Horizon Technology Finance closed a $7.5 million venture loan to Medsphere Systems Corporation, a provider of electronic health record solutions. Medsphere will use the funds for working capital purposes.
“We are pleased to add Medsphere to our growing healthcare information and services portfolio of companies that are using technology to improve the U.S. healthcare system,” stated Gerald A. Michaud, president of Horizon. “Medsphere’s OpenVista Electronic Health Record technology allows acute and behavioral health hospitals, clinics, and physician practices to significantly reduce the cost of managing patient health information and drive down the overall cost of healthcare. Our venture loan will provide important growth capital to Medsphere as they grow their customer base and expand their product menu.”
Irv Lichtenwald, President and CEO of Medsphere, stated, “By providing our company with a customized financing solution that meets our immediate capital needs and increases our ability to grow our customer base and enhance our product offerings, Horizon demonstrated its knowledge and experience as a leading venture lender to the healthcare and technology industries. With Horizon’s ongoing partnership, we are well positioned to take advantage of our strong pipeline of potential opportunities.”