Horizon Technology Finance Provides Second Quarter 2020 Portfolio Update
"We were very pleased to have grown our portfolio for the ninth consecutive quarter, as we originated
Second Quarter 2020 Portfolio Update
Horizon funded six loans during the second quarter of 2020 totaling
$10.0 millionto a new portfolio company, Ceribell, Inc., a developer of an FDA-cleared rapid response electroencephalography (EEG) medical device, which measures the amount of electrical activity in different regions of the brain in order to diagnose seizures. $10.0 millionto a new portfolio company, Magnolia Medical Technologies, Inc., a developer of an FDA-cleared high-precision blood culture collection medical device. $10.0 millionto a new portfolio company, Provivi, Inc., a developer of cost-effective natural crop protection products which utilize pheromones to disrupt the typical insect mating cycle. $5.0 millionto a new portfolio company, Emalex Biosciences, Inc., a clinical-stage biopharmaceutical company focused on developing treatments for central nervous system movement disorders and fluency disorders. $5.0 millionto an existing portfolio company, Kate Farms, Inc., a medical nutrition company that develops non-GMO, all-organic, common allergenic-free, ready-to-consume formulas for patients with impaired digestion. $0.4 millionto an existing portfolio company focused on the late-stage development and commercialization of drugs to treat cardiovascular diseases.
Horizon experienced liquidity events from four portfolio companies in the second quarter of 2020, including principal prepayments of
- In April,
HealthEdge Software, Inc.("HealthEdge") prepaid its outstanding principal balance of $13.1 millionon its venture loan, plus interest, end-of-term payment and prepayment fee. Horizon also received proceeds of approximately $0.5 millionin connection with the termination of Horizon's warrants in HealthEdge.
- In April,
Signix, Inc.("Signix") paid Horizon $0.6 millionin full satisfaction of its outstanding obligations to Horizon.
- In June,
Kinestral Technologies, Inc.("Kinestral") paid the outstanding principal balance of $12.0 millionon its venture loan, plus interest, end-of-term payment and prepayment fee. Horizon continues to hold warrants in Kinestral.
- In June,
Audacy Corporationprepaid its outstanding principal balance of $4.3 millionon its venture loan, plus interest, end-of-term payment, prepayment fee and additional fees.
Horizon Secured Loan Fund I Activity
As previously announced, in April, Horizon purchased all of the limited liability company interests of Arena in Horizon Secured Loan Fund I ("HSLF"). HSLF is now a wholly-owned subsidiary of Horizon and its assets have been consolidated with the assets of the Company.
During the second quarter of 2020, Horizon consolidated six venture debt portfolio loans, totaling
Principal Payments Received
During the second quarter of 2020, Horizon received regularly scheduled principal payments on investments totaling
During the second quarter ended
Capital Markets Activity – 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