FARMINGTON, Conn. and HIGH POINT, N.C., Nov. 15, 2016 (GLOBE NEWSWIRE) -- 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 Finance
Horizon 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 Therapeutics
vTv 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 Bank
For 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 Statements
Statements 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.