Horizon Technology Finance Provides Second Quarter 2022 Portfolio Update
- Horizon Platform Originates Record
"The Horizon Platform generated another record-setting quarter of originations despite the challenging economic environment, closing
Second Quarter 2022 Portfolio Update
During the second quarter of 2022, a total of
$26.0 millionto an existing portfolio company, Castle Creek Biosciences, Inc., a developer of gene therapies for patients with rare and serious genetic diseases, in connection with the prepayment of its existing Horizon Platform loan facility and providing it with additional debt capital. $15.0 millionto a new portfolio company, Divergent Technologies Inc., a creator of an innovative global manufacturing infrastructure platform for the automotive industry. $12.5 millionto a new portfolio company, a clinical-stage company focused on decoding the entire genome to identify optimal gene targets to cure oncology and autoimmune diseases. $12.5 millionto an existing portfolio company, NextCar Holding Company, Inc.(dba Autonomy), an online platform offering automobiles to consumers on a subscription basis. $10.0 millionto a new portfolio company, a developer of a breathalyzer test to detect recent cannabis use. $10.0 millionto an existing portfolio company, IMV Inc.(NASDAQ: IMV), a clinical-stage biopharmaceutical company developing a new class of cancer immunotherapies and infectious disease vaccines. $10.0 millionto an existing portfolio company, Nexii Building Solutions Inc., a green construction company that designs and manufactures low carbon buildings and products. $7.5 millionto a new portfolio company, Engage3, LLC, a developer of price optimization software that enables retailers and brands to profitably grow revenue and drive additional store trips. $7.5 millionto a new portfolio company, a developer of innovative medical devices and therapies to address the evolving needs of interventional specialists. $7.5 millionto an existing portfolio company, Soli Organic Inc., a leading grower and marketer of fresh organic culinary herbs, providing sustainable, USDA-certified organic, regionally grown produce to retailers. $7.0 millionto a new portfolio company, Swift Health Systems, Inc.(dba InBrace), a developer of teeth straightening technology that provides an alternative to traditional braces and aligners. $5.0 millionto an existing portfolio company, Emalex Biosciences, Inc., a clinical-stage biopharmaceutical company focused on developing treatments for central nervous system movement disorders and fluency disorders. $3.75 millionto a new portfolio company, a developer of next generation microbial solutions for both companion and livestock animals. $2.5 millionto an existing portfolio company, Secure Transfusion Services, Inc., an operator of commercial blood collection centers that source and distribute vital, in-demand blood components to hospitals. $0.4 millionto an existing company, MacuLogix, Inc., a medical device company in the optometry and ophthalmology industry.
HRZN experienced liquidity events from four portfolio companies in the second quarter of 2022, including principal prepayments of
- In April, with the proceeds of a new loan from the Horizon Platform,
Castle Creek Biosciences, Inc.prepaid its previously outstanding principal balance of $25.0 millionon its venture loan facility, plus interest and end-of-term payment. HRZN continues to hold warrants in the company.
- In May,
Updater, Inc.prepaid its outstanding principal balance of $19.3 millionon its venture loan, plus interest, end-of-term payment and prepayment fee. HRZN continues to hold warrants in the company.
- In June,
IDbyDNA, Inc.was acquired by Illumina, Inc. and prepaid its outstanding principal balance of $12.5 millionon its venture loan, plus interest, end-of-term payment and prepayment fee. HRZN also received proceeds totaling $0.3 millionfrom the redemption of warrants it held in the company.
- In June, HRZN earned a
$0.1 millionearnout payment related to its investment in Bardy Diagnostics, Inc.
Principal Payments Received
During the second quarter of 2022, HRZN received regularly scheduled principal payments on investments totaling
During the quarter ended
Pipeline and Term Sheets
During the quarter, HTFM received signed term sheets that are in the approval process, which may result in the Horizon Platform providing up to an aggregate of
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