Horizon Technology Finance provided a $40 million venture loan facility to Elligo Health Research, of which $25 million was initially funded.
Elligo Health Research is a clinical research company that uses its technology platform to empower clients to utilize non-traditional clinical trial sites, 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 a network of relevant clinical trial sites, patients and their own physicians with which to engage.
Elligo is backed by 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,” Gerald A. Michaud, president of Horizon Technology Finance, said. “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,” John Potthoff, Ph.D., founder and CEO of Elligo Health Research, said. “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.”
