July 19, 2018

CT financier stakes Pa. eyecare innovator

HBJ File Photo
HBJ File Photo
Gerald A. Michaud, president of Horizon Technology Finance Corp.

Farmington specialty financier Horizon Technology Finance Corp. says it led a $10 million working-capital funding package for a Pennsylvania innovator of an eyecare device used to detect macular degeneration, which can cause irreversible blindness.

MacuLogix, of Middletown, Pa., received an initial $3.75 million through Horizon's secured-loan commitment. That was coupled with $4.2 million in borrowed working capital from California's Silicon Valley Bank, Horizon President Gerald Michaud said.

MacuLogix makes and markets the AdaptDx, a medical device that optometrists and opthalmologists use to measure the eye's retinal function. Macular degeneration is the leading cause of impaired vision and blindness among aging Americans.

MacuLogix CEO William D. McPhee says the company's sales have more than tripled in the past year.

MacuLogix's leading investors, include Roche Ventures, Fisk Ventures and Life Sciences Greenhouse of Central Pennsylvania.

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