FARMINGTON, Conn. and MAPLE GROVE, Minn., Jan. 2, 2018 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon") ("Company"), 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 cleantech industries, announced today that it closed a $12 million venture loan to Conventus Orthopaedics, Inc. ("Conventus") on December 22, 2017. Conventus will use the proceeds for general working capital purposes.
Conventus is a medical device company developing a proprietary nitinol "Cage" technology for treatment of periarticular fractures. The Conventus Cage™ fracture repair solution is designed to offer patients and surgeons an improvement over traditional techniques by providing intramedullary support. Backed by top investors including Deerfield Management and SightLine Partners, the Cage technology has been well received by orthopedic surgeons and their patients.
"We are very pleased to provide this venture loan to Conventus," said Gerald A. Michaud, President of Horizon. "The company's 3-dimensional fracture management system enables surgeons to provide robust, stable surgical repair and return patients to their normal lives. With this financing, Conventus will continue to commercialize its proximal humerus fracture fixation therapy while developing further indications for this technology."
Matthew Jewett, CEO and President of Conventus, stated, "We are excited to have the support of a first class healthcare investor like Horizon as we accelerate the expansion of the Conventus Cage technology with the upcoming launch of our next generation proximal humerus (PH) system. This growth capital will enable us to expand our commercial efforts and bring our technology to more surgeons and ultimately help more patients."
About Horizon Technology Finance
Horizon Technology Finance Corporation 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 cleantech 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 has regional offices in Pleasanton, California, Reston, Virginia and Boston, Massachusetts. Horizon's common stock trades on the NASDAQ Global Select Market under the ticker symbol "HRZN". To learn more, please visit www.horizontechfinance.com.
About Conventus Orthopaedics
Conventus Orthopaedics, Inc. is an early-stage company focused on delivering a new standard of care for orthopedic fracture treatment, including complex and fragility fractures where there is a significant unmet need and a lack of treatment options. Their proprietary Cage™ technology aims to improve patient outcomes, enhance the surgeon experience, and deliver economic value to stakeholders within this market segment. To learn more, please visit www.conventusortho.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 our 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