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 sustainability industries, led a $15 million venture loan facility to Spineology. Horizon Technology Finance funded $5 million of the initial $10 million draw and a private investment vehicle managed by Horizon Technology Finance Management, Horizon Technology Finance’s advisor, funded $5 million.
Spineology develops and sells a complementary suite of anatomy-conserving technology solutions for use in lumbar spinal fusion procedures. The company’s proprietary OptiMesh technology provides structural support for fusion while limiting patient trauma during surgery. Spineology has received funding from healthcare growth equity investor River Cities Capital and will use the loan proceeds for general working capital purposes.
“Spineology’s proprietary technology and unique, minimally invasive approach to lumbar spinal fusion procedures has resulted in robust clinical adoption,” Gerald A. Michaud, president of Horizon Technology Finance, said. “We are excited to support Spineology’s growth as it continues to drive commercialization of its two lead products, OptiMesh and Duo.”
“We are excited by Horizon’s support of Spineology and our OptiMesh technology, which can meaningfully drive enhanced recoveries and excellent outcomes for our patients,” John J. Booth, CEO of Spineology, said. “As the spine market becomes increasingly crowded and commoditized, we believe that our clearly differentiated, minimally invasive spine technologies will continue to capture market share as we develop additional offerings and grow our company.”