Horizon Technology Finance, a 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 cleantech industries, has provided a $20 million venture loan facility to Encore Dermatology, of which $15 million has been initially funded.
Encore is a dermatologically-focused specialty pharmaceutical company led by a management team with a strong history of acquiring and successfully marketing domestic prescription dermatology products. Their primary concentration is with topical corticosteroids available via prescription to treat a variety of skin conditions. Encore is backed by investors including EW Healthcare Partners (formerly known as Essex Woodlands), 1315 Capital and Longitude Capital.
Encore has used a portion of the proceeds to acquire several dermatology products to add to its product portfolio, and will use the remainder for strategic corporate purposes.
“Encore provides innovative topical skin condition products to dermatologists that are of significant benefit to their patients, and is led by a management team that has a long track record of successfully marketing similar products at previous companies, including two of the top branded prescription products currently available,” said Gerald A. Michaud, president of Horizon. “Encore is also supported by a syndicate of committed, experienced and knowledgeable life science equity investors making Encore a strong addition to our life sciences portfolio and we are pleased to support its growth initiatives.”
“We are excited to be partnering with Horizon as we grow our portfolio and work toward providing innovative dermatological solutions for both doctors and patients,” said Bob Moccia, president and chief executive officer of Encore. “The funding we’ve received enables us to acquire three commercial dermatological products to add to our portfolio and help our customers successfully treat skin diseases such as psoriasis, atopic dermatitis and acne. Horizon’s investment in Encore’s growth serves to reinforce our strategy and positions us well for continued growth and innovation.”