Farmington-based specialty lender Horizon Technology Finance Corp. ended 2020 with a $5 million venture loan to a California medtech firm marketing a new medical device.
The borrower, Corinth MedTech of San Jose, makes urological devices including the Veloxion System, which treats the symptoms of benign prostatic hyperplasia and bladder tumors.
“We are excited to add our support to further facilitate Corinth’s commercialization of the Veloxion System and its overall growth initiatives,” Horizon President Gerald A. Michaud said in a statement.
The Corinth deal is the second medical-device play in as many months for Horizon, which announced in November that it had made a $12.5 million venture loan to Sonex Health, a Minnesota maker of an ultrasound device used for treating carpal tunnel syndrome.
Another notable deal in November for Horizon was a $25 million loan to San Francisco-based Getaround, a mobile app and website that allows users to secure short-term rentals of nearby cars whose owners aren’t using them.
Horizon amended and extended its credit line with a major insurer in July, giving the company $100 million of additional lending capacity.
