Horizon Technology Finance Leads $25 Million Venture Loan Facility for vTv Therapeutics
November 15 2016 - 4:24PM
Horizon Technology Finance Corporation (NASDAQ:HRZN) (“Horizon”), a
leading specialty finance company that provides capital in the form
of secured loans to venture capital backed companies in the
technology, life science, healthcare information and services, and
cleantech industries, announced today that Horizon and Silicon
Valley Bank (“SVB”), the bank of the world’s most innovative
companies and their investors, have provided a $25 million venture
loan facility for vTv Therapeutics Inc. (NASDAQ:VTVT) (“vTv”), a
clinical-stage biopharmaceutical company committed to the discovery
and development of treatments for a range of human diseases
including Alzheimer’s disease and diabetes.
Under the terms of the venture loan facility,
the loan will be shared equally with Silicon Valley Bank. vTv will
use the proceeds of the venture loan for working capital
purposes.
“Horizon is excited to lead this venture debt
financing for vTv,” said Gerald A. Michaud, President of Horizon.
“vTv’s proprietary drug discovery platform has led to its lead
clinical programs for the treatment of Alzheimer’s disease and Type
2 diabetes, in addition to other potential new treatments.
Horizon’s and Silicon Valley Bank’s growth capital will support
vTv’s continued research and clinical progress.”
Stephen L. Holcombe, President and CEO of vTv,
stated, “With their knowledgeable teams of lending professionals
and strong array of venture debt products, Horizon and SVB provided
us a flexible financing solution that matched our operational
needs. This loan facility enables us to keep moving forward with
our strategic initiatives and provides additional financial support
for our ongoing clinical trials.”
“We’re pleased to provide this debt financing to
vTv with Horizon as vTv aims to develop human therapeutics to fill
unmet medical needs for patients with serious diseases,” said Scott
McCarty, Director of Silicon Valley Bank in Atlanta. “We look
forward to working with the vTv team as they continue to advance
their pipeline of drug candidates.”
About Horizon Technology FinanceHorizon
Technology Finance Corporation is a leading specialty finance
company that provides capital in the form of secured loans to
venture capital backed companies in the technology, life science,
healthcare information and services, and cleantech industries. The
investment objective of Horizon is to maximize its investment
portfolio’s return by generating current income from the debt
investments it makes and capital appreciation from the warrants it
receives when making such debt investments. Headquartered in
Farmington, Connecticut, Horizon has regional offices in Walnut
Creek, California and Reston, Virginia. Horizon's common stock
trades on the NASDAQ Global Select Market under the ticker symbol
"HRZN". To learn more, please visit www.horizontechfinance.com.
About vTv TherapeuticsvTv Therapeutics Inc. is
a clinical-stage biopharmaceutical company engaged in the discovery
and development of orally administered small molecule drug
candidates to fill significant unmet medical needs. vTv has a
pipeline of clinical drug candidates led by programs for the
treatment of Alzheimer’s disease and Type 2 diabetes as well as
treatment of inflammatory disorders and the prevention of muscle
weakness. For more information, please visit
www.vtvtherapeutics.com.
About Silicon Valley BankFor more than 30
years, Silicon Valley Bank (“SVB”) has helped innovative companies
and their investors move bold ideas forward, fast. SVB provides
targeted financial services and expertise through its offices in
innovation centers around the world. With commercial, international
and private banking services, SVB helps address the unique needs of
innovators. Learn more at www.svb.com.
Silicon Valley Bank is a member of the FDIC and
the Federal Reserve System. Silicon Valley Bank is the California
bank subsidiary of SVB Financial Group (Nasdaq:SIVB).
Forward-Looking
StatementsStatements included herein may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Statements other than
statements of historical facts included in this press release may
constitute forward-looking statements and are not guarantees of
future performance, condition or results and involve a number of
risks and uncertainties. Actual results may differ materially from
those in the forward-looking statements as a result of a number of
factors, including those described from time to time in our filings
with the Securities and Exchange Commission. Horizon undertakes no
duty to update any forward-looking statement made herein. All
forward-looking statements speak only as of the date of this press
release.
Contacts:
Horizon Technology Finance
Daniel R. Trolio
Vice President of Finance and
Interim Chief Financial Officer
(860) 674-9977
dtrolio@horizontechfinance.com
Investor Relations and Media Contacts:
The IGB Group
Scott Eckstein / Leon Berman
(212) 477-8261 / (212) 477-8438
seckstein@igbir.com / lberman@igbir.com
SVB Financial (NASDAQ:SIVB)
Historical Stock Chart
From Aug 2024 to Sep 2024
SVB Financial (NASDAQ:SIVB)
Historical Stock Chart
From Sep 2023 to Sep 2024