Horizon, Square 1 Provide $7 Million to Mitralign
Horizon Technology Finance Corporation, a specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies in the technology, life sciences, healthcare information and services, and clean-tech industries, announced that Horizon and Square 1 Bank have provided a $7 million venture loan facility to Mitralign, Inc., a cardiac device company specializing in percutaneous mitral valve repair.
Under the terms of the venture loan facility, Horizon provided a commitment of up to $4 million to Mitralign and Square 1 Bank provided a commitment of up to $3 million. The funds provided under the venture loan facility will be used to support Mitralign’s continued product development.
“We are pleased to add Mitralign to our expanding loan portfolio,” said Gerald A. Michaud, president of Horizon. “The company meets our investment criteria including having a unique, heart mitral valve repair technology that is poised to serve a large, underserved market. Our debt financing allows Mitralign to further develop and test its innovative catheter-based technology and advance its product towards global commercialization.”
Rick Geoffrion, CEO of Mitralign said, “This important venture loan facility from Horizon and Square 1 Bank provides our company with important liquidity to meet our key corporate milestones. We appreciate the support of these two premier lenders, who worked closely together to construct a flexible financing solution that allows us to further develop our mitral valve repair system and establish a leadership position in structural cardiology.”
Square 1 Bank is a full-service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion.