11/01/2017 21:15:00

Horizon Technology Finance Provides Investment Portfolio Update

FARMINGTON, Conn., Jan. 11, 2017 (GLOBE NEWSWIRE) -- Horizon Technology Finance Corporation (NASDAQ:HRZN) (“Horizon”), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and cleantech industries, today provided a portfolio update for the fourth quarter and year ended December 31, 2016.

“Our fourth quarter activity included new loans to two public life sciences companies and positive liquidity events from three portfolio companies which has enhanced our liquidity position,” said Gerald A. Michaud, President of Horizon. “During this time, we also took important steps to strengthen our investment platform by adding two senior-level hires to our life sciences team. Our expanded capabilities, combined with our strong liquidity, put us in an excellent position to grow our portfolio in 2017.”

New Loans Funded

Horizon funded two new loans in the fourth quarter of 2016 totaling $13.8 million, and 13 new loans totaling $57.8 million for the year. Horizon funded the following loans in the fourth quarter:

  • $6.3 million to a new portfolio company, vTv Therapeutics, Inc., a clinical-stage biopharmaceutical company committed to the discovery and development of treatments for a range of human diseases including Alzheimer's disease and diabetes.

     

  • $7.5 million to a new portfolio company, Strongbridge Biopharma plc, a global commercial-stage biopharmaceutical company focused on the development and commercialization of therapies for rare diseases with significant unmet needs.

Liquidity Events

During the quarter ended December 31, 2016, Horizon experienced liquidity events from three portfolio companies, increasing the total number of portfolio companies with liquidity events to 13 for the year. Liquidity events for Horizon may consist of the sale of warrants or equity in portfolio companies, loan prepayments, sale of owned assets or receipt of success fees.

In November, Additech, Inc. (“Additech”) prepaid the outstanding principal balance of $3.8 million on its venture loan, plus interest and end-of-term payment. Horizon continues to hold warrants in Additech.

In November, Crowdstar, Inc. (“Crowdstar”) prepaid the outstanding principal balance of $1.3 million on its venture loan, plus interest, end-of-term payment and prepayment fee. Horizon also received proceeds from the exercise and sale of warrants in Crowdstar.

In December, Medsphere Systems Corporation (“Medsphere”) prepaid the outstanding principal balance of $7.5 million on its venture loan, plus interest, end-of-term payment and prepayment fee. Horizon continues to hold warrants in Medsphere.

Refinanced Principal Balances, Early Principal Payoffs, and Principal Payments Received

As noted above, Horizon experienced early pay-offs during the fourth quarter of 2016 totaling $12.7 million, compared to early pay-offs totaling $17.0 million during the third quarter of 2016. During the fourth quarter of 2016, Horizon received regularly scheduled principal payments on investments totaling $12.9 million, which included InVisage Technologies, Inc.’s (“InVisage”) repayment at maturity of the outstanding principal balance of $2.8 million on its venture loan, plus interest and end-of-term payment, compared to regularly scheduled principal payments totaling $10.3 million during the third quarter of 2016. Horizon continues to hold warrants in InVisage.

Commitments

During the quarter ended December 31, 2016, Horizon closed new loan commitments totaling $27.5 million to two companies, compared to the quarter ended September 30, 2016, wherein Horizon closed new loan commitments totaling $17.0 million to two companies.

Pipeline

As of December 31, 2016, Horizon's unfunded loan approvals and commitments (“Committed Backlog”), all priced at floating interest rates, were $20.8 million to four companies. This compares to a Committed Backlog of $19.5 million to three companies as of September 30, 2016. While Horizon’s portfolio companies have discretion whether to draw down such commitments, the right of a portfolio company to draw down its commitment is often subject to achievement of specific milestones and other conditions to borrowing.

Warrant and Equity Portfolio

As of December 31, 2016, Horizon held a portfolio of warrant and equity positions in 85 portfolio companies, including 71 private companies, which provides the potential for future additional returns to Horizon's shareholders.

