Farmington-based Horizon Technology Finance Corp. improved its liquidity in the fourth quarter of 2016, positioning the company for more growth this year, the firm told federal authorities.
In a fourth-quarter portfolio update provided to the U.S. Securities and Exchange Commission, Horizon President Gerald A. Michaud said taking on two new loans and resolving three others “has enhanced our liquidity position.” The firm, which provides secured loans to venture-capital backed companies in technology, life science, healthcare, and cleantech industries, also added senior employees to its life sciences team.
“Our expanded capabilities … put us in an excellent position to grow our portfolio in 2017,” Michaud said.
Horizon funded two new loans in the fourth quarter of 2016 totaling $13.8 million, and 13 new loans totaling $57.8 million for the year. New loan recipients included vTv Therapeutics, Inc., a company committed to the discovery and development of treatments for Alzheimer’s disease and diabetes; and Strongbridge Biopharma plc, which is focused on development and commercialization of therapies for rare diseases.
In addition, outstanding balances have been prepaid to Additech Inc., Crowdstar Inc., and Medsphere Systems Corp., Horizon said.
