Hercules Growth Capital Provides Debt Financing to Neoprobe
Neoprobe Corporation announced that Hercules Technology II, a fund managed by Hercules Technology Growth Capital, will provide up to a total of $10 million in debt financing to Neoprobe. Hercules is a specialty finance company providing technology and life sciences companies with debt and equity growth capital.
The first funding of $7 million is in the form of a secured note which is repayable in installments over thirty months following an interest-only period of between six to twelve months. The note bears interest at a prime-based variable rate, currently at 10%. In addition, Neoprobe issued Hercules 333,333 warrants to purchase shares of Neoprobe common stock at an exercise price of $2.10 per share. A second funding of $3 million is available upon the receipt by Neoprobe of clearance to market Lymphoseek in the U.S.
Dublin, OH-based Neoprobe is a biomedical company focused on the development and commercialization of precision diagnostics and radiopharmaceutical agents.
Hercules Technology Growth Capital is a specialty finance firm providing customized loans to public and private technology-related companies, including clean technology, life science and select lower middle market technology.