Horizon Technology Finance Provides Fourth Quarter 2018 Portfolio Update
"As anticipated, our fourth quarter was a very active and effective one at Horizon," said
"In addition, we transferred three of our recent portfolio investments to our joint venture with
Horizon funded six loans in the fourth quarter of 2018 totaling
$15.0 millionto a new portfolio company, Mohawk Group, Inc., an artificial intelligence-powered e-commerce company that owns and operates brands relating to home and kitchen, appliances, electronics and beauty categories and also provides marketing strategies and intelligence for third party brands to optimize their sales on e-commerce marketplaces. $10.0 millionto a new portfolio company, a provider of high-speed, high-performance solid-state data storage array software. $8.5 millionto an existing portfolio company, The NanoSteel Company, Inc., a leader in nano-structured steel materials design. $6.0 millionto a new portfolio company, a leading cooking and home brand offering a curated shop and award-winning content to its growing, vibrant community. $3.8 millionto an existing portfolio company, HealthEdge Software, Inc., a provider of next-generation technology products to the health insurance market. $3.8 millionto an existing portfolio company, MacuLogix, Inc., a medical device company in the optometry and ophthalmology industry.
Horizon experienced liquidity events from four portfolio companies in the fourth quarter of 2018, which encompassed outstanding principal prepayments of
- In October,
ShopKeep Inc.("ShopKeep") prepaid its outstanding principal balance of $8.5 millionon its venture loan, plus interest, end-of-term payment and prepayment fee. Horizon continues to hold warrants in ShopKeep.
- In October,
Ekahau, Inc.(" Ekahau") closed a sale transaction from which Horizon received proceeds of approximately $0.9 millionin connection with the termination of Horizon's warrants in Ekahau.
- In October,
PebblePost, Inc.("PebblePost") prepaid its outstanding principal balance of $8.0 millionon its venture loan plus interest, end-of-term payment and prepayment fee. Horizon continues to hold warrants in PebblePost.
- In November, with the proceeds of a new loan from Horizon,
The NanoSteel Company, Inc.("NanoSteel") prepaid its previously outstanding principal balance of $8.0 millionon its venture loan plus interest, end-of-term payment and prepayment fee. Horizon continues to hold warrants in NanoSteel.
Joint Venture Activity
During the fourth quarter of 2018, Horizon transferred portions of three of its portfolio investments, totaling
$5.0 millionof venture loans to Celsion Corporation, an oncology drug development company. $3.8 millionof venture loans to HealthEdge Software, Inc., a provider of next-generation technology products to the health insurance market. $8.0 millionof venture loans to IntelePeer Cloud Communications LLC, a leading provider of business communications.
With the size of the joint venture's portfolio now at
Principal Payments Received
During the fourth quarter of 2018, Horizon received regularly scheduled principal payments on investments totaling
During the fourth quarter ended
Warrant and Equity Portfolio
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 Horizon's filings with the