Hercules Technology Growth Capital provided 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."
According to a company release, as of June 26, Hercules has originated approximately $198.6 million of debt commitments to new and existing portfolio companies.
Hercules said it has made new commitments to the following eleven companies, assisting in their future growth and development.
-$35.0 million commitment to Alimera Sciences, a biopharmaceutical company that specializes in the research, development and commercialization of prescription ophthalmic pharmaceuticals.
-$30.0 million commitment to Nanotherapeutics, 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, a provider of cloud- based practice management, electronic health record, and medical billing software and services.
-$22.5 million commitment to SkyCross, a global designer and manufacturer of advanced antenna and RF solutions.
-$15.0 million commitment to Celator Pharmaceuticals, 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, 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, a provider of 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, a software company that creates proprietary analytics from big data in the public sector.
-$4.0 million commitment to Zosano Pharma, 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.
As of June 26, Hercules received approximately $68.1 million in principal repayments, of which approximately $38.7 million were unscheduled early repayments.
In April 2014, Hercules portfolio company Glori Energy completed its $185 million reverse merger with Infinity Cross Border Acquisition and closed a share tender offer and a warrant tender offer.
As of June 26, Hercules had warrant and equity positions in five (5) portfolio companies that had filed Registration Statements in contemplation of a potential IPO:
-One company filed confidentially under the Jobs Act
Hercules Technology Growth Capital is a specialty finance company.
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