Processing Your Payment

Please do not leave this page until complete. This can take a few moments.

July 9, 2013

New investments for Horizon

Horizon Technology Finance Corp. said it funded a total of $29.1 million worth of new loans to technology, life sciences, health care and other portfolio companies during its second quarter.

The Farmington specialty finance company, which is publicly traded, said the money went to seven new portfolio companies and three existing ones.

"While a majority of the fundings occurred later in the quarter, a typical trend within our industry, we are pleased with our strong investment activity during the second quarter and first half of 2013," Horizon President Gerald A. Michaud said in a statement. "Going forward, we will maintain our focus on taking advantage of select market opportunities that meet management's underwriting and return criteria."

More than half of the money in the second quarter went to four unnamed firms, three of which are new for Horizon. They range from a provider of enterprise storage appliances to a provider of Ethernet products.

One Connecticut firm, New Haven Pharmaceuticals, was among those named in Horizon's portfolio update today. Three portfolio companies are in Massachusetts and several are on the West Coast.

Horizon has not yet filed its operating results for the second quarter, ended June 30. In its first quarter, the company netted $2.8 million, which was down from $3.4 million during the first quarter of 2012.

The update today follows an announcement earlier this month that Horizon had for the first time securitized its equity- and venture-loan portfolio of healthcare data and clean-tech industries, a step aimed at increasing profits.

Horizon announced the issuance of $90 million in notes to a group of unidentified institutional borrowers across the country.

Sign up for Enews

Most Recent

Most Recent

0 Comments

Order a PDF