Farmington, CT-based Horizon Technology Finance Corporation (HTFC) finalized a $15 million venture loan to Radisphere National Radiology Group Wednesday, a move both companies say will provide a valuable platform from which the specialty practice group can grow.
“Proof is in the pudding,” HTFC CFO Christopher Mathieu told Imagingbiz. “They’ve done really well so far executing on their plan. We believe that they can continue to grow.”
Radisphere is an existing client of HFTC, and the only such customer of its kind in the HFTC portfolio. The company expects Radisphere will use the capital to ramp up its overall business strategy as well as paying down debt.
“Our goal is to complement the equity that they’ve already raised and provide working capital that they can use like secured debt,” Mathieu said. “It is a growth strategy. It’s not about just making do with what they have.”
Under terms of the deal, Radisphere will net $12 million immediately, with access to another $3 million upon reaching certain milestones.