Horizon Technology Finance Provides $40 Million Loan Facility to Hyperfine
Horizon Technology Finance Corporation (NASDAQ:HRZN) ("Horizon") (the "Company"), an affiliate of Monroe Capital, today announced it has provided a $40 million loan facility to Hyperfine, Inc. (NASDAQ:HYPR) ("Hyperfine"), with an initial funding of $15 million at closing, and up to $25 million available to support future commercial growth.
Hyperfine is a publicly traded health technology company that has developed and is commercializing the Swoop® System, the first FDA-cleared AI-powered portable magnetic resonance (MR) brain imaging system. Cleared for brain imaging in patients of all ages, the Swoop® System brings brain imaging directly to the patient in various care settings including the ICU, emergency departments, smaller community hospitals, and neurology offices. The system delivers diagnostic quality images and can be safely and easily operated at the point of care without the need for a specialized MRI technician.
"Hyperfine has built a truly differentiated technology platform that is expanding access to brain imaging in settings where conventional MRI is not accessible, practical, affordable nor readily available," said Paul Seitz, Chief Investment Officer of Horizon. "With strong clinical and economic evidence, a growing commercial opportunity with expanding sites of care, and a second-generation system that delivers diagnostic quality images, we are excited to support Hyperfine's continued growth and the broader adoption of point-of-care neuroimaging."
"Horizon has a deep understanding of the medtech space and the unique needs of companies at our stage of commercial growth," said Maria Sainz, Chief Executive Officer and President of Hyperfine. "This facility provides us with the capital to accelerate the commercial expansion of our Swoop® System across hospital and office settings as well as globally as we expand the reach and access of MRI for acute and chronic brain conditions providing high clinical and economic value to patients, clinicians and providers."
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ:HRZN), externally managed by Horizon Technology Finance Management LLC, an affiliate of Monroe Capital, is a leading specialty finance company that provides capital in the form of secured loans to venture capital and private equity-backed companies and publicly traded companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located throughout the U.S. Monroe Capital is a premier asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, opportunistic, structured credit, real estate and equity. To learn more, please visit horizontechfinance.com.
About Hyperfine
Hyperfine, Inc. (NASDAQ:HYPR) is the groundbreaking health technology company that has redefined brain imaging with the Swoop® system—the first FDA-cleared, portable, ultra-low-field, magnetic resonance brain imaging system capable of providing imaging at multiple points of professional care. The mission of Hyperfine, Inc. is to revolutionize patient care globally through transformational, accessible, clinically relevant diagnostic imaging. Founded by Dr. Jonathan Rothberg in a technology-based incubator called 4Catalyzer, Hyperfine, Inc. scientists, engineers, and physicists developed the Swoop® system out of a passion for redefining brain imaging methodology and how clinicians can apply accessible diagnostic imaging to patient care. For more information, visit HyperfineMRI.com.
Forward-Looking Statements
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 Horizon's 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.
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