Horizon Technology Finance Corporation announced yesterday that it provided a $5 million venture loan to Corinth MedTech.
San Jose, Calif.-based Corinth develops the FDA-cleared Veloxion system for treating symptoms related to benign prostatic hyperplasia (BPH), also known as TURP for enlarged prostate, according to a news release.
Veloxion includes a resectoscope with an integrated camera, a light source and a complete fluid management system for TURP and TURBT (removal of bladder tumors) procedures to give physicians a way to perform faster, safer and more cost-effective tissue resections.
Corinth said it will use the $5 million in proceeds collected from Farmington, Conn.-based Horizon’s loan for general working capital purposes.
“We are delighted to work with the Horizon team and value their support,” Corinth president & CEO Steve Duddy said in the release. “We are eager to move forward in commercializing the Veloxion™ System and provide our seamless, streamlined procedure to hospitals nationwide. Horizon’s investment enables us to continue our efforts to bring our treatment to market, as well as aid us in developing additional solutions to treat other common urological conditions.”
“Through its advanced proprietary technology, Corinth has provided an effective and efficient solution to correct the common affliction of BPH among men worldwide,” added Horizon president Gerald A. Michaud. “We are excited to add our support to further facilitate Corinth’s commercialization of the Veloxion™ System and its overall growth initiatives.”