FARMINGTON, Conn., Oct. 2,
2023 /PRNewswire/ -- 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 sustainability industries,
today announced it has provided a $40
million venture loan facility to Elligo Health
Research®, Inc. ("Elligo"), of which $25 million has been initially funded.
Elligo is revolutionizing clinical research with its innovative
technology platform, which empowers clients to seamlessly utilize
non-traditional clinical trial sites, significantly increasing
clients' access to untapped trial participants. Its data-driven
clinical trial recruitment and workflow automation solutions
optimize and streamline workflows, while providing users with an
integrated and diverse network of relevant clinical trial sites,
patients and their own physicians with which to engage. Elligo is
backed by premier investors including Morgan Stanley, Ally Bridge
Group, Norwest Venture Partners, Piper
Sandler, Noro-Moseley Partners and Hatteras Venture
Partners. The company will use the loan proceeds for general growth
and working capital purposes.
"Elligo's cutting-edge technology has the potential to solve the
patient accessibility issue that has consistently impacted the
clinical trial market," said Gerald A.
Michaud, President of Horizon. "With upwards of 95% of
physicians and patients not able to participate in clinical trials,
Elligo's platform presents a compelling opportunity to accelerate
clinical research, which is a win for the entire healthcare
ecosystem. We are pleased to support Elligo in their ongoing
efforts to improve the clinical trial system."
"We are excited to have Horizon's support as we continue to make
great strides in enhancing our adaptive engagement model," said
John Potthoff, Ph.D., Founder and
CEO of Elligo. "Our unique workflow automation feature,
IntElligo®, in tandem with Elligo's data capabilities,
enables us to facilitate access to more patients and more efficient
and cost-effective trials, thus accelerating new therapies and
devices to market, which is critical to improving healthcare for
all."
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN),
externally managed by Horizon Technology Finance Management LLC, an
affiliate of Monroe Capital, 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 sustainability 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. Horizon is
headquartered in Farmington,
Connecticut, with a regional office in Pleasanton, California, and investment
professionals located throughout the U.S. Monroe Capital is a
$17 billion asset management firm
specializing in private credit markets across various strategies,
including direct lending, technology finance, venture debt,
opportunistic, structured credit, real estate and equity. To learn
more, please visit horizontechfinance.com.
About Elligo Health Research®
Elligo Health Research accelerates clinical trials through
direct access to known, diverse patients from more than 115
hospitals and major health systems, 200 healthcare-based sites, and
100 research-based sites, leveraging EHR data and utilizing our
proprietary IntElligo technology. Our
PatientSelect® model engages our network of
networks to optimize the intersection of healthcare and research
and bring more patients clinical research as a care option.
Elligo's SiteSelect model and Research Partner Services
enable sites to seamlessly participate in trials, further advancing
the development of new pharmaceutical, biotechnology, and medical
device and diagnostic products.
Forward-Looking Statements
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 the Company's 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:
Investor Relations:
ICR
Garrett Edson
ir@horizontechfinance.com
(860) 284-6450
Media Relations:
ICR
Chris Gillick
HorizonPR@icrinc.com
(646) 677-1819
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SOURCE Horizon Technology Finance Corporation
