Horizon Technology Finance Provides $40 Million Venture Loan Facility to Elligo Health Research

Horizon Technology Finance Corporation, a leading specialty finance company, has announced that it has provided a $40 million venture loan facility to Elligo Health Research. This loan facility will support Elligo’s innovative technology platform, which aims to revolutionize clinical research by increasing access to untapped trial participants.

Elligo’s platform utilizes non-traditional clinical trial sites, allowing clients to seamlessly engage with a diverse network of relevant clinical trial sites, patients, and their own physicians. By optimizing and streamlining workflows, Elligo’s data-driven clinical trial recruitment and workflow automation solutions offer a compelling opportunity to accelerate clinical research.

The $40 million venture loan facility, of which $25 million has been initially funded, will enable Elligo to further develop its platform and expand its operations. The loan proceeds will be used for general growth and working capital purposes.

Gerald A. Michaud, President of Horizon, expressed enthusiasm for Elligo’s cutting-edge technology, stating that it has the potential to address the patient accessibility issue that has long plagued the clinical trial market. With a significant percentage of physicians and patients unable to participate in clinical trials, Elligo’s platform offers a solution that benefits the entire healthcare ecosystem.

John Potthoff, Ph.D., Founder and CEO of Elligo, highlighted the importance of their unique workflow automation feature, IntElligo®, in conjunction with their data capabilities. This combination allows Elligo to facilitate access to more patients and conduct more efficient and cost-effective trials, ultimately accelerating the development of new therapies and devices.

Horizon Technology Finance Corporation, headquartered in Farmington, Connecticut, specializes in providing capital in the form of secured loans to venture capital-backed companies in various industries. The company’s investment objective is to generate current income and capital appreciation from its debt investments.

Elligo Health Research, backed by premier investors including Morgan Stanley and Norwest Venture Partners, aims to accelerate clinical trials by directly accessing diverse patients through its network of hospitals, healthcare-based sites, and research-based sites. The company’s proprietary technology, IntElligo, leverages electronic health record data to optimize the intersection of healthcare and research.

With this partnership, Horizon Technology Finance and Elligo Health Research are poised to make significant advancements in the clinical trial system, ultimately improving healthcare for all.