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 technology (aka cleantech) industries, at all stages of development, today announced its quarter-to-date Q2 2013 portfolio update.
“We are pleased with Hercules’ robust investment portfolio activities for the quarter-to-date, with commitments of approximately $223.4 million. It is important to note, however, the majority of these commitments closed late in the quarter and at the same time our fundings to commitments ratio is moving downward as we institute greater use of funding triggers or performance milestones to mitigate risk,” said Manuel A. Henriquez, Hercules co-founder, chairman and chief executive officer. “As a result, we expect the revenue generation from the funding of these new assets to be fully reflected in our third quarter results.”
“Additionally, so far in 2013, Hercules' portfolio companies have experienced a number of IPO and M&A events. This is a reflection of our team’s proven ability to pick winners and help companies and their venture capital backers achieve critical growth milestones, as well as maximize value for our shareholders,” he continued.
New Originations for Quarter-to-Date Q2 2013:
As of June 26, 2013, Hercules has originated approximately $223.4
million of debt and equity commitments to new and existing portfolio companies.
Hercules has made new commitments to the following thirteen companies, assisting in their future growth and development.
Hercules' new investment commitments include:
- $45.0 million commitment to Anacor Pharmaceuticals (NASDAQ: ANAC), a biopharmaceutical company focused on discovering, developing and commercializing novel small molecule therapeutics derived from its boron chemistry platform.
- $20.0 million commitment to Spring Mobile Solutions, a global leader in delivering mission-critical mobile application software and end-to-end mobility solutions that enable enterprises to increase productivity and maximize business success.
- $20.0 million commitment to Rockwell Medical (NASDAQ: RMTI), a fully-integrated biopharmaceutical company targeting end-stage renal disease (ESRD) and chronic kidney disease (CKD) with innovative products and services for the treatment of iron deficiency, secondary hyperparathyroidism and hemodialysis.
- $17.5 million commitment to Orion HealthCorp, Inc., a top medical billing and practice management company that supports office-based physicians and hospital specialists across the United States.
- $15.0 million commitment to TPI Composites, a global provider of high-quality composites such as wind turbine blades and other structurally advanced products that achieves cost-effective solutions through partnerships with the industry’s leading manufacturers.
- $10.0 million commitment to TouchCommerce, a company focusing on accelerating results for its customers by delivering exceptional online engagement solutions, that enhance customer experience, increase revenue and reduce support costs, while using real time customer data analytics.
- $10.0 million commitment to a developer of human gene based therapies.
- $8.0 million commitment to CashStar, a leading digital gifting and incentives company that delivers on-demand gifting and mobile payment technology and multi-channel marketing services to the world's leading retail brands.
- $6.0 million commitment to Agrivida, a commercial leader in developing high-performance industrial enzymes and engineered crops for optimized production of biofuels, bio-based chemicals, and animal feed products.
- $5.0 million commitment to Mobile Posse, a leading provider of next-generation mobile marketing, CRM and research solutions for the home screen.
- $3.5 million commitment to Startapp, a Mobile Ad Network specializing in monetization and distribution of free mobile applications.
- $3.0 million commitment to Plures Technologies Inc. (OTCPK: MANY), an electronics company that through its subsidiary Advanced MicroSensors Corporation, develops, engineers, and manufactures MEMS (micro electrical mechanical systems) and Spintronics products in the forms of magnetic compassing sensors, medical sensors and switches, and industrial switches.
- $2.0 million commitment to MDEverywhere, a leading provider of revenue cycle services for physicians that offers a unique solution that includes web-based practice management software, coding rules engines, contract monitoring tools and full-scope claims management and back-office services.
In addition, Hercules provided approximately $58.4 million of debt commitments and renewals to existing portfolio companies.