Horizon Technology Finance announced that it issued a $20 million venture loan facility to blood culture collection device maker Magnolia Medical.
According to a news release, Horizon provided the loan facility to Magnolia on May 6 to support its FDA-cleared Steripath device for preventing the contamination of blood cultures upon collection.
“Magnolia’s Steripath device has vastly improved blood culture collection capabilities and significantly reduced the misdiagnoses of sepsis,” Horizon president Gerald Michaud said in the release. “Steripath, a patented technology indicated to reduce blood culture contamination, is being used by a broad array of hospitals nationwide and as a result, patients can be released more quickly with reduced complications and re-admissions, enabling hospitals to save considerably on expenses.
“We are pleased to provide funding for Magnolia as it develops additional products that will further augme…