2022-07-11 | NDAQ:HRZN | Press release
FARMINGTON, Conn., July 11, 2022 /PRNewswire/ — Horizon Technology Finance Corporation (NASDAQ:HRZN) (“Horizon”), a leading specialty finance company that provides capital in the form of secured loans to venture-backed companies in the areas of technology, life sciences, information and health services, and sustainability industries, today announced the closure of a $45 million venture loan facility to Swift Health Systems, Inc. (dba InBrace) (“InBrace”), which Horizon funded $7 million from the initial $10 million draw, and a private investment vehicle managed by Horizon Technology Finance Management LLC, Horizon’s advisor, funded $3 million.
InBrace is the orthodontic company behind Smartwire®, which is transforming the process of straightening teeth and dramatically improving the patient experience. The InBrace Smartwire is fitted behind the teeth by an orthodontist, making treatment completely hidden so patients can share their improved smile as teeth straighten in real time. The InBrace Smartwire is created from a shape-memory alloy that continuously moves the teeth into place using Gentleforce® Technology. InBrace works like an autopilot and doesn’t require the painful monthly crunches of braces or the tray changes and lifestyle inconveniences of plastic aligners. InBrace is backed by a consortium of renowned investors including: Vivo Capital, Endeavor Vision Ltd, Farallon Capital Management, Marshal Wace, MVM, Novo Holdings, RTW Investments, LP, Soleus Capital and venBio Partners LLC. The company will use the loan proceeds for general growth and working capital purposes.
“InBrace is disrupting the $40 billion+ orthodontic market, delivering a completely hidden teeth-straightening treatment that dramatically reduces treatment time while allowing patients to eat, drink, brush and to floss as best they can when not in treatment,” said Gerald A. Michaud, president of Horizon. “We are excited to work with InBrace as the company expands its offerings and uses its technology to grow and revolutionize the orthodontic industry.”
“We welcome Horizon’s support as we continue to change the way people think about straightening teeth,” said Clint Carnel, CEO of InBrace. “InBrace patients receive expert orthodontic care with just a few check-in appointments and without the lifestyle compromises of dated offerings. Best of all, with InBrace, patients don’t have to have the look worse before you look better. The process is simple, InBrace takes a patient’s Toothprint™ who then co-designs their ideal smile with an InBrace provider. Next, InBrace programs the Smartwire which is installed behind the teeth It’s a win-win for providers and patients and we’re excited to grow throughout North America.”
About Horizon Technology Financing
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture-backed companies in the technology, life sciences, health information and services and sustainability. HRZN’s investment objective is to maximize the return on its investment portfolio by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when of these debt investments. Horizon Technology Finance Management LLC is headquartered in Farmington, Connecticutwith a regional office in Pleasanton, Californiaand investment professionals located in Portland, Maine, Austin, TXand Reston, Virginia. To learn more, please visit horizontechfinance.com.
InBrace was invented and founded by Drs. John Pham and Tong Hongsheng who set out to find a healthier and more effective teeth straightening system to treat children with severe cleft lip and palate, which led them to partner with USC and Children’s Hospital Los Angeles. InBrace filed the first application patent in its extensive patent portfolio in 2012.
InBrace revolutionizes tooth straightening with a custom Smartwire® that is designed using each patient’s unique Toothprint™. Set it and forget it technology puts the orthodontic experience on autopilot; with a treatment that is completely hidden from the world and that requires less work for patients and clinicians. Designed for you. Designed for Real Life™. InBrace is headquartered in Irvine, California. For more information, visit InBrace.com, LinkedIn, Instagram or Facebook.
Statements included in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and do not constitute are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to a number of factors, including those described from time to time in the Company’s filings with the Securities and Exchange Commission. Horizon assumes no obligation to update any forward-looking statements made herein. All forward-looking statements speak only as of the date of this press release.
SOURCE Horizon Technology Finance Corporation