Daily News: April 20, 2012

Hercules Portfolio Companies Achieve Record Level of Liquidity Events


Hercules Technology Growth Capital, Inc., a provider in customized debt financing for entrepreneurial venture capital and private equity-backed companies in technology-related markets including cleantech and life science, announced that six of its portfolio companies achieved liquidity events during the first quarter of 2012, signifying a record number of transactions in the company’s history for a similar time period.

Since January 1, 2012, four portfolio companies completed initial public offerings (IPOs), 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 Hercules’ 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,” said Manuel A. Henriquez, Hercules’ co-founder, chairman and chief executive officer. “Our 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.”

Four Portfolio Companies Successfully Complete IPOs

As of March 31, 2012, four of Hercules’ portfolio companies completed IPOs; three of these portfolio companies went public in one week in March 2012, namely: Cempra, Inc., Annie’s, Inc., Merrimack Pharmaceuticals, Inc. and Enphase Energy, Inc.

As of April 19, 2012, two of Hercules portfolio companies, Facebook, Inc. and WageWorks, Inc. have Form S-1 registration statements with the Securities and Exchange Commission in anticipation of completing a potential IPO. Reply!, Inc., Intelepeer, Inc. and BrightSource Energy, Inc. withdrew their initial public offerings.

M&A Transactions

As previously announced, in January 2012, Covidien plc acquired Hercules’ portfolio company, B