Business
Runway Growth Finance Provides First Quarter 2022 Portfolio Update
Completed Seven Investments in New and Existing Portfolio Companies Representing $135 Million in New Commitments and $83.5 Million in Funded LoansTotal Loan
About this update from Runway Growth Finance Corp.
[{"type":"text","content":"Completed Seven Investments in New and Existing Portfolio Companies Representing $135 Million in New Commitments and $83.5 Million in Funded LoansTotal Loan Commitments and Funded Investments Grow To $1.6 Billion and $1.3 Billion Since Inception WOODSIDE, Calif., April 07, 2022 (GLOBE NEWSWIRE) -- Runway Growth Finance Corp. (“Runway Growth”) (Nasdaq: RWAY), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today announced a portfolio update for the first quarter ended March 31, 2022. “Runway Growth capitalized on its strong momentum in the first quarter, utilizing proceeds from our revolving credit facility to complete seven new investments, strategically increase leverage and drive strong portfolio growth amidst increasing market uncertainty,” said David Spreng, Founder and CEO of Runway Growth. “We further built upon our track record of underwriting high-quality deals in the areas we believe we know best, particularly in the life sciences sector, with two new loans to Mustang Bio and Revelle Aesthetics. We believe our reputation as a trusted partner with a steady hand and unparalleled understanding of our borrowers’ businesses continues to distinguish Runway Growth as a preferred lender. As venture equity valuations decline and the equity capital markets become increasingly costly for entrepreneurs, we expect more management teams will turn to debt for the crucial capital needed to fund their next phase of growth and extend their runway – and Runway Growth is poised to take advantage of that opportunity.” Originations In the first quarter of 2022, Runway Growth funded seven investments: two investments in new portfolio companies, and five new investments in existing portfolio companies. These include: Completion of a new $75 million senior secured term loan commitment to Mustang Bio, Inc. (“Mustang Bio”) (Nasdaq: MBIO), funding $30 million at close. Mustang Bio is 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. Mustang Bio aims to acquire rights to these technologies by licensing or otherwise acquiring an ownership interest to fund research and development and to out-license or bring the tech...