Horizon Technology Finance Closes $15 Million Venture Loan to Radisphere
FARMINGTON, Conn., March 19, 2012 (GLOBE NEWSWIRE) -- Horizon Technology Finance Corporation (Nasdaq:HRZN) (the "Company" or "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 that it has closed a $15 million Venture Loan to Radisphere, the only radiology provider offering proven accessibility and accountability to community hospitals.
Under the terms of the Venture Loan, Radisphere received $12 million upon closing, with the remaining $3 million available upon achieving certain milestones. The funds will be used for the repayment of debt and to support the company's continued growth.
"Radisphere is on the leading edge of providing the highest quality radiology services to hospitals and major medical centers using a proprietary electronic processing platform combined with one of the world's leading radiology teams. In the rapidly changing field of radiology, Radisphere delivers unparalleled quality to the hospitals and medical facilities it serves and is led by a nationally recognized management team," said Gerald A. Michaud, President of Horizon. "We are delighted to provide financial support for Radisphere's continuing growth."
Steven B. Kaminsky, Chief Financial Officer of Radisphere, said, "We are pleased to have closed this important financing with Horizon. Their venture debt has provided us the additional capital we need to strengthen our financial position and help us gain market share. We appreciate Horizon's support and look forward to working closely with their team as we continue to innovate in the field of radiology and execute our long-term growth strategy."
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 Technology Finance 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 a regional office in Walnut Creek, California,
the Company is externally managed by its investment advisor, Horizon Technology Finance Management LLC. To learn more, please visit www.horizontechnologyfinancecorp.com.
Radisphere (www.radisphere.net), headquartered in Cleveland, Ohio and Westport, Connecticut, is raising the levels of accountability, performance, and satisfaction that hospitals and physicians should expect from radiology services. Founded in 2001 by two world-renowned radiologists—Drs. Peter Franklin and Frank Seidelmann—Radisphere works with rural and community hospitals to measurably improve quality and patient care, while managing costs. For more information, please contact Robert Minicucci, Director, Corporate Communications, (203)
222-6351 or firstname.lastname@example.org.
Statements included herein may constitute "forward-looking statements," which relate to future events or our future performance or financial condition. These statements 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. The Company 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.
CONTACT: Horizon Technology Finance Corporation
Christopher M. Mathieu
Chief Financial Officer
Investor Relations and Media Contacts:
The IGB Group
Leon Berman / Michael Cimini
(212) 477-8438 / (212) 477-8261
Source: Horizon Technology Finance Corporation
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