Horizon Tech Provides Loan to New Heaven Pharmaceuticals

Published By : 08 Oct 2015 | Published By : QYRESEARCH

Horizon Technology Finance Corp., a specialty finance firm, which provides capital as secured loans to venture companies in the field of technology, healthcare IT and services, life science, and cleantech, has announced that it has lent US$6.3 mn venture loan to New Haven Pharmaceuticals Inc., a private limited specialty pharmaceutical enterprise.

The pharma company will use this loan as working capital for its business. Horizon has lent NHP a total of US$10 mn together with the new venture loan.

The CEO of NHP, Mr. Patrick Fourteau, stated that an enduring relationship with Horizon has helped the choosing the financial firm again as their venture lender for the introduction of DURLAZA, the only prescription low-dose and extended-release aspirin for the patients, having risk of acute cardiac issues or secondary strokes. The regular support from Horizon has been important to NHP as they are bringing in DURLAZA to the pharmaceutical market and continue their development of other revolutionary prescription treatments.

Mr. Gerald A. Michaud, the president of Horizon stated that they are pleased to provide the pharma company with an add-on venture loan in order to support DURLAZA’s go-to-market strategy, which is an innovative pharmaceutical product that has recently received the FDA approval. Their growth capital will aid NHP's projected launch of DURLAZA commercially in the Q4 of 2015, he added further.

New Haven Pharmaceuticals Inc. (NHP) is a specialty pharma company, which is into developing innovative prescription drugs, whereas Horizon Tech Fin Corp. is a specialty financing company, which provides capital for new ventures in the form of secured loans

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