New Haven Pharmaceuticals, Inc., a North Haven, CT-based specialty pharmaceuticals company, received a new $6.3m venture loan.
Horizon Technology Finance Corporation (Nasdaq:HRZN), a specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services and cleantech industries, provided the financial resources.
The new venture loan, together with Horizon’s existing venture loan, provides NHP with $10m of debt capital.
The company intends to use the proceeds for working capital purposes.
Led by Patrick Fourteau, Chief Executive Officer, New Haven Pharmaceuticals develops new prescription drug products that utilize currently marketed drugs or generally recognized as safe (GRAS) active pharmaceutical ingredients (APIs) for use in therapeutic applications representing attractive market opportunities.
In addition to FDA-approved DURLAZA™, the company is advancing products incorporating proprietary Yale University technology utilizing zinc salts, including both a proprietary zinc salts product designed to lower stomach acid in patients suffering from gastro-esophageal reflux disease (or GERD) and a combination product with DURLAZA.