Horizon Technology Finance Corporation, a 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 it has led a $10 million loan facility for MacuLogix, Inc. Horizon funded an initial $3.75 million of its commitment under the Term Loan Facility and Silicon Valley Bank (SVB) funded $1.25 million of its commitment under the Term Loan Facility. SVB also provided a $3 million senior revolving line of credit to MacuLogix.
MacuLogix, a medical device company in the optometry and ophthalmology industry, is the maker of the AdaptDx automated dark adaptometer. The AdaptDx is the only device that allows eye care professionals to measure retinal function to accurately diagnose age-related macular degeneration (AMD), the leading cause of irreversible blindness in adults, three years before it is clinically evident. MacuLogix is backed by leading investors, including Roche Ventures, Fisk Ventures and Life Sciences Greenhouse of Central Pennsylvania. MacuLogix will use the proceeds for general working capital purposes.
"MacuLogix is a pioneer in detecting AMD, a condition that affects a growing segment of the population, and we are pleased to provide the company with this venture debt financing," said Gerald A. Michaud, President of Horizon. "With the innovative AdaptDx, eye care professionals are able to provide patients a cost-effective, time-efficient and accurate screening test for AMD. Horizon and SVB are excited to support MacuLogix during the company's current stage of rapid growth."
"Because of Horizon and SVB's considerable track records as leading venture lenders with experienced teams, we value their support and confidence in our business strategy and prospects," said William D. McPhee, President and CEO of MacuLogix. "MacuLogix has more than tripled our sales in the past year. This important financing will allow us to meet the growing demand for the AdaptDx, empowering eye care professionals to achieve the best possible outcomes for their patients by diagnosing AMD earlier and monitoring disease progression."