- Q2 2014 Closed Commitments of
~$198.6 million
- 5 Portfolio Companies Currently in
IPO Registration
- 1 Completed M&A Liquidity Events
During Q2 2014
Hercules Technology Growth Capital, Inc. (NYSE: HTGC), the
leading specialty finance company focused on providing senior
secured loans to venture capital-backed companies in
technology-related markets, including technology, biotechnology,
life science, and energy & renewable technology industries, at
all stages of development, today announced its Q2 2014 portfolio
update.
“Hercules’ origination activity was very strong during the
second quarter, with new commitments totalling $198.6 million,”
said Manuel A. Henriquez, co-founder, chairman and chief executive
officer of Hercules. “We are very pleased to have been able to
continue to deploy our excess liquidity to a number of promising
and innovative companies which also meet our stringent credit
requirements. With a strong cash position and selective investment
process, we believe Hercules is well positioned to continue meeting
the robust demand for capital.”
New Originations for Q2 2014:
As of June 26, 2014, Hercules has originated approximately
$198.6 million of debt commitments to new and existing portfolio
companies.
Hercules has made new commitments to the following eleven
companies, assisting in their future growth and development.
- $35.0 million commitment to
Alimera Sciences, Inc., a biopharmaceutical company that
specializes in the research, development and commercialization of
prescription ophthalmic pharmaceuticals.
- $30.0 million commitment to
Nanotherapeutics, Inc., an integrated biopharmaceutical
company with a major focus on developing a diversified proprietary
pipeline of products having both biodefense and medical
applications.
- $25.5 million commitment to
CareCloud Corporation, a provider of cloud-based practice
management, electronic health record, and medical billing software
and services.
- $22.5 million commitment to
SkyCross, Inc., a global designer and manufacturer of
advanced antenna and RF solutions.
- $15.0 million commitment to
Celator Pharmaceuticals, Inc., a pharmaceutical company
developing advanced therapies to treat cancer based identifying
synergistic ratios of drugs that improve tumor cell kill.
- $15.0 million commitment to a
software company that provides a commerce platform for
retailers.
- $10.0 million commitment to
Pong Research Corporation, which develops cases for the
Apple iPhone, iPad, and Android smartphones to increase range and
transmit stronger signal, while reducing exposure to wireless
energy.
- $10.0 million commitment to
Quanterix Corporation, a leader in high definition
diagnostics, including its Simoa platform uses single molecule
measurements to access previously undetectable proteins.
- $10.0 million commitment to a
specialty biopharmaceutical company focused on the development,
manufacturing and commercialization of products for aesthetic
medicine
- $4.5 million commitment to
Poplicus, Inc., a software company that creates proprietary
analytics from big data in the public sector.
- $4.0 million commitment to
Zosano Pharma, Inc., a biopharmaceutical company developing
a transdermal delivery technology for a broad range of therapeutic
indications.
In addition, Hercules provided approximately $17.1 million of
debt commitments and renewals to existing portfolio companies.
It is important to note that certain commitments may expire
without being drawn upon, and commitments do not necessarily
represent future cash requirements or future earning assets for
Hercules. Our commitments may include conditions, such as reaching
certain milestones, before the Hercules debt commitment would
become available. Hercules is instituting more funding or
performance based milestone requirements to mitigate risk which
will affect our actual funding levels.
Principal Repayments:
As of June 26, 2014, Hercules received
approximately $68.1 million in principal repayments, of
which approximately $38.7 million were unscheduled early
repayments.
Portfolio Company Liquidity Events for Q2 2014:
1. In April 2014, Hercules portfolio company Glori Energy,
Inc. (NASDAQ: GLRI) completed its $185 million reverse merger
with Infinity Cross Border Acquisition Corp. (NASDAQ: INXB) and
closed a share tender offer and a warrant tender offer.
Current Companies in IPO Registration:
As of June 26, 2014, Hercules had warrant and equity positions
in five (5) portfolio companies that had filed Registration
Statements in contemplation of a potential IPO:
- Box, Inc.
- Dance Biopharm, Inc.
- Good Technology
- Zosano Pharma, Inc.
- One company filed confidentially under
the Jobs Act
There can be no assurances that these companies will complete
their IPOs in a timely manner or at all.
About Hercules Technology Growth Capital, Inc.:
Hercules Technology Growth Capital, Inc. (NYSE: HTGC) is the
leading specialty finance company focused on providing senior
secured loans to venture capital-backed companies in
technology-related markets, including technology, biotechnology,
life science, and energy & renewable technology industries, at
all stages of development. Since inception (December 2003),
Hercules has committed more than $4.2 billion to over 270 companies
and is the lender of choice for entrepreneurs and venture capital
firms seeking growth capital financing.
Hercules’ common stock trades on the New York Stock Exchange
under the ticker symbol "HTGC."
In addition, Hercules has two outstanding bond issuances of 7.00
percent Senior Notes due 2019—the April 2019 Notes and September
2019 Notes—which trade on the NYSE under the symbols “HTGZ” and
“HTGY,” respectively.
Companies interested in learning more about financing
opportunities should contact info@htgc.com, or call
650.289.3060.
Forward-Looking Statements:
Statements in this press release may constitute forward-looking
statements for purposes of the safe harbor protection under
applicable securities laws. Forward-looking statements can be
identified by terminology such as “anticipate,” “believe,” “could,”
“estimate,” “expect,” “intend,” “is planned,” “may,” “should,”
“will,” “will enable,” “would be expected,” “look forward,” “may
provide,” “would” or similar terms, variations of such terms or the
negative of those terms. Such forward-looking statements involve
known and unknown risks, uncertainties and other factors including,
without limitation, those risks, uncertainties and factors referred
to in the “Risk Factors” section of the Hercules Annual Report on
Form 10-K for the year ended December 31, 2013, as well as the
other documents and reports filed by Hercules with the Securities
Exchange Commission. As a result of such risks, uncertainties and
factors, actual results may differ materially from any future
results, performance or achievements discussed in or implied by the
forward-looking statements contained herein. Hercules is providing
the information in this press release as of this date and assumes
no obligations to update the information included in this press
release or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Hercules Technology Growth Capital, Inc.Main, 650-289-3060
HT-HNinfo@htgc.comorMarket Street PartnersEd Keaney,
415-445-3238ekeaney@marketstreetpartners.com
Hercules Capital (NYSE:HTGC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Hercules Capital (NYSE:HTGC)
Historical Stock Chart
From Jul 2023 to Jul 2024