to further facilitate Corinth's commercialization of the Veloxion™ System and its overall growth initiatives."
"We are delighted to work with the Horizon team and value their support," said Steve Duddy, Corinth's President and Chief Executive Officer. "We are eager to move forward in commercializing the Veloxion™ System and provide our seamless, streamlined procedure to hospitals nationwide. Horizon's investment enables us to continue our efforts to bring our treatment to market, as well as aid us in developing additional solutions to treat other common urological conditions."
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 Corinth MedTech
Headquartered in San Jose, California, Corinth MedTech develops, manufactures and markets urological device solutions that address unmet needs in an innovative, cost-effective manner. The company's lead product, The Veloxion System, featuring Velo360 technology, is cleared for use in treating the symptoms of Benign Prostatic Hyperplasia (BPH) and Bladder Tumors, conditions affecting millions of people worldwide. It has the unique distinction of providing the first-of-its-kind, single-use resectoscope for TURP. Development efforts are underway for advancements in the TURBT application. The commercial launch of The Veloxion System is slated for 2021. For more information, please visit www.corinthmedtech.com.
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.
SOURCE Horizon Technology Finance Corporation
Company Codes: NASDAQ-NMS:HRZN