PALO ALTO, Calif., Nov 26, 2007 (BUSINESS WIRE) -- Hercules Technology Growth Capital, Inc. (NASDAQ: HTGC), the premier specialty finance company providing venture debt and equity to venture capital and private equity backed technology and life science companies at all stages of development, today noted that its portfolio company, Rubicon Technology, Inc., completed its initial public offering on November 15, 2007. Rubicon Technology, a leading materials science solutions provider in research, manufacturing, marketing and distribution of high-quality single-crystal sapphire and other advanced technology materials, raised $93.8 million in its IPO.
Rubicon's IPO priced at the high end of expectations, with the company selling 6.7 million common shares for $14 per share - compared to a $12 to $14 forecast range - for an initial market cap of $269 million. Shares of the company are trading on the NASDAQ Global Market under the symbol "RBCN."
"This marks the third Hercules portfolio company to complete an IPO this year along with Power Medical and Sirtris Pharmaceuticals. Rubicon's successful IPO further demonstrates the effectiveness of Hercules' unique financing strategy in providing needed growth capital to portfolio companies looking to reach significant milestones," said Manuel Henriquez, chairman, president and chief executive officer of Hercules. "In addition, we have seen two more portfolio companies, Aegerion Pharmaceuticals and Elixir Pharmaceuticals, file for an IPO so far this year."
Hercules initially provided $16 million of growth capital and equipment financing to Rubicon Technology in April 2007, thus allowing the company access to growth capital without the dilutive effects of traditional venture capital. Aegerion Pharmaceuticals, Inc., filed for an $86.3 million IPO in November, and Elixir Pharmaceuticals, Inc., filed its registration documents for an $86.25 million IPO in September.
About Hercules Technology Growth Capital, Inc.:
Hercules Technology Growth Capital, Inc. is a NASDAQ traded specialty finance company providing debt and equity growth capital to technology and life science companies at all stages of development. Founded in December 2003, the company primarily finances privately held companies backed by leading venture capital and private equity firms. Hercules invests in a broad range of ventures active in technology and life science industries and offers a full suite of growth capital products up and down the capital structure. The company is headquartered in Palo Alto, Calif. and has additional offices in the Boston, Boulder, Los Angeles and Chicago areas. Providing capital to publicly-traded or privately-held companies backed by leading venture capital and private equity firms involves a high degree of credit risk and may result in potential losses of capital. For more information, please visit www.HTGC.com.
Companies interested in learning more about financing opportunities should contact info@HTGC.com, or call 650.289.3060.
About Rubicon Technology, Inc.:
Rubicon Technology is a leading materials science solutions provider in research, manufacturing, marketing, and distribution of high-quality single-crystal sapphire and other advanced technology materials. Chicago manufacturing facilities house the company's crystal growth furnaces, state-of-the-art fabrication equipment, and the latest quality control methodology. Rubicon, founded in 1995, provides materials to the opto-electronics, compound semiconductor, laser semiconductor fabrication telecommunications and optical markets. For more information, go to www.rubicon-es2.com or call 847-295-7000.
The statements contained in this release that are not purely historical are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify from time to time in our filings with the Securities and Exchange Commission. Although we believe that the assumptions on which these forward-looking statements are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Hercules assumes no obligation to update the forward-looking statements for subsequent events.
SOURCE: Hercules Technology Growth Capital, Inc.
Hercules Technology Growth Capital, Inc. Main, 650.289.3060 HT-HN firstname.lastname@example.org or Sally Borg, 650.289.3066 email@example.com
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