Horizon Technology Finance Leads $8 Million Venture Loan to AccuVein
FARMINGTON, Conn. and HUNTINGTON, NY, February 3, 2014-- 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 led an $8 million venture loan for AccuVein, Inc. ("AccuVein"), a developer of vein illumination technology. The venture loan was fully funded at closing, with Horizon funding its commitment of $4 million. AccuVein will use the funds primarily for working capital purposes.
"AccuVein's vein illumination device provides a more effective venipuncture procedure that enhances patient care and creates greater efficiencies in healthcare delivery," stated Gerald A. Michaud, President of Horizon. "We are pleased to provide AccuVein this venture loan as the company ramps global sales of its proprietary medical imaging technology."
"We welcome Horizon as our new value-added financing partner," stated Daniel Delaney, AccuVein COO. "This important growth capital will allow us to continue to drive AccuVein vein illumination as the standard of care in healthcare settings worldwide as we continue to address an $8 billion market opportunity."
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.
AccuVein, Inc. is a leader in medical imaging. AccuVein is the world's only hand-held, non-contact vein illumination solution. It allows healthcare professionals to see a map of peripheral veins on the skin's surface. Locating peripheral vasculature is invaluable in many medical procedures that require vein access or avoidance. Accessing veins for IV starts, blood draw and sclerotherapy procedures, as well as avoiding veins in surgery and cosmetic procedures, are all important applications of the device. AccuVein devices are built on AccuVein's proprietary technology as embodied in its growing patent portfolio that covers a broad range of imaging and medical diagnostic technologies. The devices are in use at over 3,000 hospitals and available for sale in over 100 countries worldwide. To see a demonstration of AccuVein vein illumination, please visit www.accuvein.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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