Horizon Technology Finance Corporation announced it led a $10 million venture loan for IntegenX Inc. ("IntegenX"), the market leader in Rapid Human DNA identification technology. The venture loan was fully funded at closing, with Horizon, Square 1 Bank and a third lender funding their commitments of $3.75 million, $2.5 million, and $3.75 million, respectively. IntegenX will use the funds primarily for working capital purposes.
"We are pleased to lead a $10 million venture loan for IntegenX, an exciting company at the forefront of using technology to improve the ease and speed of DNA testing while reducing its cost," stated Gerald A. Michaud, President of Horizon. "IntegenX's focus on forensics applications that have high growth potential, its impressive customer traction and its strong position in international markets, makes IntegenX another compelling company in our high quality investment portfolio."
David V. Smith, Chief Operating Officer of IntegenX, stated, "The loan led by Horizon significantly increases our financial flexibility and positions us to build off of our domestic and international market momentum to ramp sales of our RapidHIT™ System. Horizon proved why it has a leading industry reputation as a venture lender through its ability to provide IntegenX with a tailored solution to meet its funding needs."
Horizon Technology Finance Corporation is a business development company that provides secured loans to development-stage companies backed by established venture capital and private equity 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, with regional offices in Walnut Creek, California and Reston, Virginia, Horizon is externally managed by its investment advisor, Horizon Technology Finance Management LLC.
IntegenX, headquartered in Pleasanton, California, is the market leader of Rapid human DNA identification technology. IntegenX technology platforms integrate advanced fluidics, optics, and biochemistry capabilities to produce sample-to-answer products for DNA-based human identity testing for forensics and law enforcement applications. IntegenX, the IntegenX logo, and RapidHIT are trademarks of IntegenX Inc. All other names or trademarks are the property of their respective owners.
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients' needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Denver, Durham, Los Angeles/Orange County, New York, San Diego, Seattle, Silicon Valley and Washington, DC.