FARMINGTON, Conn., March 17, 2022 /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 closed a $15 million venture loan facility to Secure Transfusion Services, Inc. ("STS"), of which Horizon funded $5 million of the initial $10 million draw, and a private investment vehicle managed by Horizon Technology Finance Management LLC, Horizon's adviser, funded $5 million.
STS operates commercial blood collection centers that source and distribute vital, in-demand blood components, such as platelets, to hospitals. By modernizing the transfusion medicine supply chain, STS is building a network of modern collection facilities – beginning with its first two Trusting Heart Blood Centers currently operating in Minnesota and North Carolina – which attract more donors from a broader array of backgrounds currently not engaged with blood donation today. STS is backed by prominent firms including Cerus Corporation and OneBlood, and will use the loan proceeds for general growth and working capital purposes.
"We believe STS has reimagined the blood transfusion supply chain and can successfully increase the limited supply of blood platelets to meet a surging demand from leading hospitals," said Gerald A. Michaud, President of Horizon. "STS has a clear opportunity to address a sizable need and we are delighted to support the company's growth initiatives and their overall mission to restore hope, build trust, and improve quality of life through readily available and safe transfusion solutions."
"We are excited to have Horizon's support as we build new blood centers and expand into additional markets," said Founder and Chief Executive Officer Vijai Mohan. "There are multiple inefficiencies in the collection process that the STS model addresses. This enables us to develop a safe and reliable supply chain that gives our hospital partners confidence in being able to deliver the highest standards of care. We look forward to developing new methods to improve the availability of blood components to meet the increasing demand of hospitals across the country."
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 HRZN 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. Horizon Technology Finance Management LLC is headquartered in 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.
About Secure Transfusion Services
Secure Transfusion Services (STS) aims to increase the quality, safety, and availability of transfusable blood components, starting first with apheresis platelets. STS gives institutions—large and small—the peace of mind of knowing that they will receive a consistent and reliable supplemental source of platelets. Customers of STS include some of the most well-respected and innovative medical institutions in the country. By partnering with STS, hospital systems diversify their sourcing risks, strengthening their supply chain and putting them in position to meet the transfusion needs of their patients. For more information, visit https://securetransfusionservices.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.
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SOURCE Horizon Technology Finance Corporation