Hercules Capital Announces Multiple Outstanding Achievements by Numerous Investment Portfolio Companies
12 February 2019 - 10:00PM
Business Wire
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules” or the
“Company”), the largest and leading specialty financing provider to
innovative venture growth stage companies backed by some of the
leading U.S. and top tier venture capital and select private equity
firms, today announced some of the latest achievements for the
following select portfolio companies.
“It’s truly wonderful to see so many of our portfolio companies
executing and achieving value-creating milestones. I was also
delighted to see the number of portfolio companies which have filed
registration statements in preparation for their potential IPO
debuts, a level we have not seen in quite some time,” said Manuel
A. Henriquez, chairman and chief executive officer of Hercules.
“The ongoing success and progress achieved by many of our high
quality, innovative portfolio companies reinforce their continued
access to various forms of growth capital, which highlights their
momentum and demonstrates the many benefits in selecting and
working with a capital partner that has scale and a balance sheet
as a source of strength.”
Henriquez added, “We enter 2019 with an optimistic outlook, as
many of our portfolio companies are expecting to pursue and ideally
complete exits through a combination of IPOs and M&As, as
evidenced by our seven companies in registration. These milestone
achievements are even more impressive when you consider the current
volatile market environment and increasing uncertainty about a
potential US economic slowdown.”
Hercules Portfolio Company
Achievements
Recently Completed New
Financings
- BridgeBio Pharma LLC, a
biopharmaceutical company that finds, develops and delivers
breakthrough medicines for genetic diseases, raised $299.2 million
to advance its genetic disease pipeline, which includes more than a
dozen assets in preclinical and clinical development. KKR and
Viking Global Investors led the round along with Sequoia Capital
and existing investors including Perceptive Advisors, AIG, Aisling
Capital, Cormorant Capital and Hercules Capital.
- Postmates Inc., a market leading
logistics company that operates a network of couriers who deliver
goods locally, raised an additional $100.0 million in equity
funding at a $1.85 billion valuation. The company has garnered a
total of $681.0 million in venture capital funding from investors,
including BlackRock, Tiger Global, Spark Capital, Founders Fund,
Uncork Capital and Slow Ventures.
- Contentful, the leading content
infrastructure for digital teams, raised $33.5 million in Series D
equity funding, led by Sapphire Ventures, with participation from
OMERS Ventures, Salesforce Ventures, and existing investors
including General Catalyst, BenchMark, Balderton Capital and
Hercules Capital, bringing the total funding for Contentful to
$78.3 million.
- Wrike, Inc., the collaborative
work management platform for high-performance teams, signed a
definitive agreement to receive a majority investment by Vista
Equity Partners, a leading investment firm focused on software,
data and technology-enabled businesses.
- OneLogin, Inc., the leader in
Unified Access Management, which delivers simple and secure
application access and identity management to enterprises, closed
$100.0 million in growth financing. The financing was led by new
investors Greenspring Associates and Silver Lake Waterman, as well
as existing investors CRV, Scale Venture Partners and Blue Cloud
Ventures.
- ClearObject, a leading IoT
systems integration provider for asset and data intensive
industries, announced that Egis Capital Partners and ABS Capital
Partners have acquired a majority interest in the company. Terms of
the investment were not disclosed.
- Gynesonics, a women’s healthcare
company and the developer of the Sonata System and other advanced,
incision-free solutions for the treatment of uterine conditions,
raised a $75.0 million equity financing led by Bain Capital Life
Sciences, along with existing investors, including Abingworth,
Advanced Technology Ventures, Endeavour Vision, HealthCrest,
InterWest Partners, HBM Partners, Correlation Ventures and Hercules
Capital.
- Axovant Sciences (NASDAQ: AXON),
a clinical-stage gene therapy company focused on developing a
pipeline of innovative product candidates for debilitating
neurological and neuromuscular diseases, announced pricing of its
underwritten public offering of 30 million of its common shares at
a price to the public of $1.00 per share.
FDA Approvals and Clinical
Trials
- Verastem, Inc. (NASDAQ: VSTM), a
biopharmaceutical company focused on developing and commercializing
medicines to improve the survival and quality of life of cancer
patients, received FDA approval of COPIKTRA, an oral inhibitor of
phosphoinositide 3-kinase (PI3K), and the first approved dual
inhibitor of PI3K-delta and PI3K gamma. COPIKTRA is approved for
the treatment of adult patients with relapsed or refractory chronic
lymphocytic leukemia/small lymphocytic lymphoma after at least two
prior therapies.
- Paratek Pharmaceuticals, Inc.
(NASDAQ: PRTK), a biopharmaceutical company focused on the
development and commercialization of innovative therapies based
upon its expertise in novel tetracycline chemistry, received FDA
approval of NUZYRA, a treatment for adults with community-acquired
bacterial pneumonia and acute skin and skin structure
infections.
- AcelRx Pharmaceuticals, Inc.
(NASDAQ: ACRX), a specialty pharmaceutical company focused on the
development and commercialization of innovative therapies for use
in a medically supervised setting, received FDA approval of DSUVIA,
which is indicated for the management of acute pain in adults that
is severe enough to require an opioid analgesic in certified
medically supervised healthcare settings, such as hospitals,
surgical centers, and emergency departments.
