Business & Finance
Thu, April 19, 2012 
PALO ALTO, Calif.--([ BUSINESS WIRE ])--Hercules Technology Growth Capital, Inc. (NASDAQ: HTGC), a leader in customized debt financing for entrepreneurial venture capital and private equity-backed companies in technology-related markets including cleantech and life science, today announced that six of its portfolio companies achieved liquidity events during the first quarter of 2012, signifying a record number of transactions in the Companyas history for a similar time period. Since January 1, 2012, four portfolio companies completed initial public offerings (aIPOsa), one was acquired and one announced its intention to be acquired.
"We have witnessed a robust liquidity environment for IPO and M&A activity for Herculesa portfolio companies so far in 2012, and our team has been able to identify recent trends in the venture capital landscape to further maximize value for our shareholders"
aWe have witnessed a robust liquidity environment for IPO and M&A activity for Herculesa portfolio companies so far in 2012, and our team has been able to identify recent trends in the venture capital landscape to further maximize value for our shareholders,a said Manuel A. Henriquez, Herculesa co-founder, chairman and chief executive officer. aOur warrant portfolio which currently contains over 100 venture backed companies represents additional potential value for our shareholders by providing access to some of the most promising venture-backed companies in the technology, cleantech and life science market sectors.a
Four Portfolio Companies Successfully Complete IPOs
As of March 31, 2012, four of Herculesa portfolio companies completed IPOs; three of these portfolio companies went public in one week in March 2012, namely:
1. Cempra, Inc.
2. Annieas, Inc.
3. Merrimack Pharmaceuticals, Inc.
4. Enphase Energy, Inc.
- As previously announced in February 2012, portfolio company Cempra, Inc. completed its IPO and its shares are trading on Nasdaq-GM under the symbol aCEMPa.
- InMarch 2012, portfolio company Annieas, Inc. completed its IPO and its shares are trading on the New York Stock Exchange under the symbol aBNNYa.
- InMarch 2012, portfolio company Merrimack Pharmaceuticals, Inc. completed its IPO and its shares are trading on Nasdaq-GM under the symbol aMACKa.
- InMarch 2012, portfolio company Enphase Energy, Inc. completed its IPO and its shares are trading on Nasdaq-GM under the symbol aENPHa.
As of April 19, 2012, two of Hercules portfolio companies, Facebook, Inc. and WageWorks, Inc. have Form S-1 registration statements with theSecurities and Exchange Commissionin anticipation of completing a potential IPO. There can be no assurances that these companies will complete their respective IPO in a timely manner or at all. Reply!, Inc., Intelepeer, Inc. and BrightSource Energy, Inc. withdrew their initial public offerings.
M&A Transactions
1. B'RRX Medical
2. NEXX Systems, Inc.
As previously announced, in January 2012,Covidien plc(NYSE: COV) acquired Herculesa portfolio company, B'RRX Medical in a transaction valued at approximately$325.0 million. In connection with the sale, Hercules realized a net gain of over$2.2millionin the first quarter of 2012, representing an internal rate of return of approximately 33.0% on Herculesa investment in B'RRX Medical, Inc.
In March 2012, Tokyo Electron Limited (aTELa) reached a definitive agreement to acquire Herculesa portfolio company, NEXX Systems, Inc.
About Hercules Technology Growth Capital, Inc.:
Hercules Technology Growth Capital (NASDAQ: HTGC), is a NASDAQ traded specialty finance firm providing customized loans to public and private technology-related companies, including clean technology, life science and select lower middle market technology companies at all stages of development. Since inception, Hercules has committed more than $2.7 billion to over 190 companies and is the lender of choice for entrepreneurs, venture capital and private equity firms seeking ideal, customized growth capital financing at all stages of a companyas development to accelerate business growth and reach the next critical milestone.
Companies interested in learning more about financing opportunities should contact [ info@htgc.com ], or call 650.289.3060.
Forward-Looking Statements:
The statements contained in this release that are not purely historical are forward-looking statements. 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 turbulence, and other factors we identify from time to time in our filings with the Securities and Exchange Commission. Although we believe 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.
