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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sunesis Pharmaceuticals Inc | NASDAQ:SNSS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 5.32 | 4.72 | 4.75 | 0 | 01:00:00 |
Gerald A. Michaud, President of Horizon, commented, "We saw a marked increase in investment activity in the fourth quarter of 2011 compared to the third quarter of 2011, adding assets to our high quality seasoned portfolio. Our new loan investments of approximately $20 million in the fourth quarter can be attributed to a combination of our improved liquidity resulting from our new credit facility, our continued focus on new originations, and year-end market demand for our loan products. Our investment activity in the fourth quarter showed, once again, how quickly we can deploy our available capital into high quality earning assets."
New Loans Funded
Gross new loan investments during the fourth quarter of 2011 totaled $19.5 million. There were no refinanced balances in the fourth quarter. During the fourth quarter of 2011, Horizon provided funding to the following two new portfolio companies and five existing portfolio companies:
Commitments
During the quarter ended December 31, 2011, Horizon closed loan commitments totaling $21.5 million, plus warrants, to two new companies and two existing portfolio company. This compares to loan commitments totaling $4 million for the quarter ended September 30, 2011.
Pipeline
As of December 31, 2011, Horizon's unfunded loan approvals and commitments ("Committed Backlog") totaled $22.5 million to five companies. This compares to a Committed Backlog of $18.7 million as of September 30, 2011. While Horizon's portfolio companies have discretion whether to draw down such commitments, in some cases, the right of a company to draw down its commitment is subject to the portfolio company achieving specific milestones (e.g. an additional capital issuance or the completion of a clinical trial).
About Horizon Technology Finance Corporation
Horizon Technology Finance Corporation is a closed-end investment company that has elected to be treated as a business development company under the Investment Company Act of 1940. The Company provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services, and clean-tech industries. The investment objective of Horizon Technology Finance is to maximize total risk-adjusted returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants to purchase the equity of portfolio companies. Headquartered in Farmington, CT, with a regional office in Walnut Creek, CA, the Company is externally managed by its investment advisor, Horizon Technology Finance Management LLC. To learn more, please visit horizontechnologyfinancecorp.com.
Forward-Looking Statements
Statements included herein may constitute "forward-looking statements," which relate to future events or our future performance or financial condition. These statements 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 our filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
CONTACT: Horizon Technology Finance Corporation Christopher M. Mathieu Chief Financial Officer (860) 676-8653 chris@horizontechfinance.com Investor Relations and Media Contacts: The IGB Group Leon Berman / Michael Cimini (212) 477-8438 / (212) 477-8261 lberman@igbir.com / mcimini@igbir.com
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