FARMINGTON, Conn.--(BUSINESS WIRE)--Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon” or the “Company”), an affiliate of Monroe Capital, and 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 $35 million venture loan facility to GT Medical Technologies, Inc. (“GT MedTech”), of which $15 million has been initially funded.
GT MedTech, through its innovative flagship product, GammaTile®, offers a proprietary solution to treat brain tumors. GammaTile is a bioresorbable collagen tile embedded with radiation seeds (Cesium-131), an isotope used to deliver a high dose of radiation directly to the tumor cavity, helping to reduce tumor recurrence. Unlike external beam radiation therapy, GammaTile uses surgically targeted radiation therapy, minimizing excess radiation exposure to healthy tissue.
GT MedTech is backed by top-tier investors including MVM Partners, Glide Healthcare Partners, MedTech Venture Partners and BlueStone Venture Partners. The company will use the loan proceeds for general growth and working capital.
“GT MedTech is pioneering brain tumor treatment with its FDA-cleared GammaTile,” said Gerald A. Michaud, President of Horizon. “This solution will help transform the standard of care, while offering a cost-effective reimbursement profile to hospitals, creating a clear win for all stakeholders in the healthcare ecosystem.”
“We are delighted to have Horizon’s support as we expand the reach of our groundbreaking GammaTile solution,” said Per Langoe, Chief Executive Officer of GT MedTech. “By delivering targeted radiation immediately after tumor removal, GammaTile provides focused radiation to the tumor cavity, helping eradicate residual tumor cells. Our partnership with Horizon Technology Finance will allow us to continue our strategic commercial and market expansion initiatives, helping bring GammaTile to more patients in need.”
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 $19.5 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 GT Medical Technologies, Inc.
Driven to raise the standard of care and improve the lives of patients with brain tumors, a team of brain tumor specialists formed GT Medical Technologies. GammaTile is FDA-cleared as a treatment for patients with newly diagnosed malignant intracranial neoplasms and patients with recurrent intracranial neoplasms. Since its full market release in the United States in March 2020, GammaTile has been offered in over 100 leading institutions, with more centers being added each month. For more information, visit www.gtmedtech.com and follow @GammaTile on Twitter and LinkedIn.
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.