Horizon Technology Finance Provides Third Quarter 2019 Portfolio Update
"The momentum in the venture debt market we experienced during the first half of 2019 continued into the third quarter, as we successfully grew our portfolio for a sixth consecutive quarter by originating
Horizon funded six loans during the third quarter of 2019 totaling
$20.0 millionto a new portfolio company, CVRx, Inc., a developer of a premarket FDA-approved medical device addressing advanced cardiovascular diseases. $11.6 millionto an existing portfolio company, MacuLogix, Inc., a medical device company in the optometry and ophthalmology industry. $5.0 millionto a new portfolio company, LogicBio Therapeutics, Inc., (NASDAQ: LOGC), a genome editing company focused on developing medicines to durably treat rare diseases. $4.8 millionto an existing portfolio company focused on the late-stage development and commercialization of drugs to treat cardiovascular diseases. $2.7 millionto an existing portfolio company, IntelePeer Holdings, Inc., a leading provider of business communications. $2.5 millionto an existing portfolio company, Bridge2 Solutions, LLC, a SaaS platform technology company providing innovative solutions to drive engagement and loyalty between brands and their consumers.
Horizon experienced liquidity events from three portfolio companies in the third quarter of 2019, encompassing outstanding principal prepayments of
- In September,
Catasys, Inc.(" Catasys") prepaid its outstanding principal balance of $15.0 millionon its venture loan, plus interest, end-of-term payment, prepayment fee and a revenue-based payment. Horizon continues to hold warrants in Catasys.
- In September,
Food52 Inc.("Food52") prepaid its outstanding principal balance of $6.0 millionon its venture loan, plus interest, end-of-term payment and prepayment fee. Horizon will also receive proceeds of $500,000from the termination of its warrants in Food52.
- In September, with the proceeds of a new loan from Horizon,
MacuLogix, Inc.("MacuLogix") prepaid its previously outstanding principal balance of $7.5 millionon its venture loan, plus interest and end-of-term payment. Horizon continues to hold warrants in MacuLogix.
Joint Venture Activity
During the third quarter of 2019, Horizon transferred
Principal Payments Received
During the third quarter of 2019, Horizon received regularly scheduled principal payments on investments totaling
During the third 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