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 has closed a $2 million venture loan facility with New Haven Pharmaceuticals, Inc. ("NHP"), a developer of prescription pharmaceuticals that utilize currently marketed drugs or active pharmaceutical ingredients generally recognized as safe for use in therapeutic applications. The proceeds of the venture loan facility will be used for working capital purposes.
"We are pleased to provide NHP with a venture loan facility which will support its development of proprietary prescription pharmaceuticals," stated Gerald A. Michaud , President of Horizon. "NHP continues to achieve important strides in developing products for patients with a higher risk for secondary strokes or acute cardiac events. Based on the company's impressive product pipeline and experienced, well-respected management team, NHP represents a strong addition to Horizon's high-quality investment portfolio."
"Horizon's $2 million venture loan facility provides NHP with the right capital structure and the timely liquidity to continue to execute our product development and FDA registration plans," stated Patrick P. Fourteau, NHP's President & CEO. Harry H. Penner, Jr. , NHP's Executive Chairman, added, "The responsiveness and flexibility of the Horizon team resulted in a seamless process from initial contact to funding and a very positive business experience. It's gratifying to have Horizon, a Connecticut-based company like our own, as a financial partner."
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