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Horizon Technology Finance, SVB Provide $20MM Venture Loan for Canary Medical

January 05, 2021, 08:05 AM
Filed Under: Medical

Horizon Technology Finance and Silicon Valley Bank provided a $20 million venture loan facility to Canary Medical, Inc., a medical data company improving healthcare outcomes with its proprietary smart medical devices.

Under the terms of the agreement, Horizon and SVB will each provide Canary Medical with $10 million of borrowing capacity. $5 million of the facility was funded at closing, with additional tranches to be provided subject to various regulatory and financial milestones. Canary Medical expects to use the loan proceeds for general working capital purposes.  

"Canary Medical's implantable CHIRP sensor technology is a game-changer with respect to providing real-time monitoring and feedback for total knee replacements for both physicians and patients," said Gerald A. Michaud, President of Horizon. "We are excited to help support Canary Medical's ongoing growth initiatives, including the development of additional orthopedic monitoring solutions utilizing their proprietary sensor technology."  

"We are thrilled with the support from such prominent biotech and healthcare lenders to fund our growth strategy as we look to bring our advanced implantable sensor technology that enables remote patient monitoring (RPM) to market," said Bill Hunter, Founder and Chief Executive Officer of Canary Medical. "With capital from the facility, we are positioned well to complete the FDA approval process, commercialize CHIRP and develop additional products for other orthopedic procedures to grow our business."

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