Horizon Technology Leads $10 Million Loan Facility for MacuLogix

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FARMINGTON, Conn. and MIDDLETOWN, Pa.—Horizon Technology Finance Corp. (NASDAQ: HRZN), a leading specialty finance company, has led a $10 million loan facility for MacuLogix Inc., according to an announcement earlier this week. Horizon, based in Farmington, typically provides capital in the form of secured loans to venture capital backed companies in the technology, life science and health care information and services sectors. MacuLogix, a medical device company, manufactures the AdaptDx automated dark adaptometer, a device that allows eyecare professionals to measure retinal function to accurately diagnose age-related macular degeneration (AMD). AMD is the leading cause of irreversible blindness in adults, according to the announcement.

MacuLogix is backed by the investors Roche Ventures, Fisk Ventures and Life Sciences Greenhouse of central Pennsylvania. Horizon funded an initial $3.75 million of its commitment under the term loan facility and Silicon Valley Bank (SVB) funded $1.25 million of its commitment under the term loan facility. SVB also provided a $3 million senior revolving line of credit to MacuLogix.

MacuLogix will use the proceeds for general working capital purposes.

“Because of Horizon and SVB's considerable track records as leading venture lenders with experienced teams, we value their support and confidence in our business strategy and prospects," William D. McPhee, president and chief executive officer of MacuLogix, said in the announcement. “MacuLogix has more than tripled our sales in the past year. This important financing will allow us to meet the growing demand for the AdaptDx, empowering eyecare professionals to achieve the best possible outcomes for their patients by diagnosing AMD earlier and monitoring disease progression."

Horizon president Gerald A. Michaud said MacuLogix is “a pioneer in detecting AMD, a condition that affects a growing segment of the population, and we are pleased to provide the company with this venture debt financing.”