FARMINGTON, Conn. and CARLSBAD, Calif., June 8, 2015 (GLOBE NEWSWIRE) — Horizon Technology Finance Corporation (Nasdaq:HRZN) (“Horizon”), a leading 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, announced today it has closed a $7.5 million venture loan to Medsphere Systems Corporation (“Medsphere”), a provider of affordable and interoperable 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.”
About Horizon Technology Finance
Horizon Technology Finance Corporation is a leading specialty finance company that provides capital in the form of secured loans to companies backed by venture capital firms within the technology, life science, healthcare information and services and cleantech industries. The investment objective of Horizon is to maximize total returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants that it receives when making such loans. Headquartered in Farmington, Connecticut, Horizon has regional offices in Walnut Creek, California and Reston, Virginia. Horizon’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “HRZN”. To learn more, please visit www.horizontechnologyfinancecorp.com.
About Medsphere Systems Corporation
Founded in 2002 and based in Carlsbad, Calif., Medsphere Systems Corporation is an award-winning organization of clinical and technology professionals working to make quality health IT solutions accessible to organizations of virtually any size, shape or budget. Medsphere’s OpenVista is a portfolio of clinical products and services that leverages an electronic health record (EHR) system developed by the Department of Veterans Affairs. This VistA EHR is widely credited with helping transform the VA into the nation’s most efficient and clinically effective healthcare organization. OpenVista, the most fully commercialized VistA offspring, is a responsible reapplication of the VA’s $8.5 billion investment, which recent studies show has yielded billions in benefits, primarily from the near elimination of medication administration issues and duplicate testing. Learn more about Medsphere at www.medsphere.com.
Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Horizon Technology Finance
Christopher M. Mathieu
Chief Financial Officer
Investor Relations and Media Contacts:
The IGB Group
Matt Steinberg / Leon Berman
(212) 477-8261 / (212) 477-8438