Horizon Technology Finance closed a $15 million venture loan facility for Secure Transfusion Services. Horizon funded $5 million of the initial $10 million draw, and a private investment vehicle managed by Horizon Technology Finance Management, Horizon Technology Finance’s adviser, funded the remaining $5 million.
Secure Transfusion Services operates commercial blood collection centers that source and distribute blood components such as platelets to hospitals. Secure Transfusion Services is backed by firms including Cerus and OneBlood and will use the loan proceeds for general growth and working capital purposes.
“We believe STS has reimagined the blood transfusion supply chain and can successfully increase the limited supply of blood platelets to meet a surging demand from leading hospitals,” Gerald A. Michaud, president of Horizon Technology Finance, said. “STS has a clear opportunity to address a sizable need and we are delighted to support the company’s growth initiatives and their overall mission to restore hope, build trust and improve quality of life through readily available and safe transfusion solutions.”
“We are excited to have Horizon’s support as we build new blood centers and expand into additional markets,” Vijai Mohan, founder and CEO of Secure Transfusion Services, said. “There are multiple inefficiencies in the collection process that the STS model addresses. This enables us to develop a safe and reliable supply chain that gives our hospital partners confidence in being able to deliver the highest standards of care. We look forward to developing new methods to improve the availability of blood components to meet the increasing demand of hospitals across the country.”