About Horizon Technology Finance

Horizon Technology Finance Corporation is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and cleantech industries. The investment objective of Horizon is to maximize its investment portfolio’s return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Headquartered in Farmington, Connecticut, Horizon has regional offices in Pleasanton, California and Reston, Virginia. Horizon's common stock trades on the NASDAQ Global Select Market under the ticker symbol "HRZN". To learn more, please visit www.horizontechfinance.com

Forward-Looking Statements

Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Contacts:

Horizon Technology Finance

Daniel R. Trolio

Vice President of Finance and

Interim Chief Financial Officer

(860) 674-9977

dtrolio@horizontechfinance.com

Investor Relations and Media Contacts:

The IGB Group

Scott Eckstein / Leon Berman

(212) 477-8261 / (212) 477-8438

seckstein@igbir.com / lberman@igbir.com

Post comment

Related debate

  • 1 week
  • 1 month
  • 1 Year
14 Apr
BAVA
Som det nok er mange bekendt, er kursen på Bavarians aktie faldet meget betydeligt, ca. 30%, over de..
31
19 Apr
 
Et opgør med Finanstilsynet er tvingende nødvendigt, hvis tilliden til markedet ikke skal lægges øde..
27
15 Apr
OMXC25
Virkelig intelligent indlæg. En masse om at markedet er på vej til nedtur, men sjovt nok ikke så meg..
24
18 Apr
 
LÆS NU FOR HELVEDE NOGEN AF DE 38000 indlæg som siger at børsen er nede!   Det er kraftstejleme da u..
21
08:03
OMXC25
Som tidligere påvist kan bulls køre hen over hvilken som helt bear. Hvis de altså vil. Det kræver at..
19
19 Apr
BAVA
      Vedr. shortsqeeze mm. og den ekstreme kursmanipulation der dagligt foregår på Nasdaq Kbhvn. T..
19
20 Apr
VWS
Vestas har en ordrerbeholdning større end de nogensinde har haft, og de sendte en næsten færdigjort ..
17
18 Apr
 
Det er en katastrofe ! Hvis det fortsætter ret meget længere er vi allesammen nødt til at gå ud og l..
16
20 Apr
VWS
hvornår kommer analysen?
15
17 Apr
LAUR
An aktie man aldrig skal eje. Ejerne trækker store summer ud, at en virksomhed der kæmper for overle..
14

HSBC Bank Plc : Form 8.5 (EPT/RI) - Lonmin PLC

22/02/2018 10:54:53
FORM 8.5 EPT/RI) PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY Rule 8.5 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Name of exempt principal trader: HSBC BANK PLC (b) Name of offeror/offeree i..

Rathbone Brothers Plc : Preliminary announcement of 2017 results

22/02/2018 07:00:19
Funds under management up 14.3% to £39.1 billionThis is a preliminary statement of annual results published in accordance with FCA Listing Rule 9.7A. It covers the year ended 31 December 2017. Mark Nicholls, Chairman of Rathbone Brothers Plc, said: "UK and global investment markets performed well in 2017, with some indices reaching record levels towards the end of the year. This outcome has b..

Elliott Capital Advisors, L.P : Form 8.3 - GKN Plc

21/02/2018 15:25:10
FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the "Code") 1.         KEY INFORMATION (a) Full name of discloser: Elliott Capital Advisors, L.P. (for itself and related general partners ..

Most read news

  • 24 hours
  • 48 hours
  • 1 week
1
Pomerantz Law Firm Announces the Filing of a Class Action against Myriad Genetics, Inc. and Certain Officers – MYGN
2
Jostens Unveils North Dakota State University Championship Rings and Fan Jewelry Collection
3
Rovio Entertainment Corp.: ''THE ANGRY BIRDS MOVIE 2" FLIES IN WITH ALL-STAR CAST OF NEW AND RETURNING COMEDY TALENT
4
BluDog Enters into Exclusive CBD Partnership with Natures Renewable
5
SYNACOR SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against Synacor, Inc. - SYNC

Buy and sell signals

  • Trend
  • Moneymachine

Copyright Euroinvestor A/S 2018   Disclaimer and Terms of Use
Quote information is delivered by Morningstar.
Data is delayed 15-20 minutes according to the distribution agreements set by the different exchanges.
 
21 April 2018 17:52:05
(UTC+00:00) Dublin, Edinburgh, Lisbon, London
Version: ReleaseBuild_20180417.1 - EUROWEB6 - 2018-04-21 18:52:05 - 2018-04-21 17:52:05 - 1000 - Website: OKAY