- Antares Pharma, Inc. (NASDAQ:
ATRS), a specialty pharmaceutical company focused on the
development and commercialization of self-administered parenteral
pharmaceutical products using advanced drug delivery auto injection
technology, received FDA approval of XYOSTED, the first FDA
approved subcutaneous testosterone enanthate product for
once-weekly, at-home self-administration with an easy-to-use,
single dose, disposable QuickShot auto injector. XYOSTED is
indicated for testosterone replacement therapy in adult males for
conditions associated with a deficiency or absence of endogenous
testosterone.
- Stealth BioTherapeutics Corp., a
clinical-stage biopharmaceutical company developing therapeutics to
treat mitochondrial dysfunction, was granted Fast Track designation
by the FDA for its lead investigational candidate, elamipretide,
for the treatment of dry age-related macular degeneration with
geographic atrophy.
- Flowonix Medical, Inc., a
medical device company working with healthcare professionals to
help improve patient’s lives through targeted drug delivery
innovation and therapy advancements, received FDA approval to
market the Flowonix Maestro Software for Clinician Programmers used
to program Prometra Pump Systems. The new software is designed to
improve the user experience for both clinicians and patients.
M&A Activities
- Art.com Inc., one of the largest
online sellers of art and wall décor globally, has entered into a
definitive agreement to be acquired by Walmart (NYSE: WMT), a
multinational retail corporation that operates a chain of
hypermarket, discount department stores and grocery stores. Terms
of the acquisition were not disclosed.
- Labcyte Inc., a global
biotechnology tools company developing acoustic liquid handling,
was acquired by Beckman Coulter Life Sciences, a developer and
manufacturer of products that simplify, automate and innovate
complex biomedical testing. Labcyte will transition into Beckman
Coulter Life Sciences under the larger Danaher Life Sciences
platform of companies. Terms of the acquisition were not
disclosed.
IPO Activities
As of February 11, 2019, Hercules held warrant and equity
positions in seven (7) portfolio companies that had filed
Registration Statements in contemplation of a potential IPO,
including:
- Stealth Bio Therapeutics Corp.,
a clinical-stage biopharmaceutical company developing therapeutics
to treat mitochondrial dysfunction, filed a public registration
with NASDAQ in contemplation of a potential public offering and
plans to list its shares under the ticker symbol “MITO.”
- Avedro, Inc., a leading
commercial-stage ophthalmic medical technology company focused on
treating corneal ectatic disorders and improving vision to reduce
dependency on eyeglasses or contact lenses, has filed an S-1
registration statement with the Securities and Exchange Commission
to raise $86.25 million in an IPO of its common stock. Avedro has
developed a proprietary medical device system that treats corneal
ectatic disorders.
- Lightspeed POS, Inc. (aka Lightspeed
Retail), a cloud-based point-of-sale (POS) software solution
used by more than 50,000 retailers and restaurants, has filed a
preliminary prospectus with Canadian regulators and plans to list
its shares on the Toronto Stock Exchange under the ticker symbol
“LSPD.”
- Four (4) portfolio company filed
confidentially under the JOBS Act.
There can be no assurances that companies that have yet to
complete their IPOs will do so.
About Hercules Capital, Inc.
Hercules Capital, Inc. (NYSE: HTGC) (“Hercules”) is the leading
and largest specialty finance company focused on providing senior
secured venture growth loans to high-growth, innovative venture
capital-backed companies in a broad variety of technology, life
sciences and sustainable and renewable technology industries. Since
inception (December 2003), Hercules has committed more than $8.2
billion to over 440 companies and is the lender of choice for
entrepreneurs and venture capital firms seeking growth capital
financing. Companies interested in learning more about financing
opportunities should contact info@htgc.com, or call
650.289.3060.
Hercules’ common stock trades on the New York Stock Exchange
(NYSE) under the ticker symbol “HTGC.”
In addition, Hercules has six outstanding bond issuances:
Institutional Senior Unsecured Notes PAR $1000.00
Retail Senior Unsecured Notes (“Baby Bonds”) PAR
$25.00
- 5.25% Notes due 2025 (NYSE: HCXZ)
- 6.25% Notes due 2033 (NYSE: HCXY)
Convertible Notes
- 4.375% Convertible Notes due 2022
Securitization Notes
- 4.605% Asset-backed Notes due 2027
- 4.703% Asset-backed Notes due 2028
Forward-Looking Statements
This press release may contain “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. You should understand that under Section 27A(b)(2)(B) of
the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of
the Securities Exchange Act of 1934, as amended, or the Exchange
Act, the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995 do not apply to forward-looking
statements made in periodic reports we file under the Exchange
Act.
The information disclosed in this press release is made as of
the date hereof and reflects Hercules’ most current assessment of
its historical financial performance. Actual financial results
filed with the SEC may differ from those contained herein due to
timing delays between the date of this release and confirmation of
final audit results. These forward-looking statements are not
guarantees of future performance and are subject to uncertainties
and other factors that could cause actual results to differ
materially from those expressed in the forward-looking statements
including, without limitation, the risks, uncertainties, including
the uncertainties surrounding the current market volatility, and
other factors the Company identifies from time to time in its
filings with the SEC. Although Hercules believes that the
assumptions on which these forward-looking statements are based are
reasonable, any of those assumptions could prove to be inaccurate
and, as a result, the forward-looking statements based on those
assumptions also could be incorrect. You should not place undue
reliance on these forward-looking statements. The forward-looking
statements contained in this release are made as of the date
hereof, and Hercules assumes no obligation to update the
forward-looking statements for subsequent events.
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version on businesswire.com: https://www.businesswire.com/news/home/20190212005276/en/
Michael HaraInvestor Relations and Corporate
CommunicationsHercules Capital, Inc.650-433-5578mhara@htgc.com
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