Loan Supports Go-To-Market Strategy for FDA Approved DURLAZA™
FARMINGTON, Conn. and NEW HAVEN, Conn., Oct. 06, 2015 (GLOBE NEWSWIRE) -- 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 cleantech industries, announced today it has closed a new $6.3 million venture loan to an existing portfolio company, New Haven Pharmaceuticals, Inc. (“NHP”), a privately held specialty pharmaceuticals company.
NHP will use the proceeds of the venture loan for working capital purposes. The new venture loan, together with Horizon’s existing venture loan, provides NHP with $10 million of debt capital from Horizon.
Patrick Fourteau, Chief Executive Officer of NHP, stated, “Our long-standing relationship with Horizon made the choice of a venture lender easy as we ready the launch of DURLAZA™, the first and only prescription low-dose extended-release aspirin for patients with a risk for secondary strokes or acute cardiac events. Horizon’s continued support has been important to us as we bring DURLAZA to market and continue our development of other groundbreaking prescription products.”
“We are pleased to provide NHP with an add-on venture loan to support the go-to-market strategy of DURLAZA, a breakthrough pharmaceutical product that recently received FDA approval,” stated Gerald A. Michaud, President of Horizon. “Our growth capital will support NHP’s expected commercial launch of DURLAZA in the fourth quarter of 2015.”
About Horizon Technology Finance
Horizon Technology Finance Corporation is a leading specialty finance company that provides capital in the form of secured loans to companies backed by venture capital firms within the technology, life science, healthcare information and services and cleantech industries. The investment objective of Horizon is to maximize total returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants that it receives when making such loans. Headquartered in Farmington, Connecticut, Horizon has regional offices in Walnut Creek, California, and Reston, Virginia. Horizon's common stock trades on the NASDAQ Global Select Market under the ticker symbol “HRZN”. To learn more, please visit www.horizontechnologyfinancecorp.com.
About New Haven Pharmaceuticals, Inc.
New Haven Pharmaceuticals Inc. (www.newhavenpharma.com) is a specialty pharmaceuticals company developing new prescription drug products that utilize currently marketed drugs or generally recognized as safe (GRAS) active pharmaceutical ingredients (APIs) for use in therapeutic applications representing attractive market opportunities. In addition to FDA-approved DURLAZA™, New Haven Pharmaceuticals is developing products incorporating proprietary Yale University technology utilizing zinc salts, including both a proprietary zinc salts product designed to lower stomach acid in patients suffering from gastro-esophageal reflux disease (or GERD) and a combination product with DURLAZA.
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.
Contacts: Horizon Technology Finance Christopher M. Mathieu Chief Financial Officer (860) 676-8653 firstname.lastname@example.org Investor Relations and Media Contacts: The IGB Group Matt Steinberg / Leon Berman (212) 477-8261 / (212) 477-8438 email@example.com / firstname.lastname@example.org
Source:Horizon Technology Finance Corporation