Canary Medical, Inc., a Vancouver, Canada-based medical data company improving healthcare outcomes with its proprietary smart medical devices, received a $20m venture loan facility.
Horizon Technology Finance Corporation (NASDAQ: HRZN) and Silicon Valley Bank provided the financing.
Under the terms of the agreement, Horizon and SVB will each provide Canary Medical with $10m of borrowing capacity. $5m of the facility was funded at closing, with additional tranches to be provided subject to various regulatory and financial milestones.
The company expects to use the loan proceeds for general working capital purposes.
Led by Bill Hunter, Founder and Chief Executive Officer, Canary Medical is a medical data company improving healthcare outcomes through the continuous collection, analysis, and monetization of data derived from proprietary, smart medical devices that self-report on function, diagnostic information, patient activity, side effects, and treatment failure.
The company, which has U.S. offices in Carlsbad, CA, has raised approximately $45m from a premier syndicate of investors, including Global Health Sciences (a joint venture between Quark Ventures and GF Securities), Biosciences Managers and Kobuck Limited, interested in innovative biotech, life sciences and healthcare companies.