Daily News: March 20, 2012

Horizon Technology Closes $15MM Venture Loan to Radisphere

Horizon Technology Finance announced that it has closed a $15 million venture loan to Radisphere, a radiology provider that works with rural and community hospitals to measurably improve quality of services and patient care, while managing costs.

Under the terms of the venture loan, Radisphere received $12 million upon closing, with the remaining $3 million available upon achieving certain milestones. The funds will be used for the repayment of debt and to support the company’s continued growth.

“Radisphere is on the leading edge of providing the highest quality radiology services to hospitals and major medical centers using a proprietary electronic processing platform combined with one of the world’s leading radiology teams. In the rapidly changing field of radiology, Radisphere delivers unparalleled quality to the hospitals and medical facilities it serves and is led by a nationally recognized management team,” said Gerald A. Michaud, president of Horizon. “We are delighted to provide financial support for Radisphere’s continuing growth.”

Steven B. Kaminsky, CFO of Radisphere, said, “We are pleased to have closed this important financing with Horizon. Their venture debt has provided us the additional capital we need to strengthen our financial position and help us gain market share. We appreciate Horizon’s support and look forward to working closely with their team as we continue to innovate in the field of radiology and execute our long-term growth strategy.”

Horizon Technology Finance provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services and clean-tech industries.