FARMINGTON, Conn., July 9, 2013 (GLOBE NEWSWIRE) -- Horizon Technology Finance Corporation (Nasdaq:HRZN) ("Horizon"), a leading specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies in the technology, life science, healthcare information and services, and clean-tech industries, today provided a portfolio update for the second quarter of 2013.
"Horizon successfully executed on its investment strategy during the second quarter, funding a total of $29.1 million in venture loans to seven new portfolio companies and three existing portfolio companies across its target markets," said Gerald A. Michaud, President of Horizon. "While a majority of the fundings occurred later in the quarter, a typical trend within our industry, we are pleased with our strong investment activity during the second quarter and first half of 2013. Going forward, we will maintain our focus on taking advantage of select market opportunities that meet management's underwriting and return criteria."
New Loans FundedNew loans funded during the second quarter of 2013 totaled approximately $29.1 million. During the second quarter of 2013, Horizon provided funding to the following new and existing portfolio companies:
- $3.5 million to a new portfolio company, Inotek Pharmaceuticals Corporation, a developer of innovative drug candidates to address significant diseases of the eye, with a major focus on glaucoma.
- $1.1 million to an existing portfolio company, Mitralign, Inc., a developer of an innovative catheter based technology for percutaneous treatment of mitral regurgitation.
- $2.0 million to a new portfolio company, New Haven Pharmaceuticals, Inc., a developer of prescription pharmaceuticals that utilize currently marketed drugs or active pharmaceutical ingredients generally recognized as safe for use in therapeutic applications.
- $3.0 million to a new portfolio company, NexPlanar, Inc., a developer of next generation chemical mechanical planarization (CMP) pads for the semiconductor device industry.
- $1.0 million to an existing portfolio company, Raydiance, Inc., a developer of precision manufacturing solutions enabled by femtosecond laser technology.
- $3.0 million to a new portfolio company, Rypos, Inc., a developer of intelligent emissions reduction solutions with its patented electrically self-regenerating filters and proprietary catalytic technologies.
- $6.0 million to a new portfolio company, a developer of next generation, high performance enterprise storage appliances for data driven organizations.
- $5.0 million to a new portfolio company, a provider of Carrier Ethernet solutions for the metro edge.
- $3.0 million to an existing portfolio company, a developer of cloud solutions for secure enterprise mobile device and application management.
- $1.5 million to a new portfolio company, a provider of cloud-based financial assurance and predictive analytics solutions for communications service providers.