FARMINGTON, Conn., May 19, 2020 /PRNewswire/ — Horizon Technology Finance Corporation (NASDAQ:HRZN) (“Horizon”), a leading specialty finance company that provides capital in the form of secured loans to venture-backed companies in the areas of technology, life sciences, information and health services, and sustainability industries, announced today that the May 1, 2020 he provided a $20 million subprime loan facility to Ceribell, Inc. (“Ceribell”), of which $10 million has been funded.
Ceribell is the developer of the Ceribell Rapid Response EEG, an FDA-cleared rapid-response electroencephalography (EEG) medical device that measures the amount of electrical activity in different regions of the brain to accurately and quickly diagnose seizures in critically ill patients. Ceribell recently received FDA clearance for Clarity, the first and only 24/7 bedside EEG monitoring and alerting system that automatically detects seizures and alerts clinicians to the presence of seizures. cerebral activity consistent with status epilepticus. Ceribell will use proceeds from the subprime loan facility for strategic growth and general corporate purposes.
“Ceribell’s FDA-cleared Rapid Response wearable EEG medical device is a significant improvement over conventional EEGs by allowing physicians to diagnose seizures in minutes, dramatically reducing the time to effectively treat patients and prevent harm.” permanent,” said Gerald A. Michaud, president of Horizon. “Ceribell’s rapid-response EEG has been adopted by a number of leading US hospitals, and as Ceribell expands its commercialization, we believe it is poised to gain significant market share. We are excited to support Ceribell’s growth plans, which include new devices and technologies. solutions for other brain-related medical conditions.”
“We are very grateful for Horizon’s support and confidence in Ceribell, which allows us to continue our long-term expansion strategy for the Ceribell Rapid Response EEG System, as well as develop our core technology for new indications. “, said Jane Chao, Co-founder and CEO of Ceribell. “Ceribell’s advanced technology and medical devices that rapidly monitor brain activity fill a vital need for doctors and hospitals, providing fast and accurate information that can critically reduce the time needed to diagnose and treat patients from hours to minutes. Horizon’s investment will allow us to continue to innovate, expand the availability of our current solutions, and ultimately grow our business.”
About Horizon Technology Financing
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture-backed companies in the technology, life sciences, health information and services and sustainability. Horizon’s investment objective is to maximize the return on its investment portfolio by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when these borrowed investments. Based at Farmington, ConnecticutHorizon also has regional offices in Pleasanton, California and Reston, Virginia. To learn more, please visit www.horizontechfinance.com.
Ceribell, Inc. (www.ceribell.com) has its headquarters at Mountain View, California. Ceribell is focused on making EEG widely available, more efficient and more cost-effective to improve the diagnosis and treatment of patients at risk for seizures.
Statements included in this press release 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 do not constitute are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to a number of factors, including those described from time to time in the Company’s filings with the Securities and Exchange Commission. Horizon assumes no obligation to update any forward-looking statements made herein. All forward-looking statements speak only as of the date of this press release.
SOURCE Horizon Technology Finance Corporation