Horizon Technology Finance Corporation Provides $35 Million Venture Loan Facility to Onkos Surgical
Chicago, IL (Alayaran.com) - Horizon Technology Finance Corporation, a leading specialty finance company, announced that it has provided a $35 million venture loan facility to Onkos Surgical, an affiliate of Monroe Capital. The initial funding amount of the loan facility is $30 million.
Onkos Surgical, a pioneer in the musculoskeletal space, plans to use the proceeds from the loan facility to accelerate the manufacturing and commercialization of its antibacterial coating technology, NanoCept. This innovative solution has been granted the first-ever FDA De Novo authorization for an antibacterial coating technology used on orthopedic implants, showcasing Onkos's innovation capabilities.
Bacterial contamination of implants is a significant clinical challenge that can have devastating implications for patients and poses substantial financial burdens to the healthcare system. NanoCept, with its broad-spectrum efficacy (up to 99.999% kill rate in standardized in-vitro testing), demonstrates excellent safety and biocompatibility, making it a game-changer in addressing this issue.
"Onkos Surgical is disrupting the orthopedic marketplace with a suite of differentiated products, including NanoCept," said Gerald A. Michaud, President of Horizon Technology Finance Corporation. "We are pleased to support the growth of Onkos as it continues to innovate novel solutions that address diverse unmet needs in a growing and important market segment."
Onkos Surgical's CEO and Co-founder, Patrick Treacy, added, "Horizon's support will further fuel our growth engine by accelerating the commercialization of NanoCept, a transformative and first-of-its-kind orthopedic technology that has substantial potential to meaningfully improve patient outcomes. We are committed to transforming the standard of care across complex orthopedic procedures, providing benefit to patients, clinicians, and health systems while creating value for our investors."
Onkos Surgical is backed by renowned investors, including 1315 Capital, Canaan Partners, and SV Health Investors.
This venture loan facility will enable Onkos Surgical to ramp up its manufacturing capabilities and expand its product offerings in the growing $3 billion orthopedic market. With Horizon Technology Finance Corporation's support, Onkos aims to revolutionize patient care and transform the standard of orthopedic procedures.