Business
Horizon Technology Finance Provides First Quarter 2019 Portfolio Update
FARMINGTON, Conn., April 10, 2019 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty finance company that
About this update from Horizon Technology Finance Corporation
[{"type":"text","content":"FARMINGTON, Conn., April 10, 2019 /PRNewswire/ -- 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 its portfolio update for the first quarter ended March 31, 2019. \n\"We had a strong start to 2019 as we built upon the success of our prior year and the robust demand for our venture debt loans from both new and existing portfolio companies,\" said Gerald A. Michaud, President of Horizon. \"Our team originated over $40 million of new loans, allowing us to increase the size of our portfolio for the fourth consecutive quarter. In addition, two of our portfolio companies prepaid their loans in full, and we also received proceeds from the sale of two portfolio investments. This is a testament to our effective predictive pricing strategy and our ability to structure our investments to benefit from capital appreciation opportunities. With our balance sheet further fortified by our recent capital raise, we remain well positioned to continue delivering long-term value to shareholders.\" \nOriginations\nHorizon funded six loans during the first quarter of 2019 totaling $40.2 million:\n$15.0 million to a new portfolio company, Mustang Bio, Inc., a clinical-stage biopharmaceutical company focused on translating today's medical breakthroughs in cell and gene therapies into potential cures for hematologic cancers, solid tumors and rare genetic diseases. $10.0 million to a new portfolio company, a leading provider of critical power analytics and facility management services. $8.5 million to a new portfolio company, Betabrand Corporation, a crowdfunded online clothing community that designs, manufactures, and consistently releases new products. $2.5 million to an existing portfolio company, New Signature US, Inc. (\"New Signature\"), a leading cloud-first, full-service Microsoft provider and consultancy that delivers professional and managed services to a global client base; including $1.5 million of which Horizon funded to Horizon Secured Loan Fund I (\"HSLFI\"), a joint venture, for its investment in New Signature. $2.5 million to an existing portfolio company, Catasys, Inc., a leading AI and t...