Hercules Capital
HERCULES TECHNOLOGY GROWTH CAPITAL INC (Form: 10-Q, Received: 05/11/2009 16:53:04)
Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 10-Q

 

 

(Mark One)

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For The Quarterly Period Ended March 31, 2009

OR

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number: 814-00702

 

 

HERCULES TECHNOLOGY GROWTH

CAPITAL, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Maryland   743113410

(State or Jurisdiction of

Incorporation or Organization)

 

(IRS Employer

Identification No.)

 

400 Hamilton Ave., Suite 310 Palo Alto, California 94301   94301
(Address of Principal Executive Offices)   (Zip Code)

(650) 289-3060

(Registrant’s Telephone Number, Including Area Code)

 

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter periods as the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    YES   x     NO   ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes   ¨     No   ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer   ¨     Accelerated Filer   x     Non-Accelerated Filer   ¨     Smaller Reporting Company   ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)    YES   ¨     NO   x

On May 8, 2009, there were 35,326,894 shares outstanding of the Registrant’s common stock, $0.001 par value.

 

 

 


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

FORM 10-Q TABLE OF CONTENTS

 

PART I.     FINANCIAL INFORMATION

   3

Item 1.

   Consolidated Financial Statements    3
   Consolidated Statement of Assets and Liabilities as of March 31, 2009 (unaudited) and December 31, 2008    3
   Consolidated Schedule of Investments as of March 31, 2009 (unaudited)    4
   Consolidated Schedule of Investments as of December 31, 2008    21
   Consolidated Statement of Operations for the three-month periods ended March 31, 2009 and 2008 (unaudited)    35
   Consolidated Statement of Changes in Net Assets for the three-month periods ended March 31, 2009 and 2008 (unaudited)    36
   Consolidated Statement of Cash Flows for the three-month periods ended March 31, 2009 and 2008 (unaudited)    37
   Notes to Consolidated Financial Statements (unaudited)    38

Item 2.

   Management’s Discussion and Analysis of Financial Condition and Results of Operations    51

Item 3.

   Quantitative and Qualitative Disclosures About Market Risk    65

Item 4.

   Controls and Procedures    66

PART II.  OTHER INFORMATION

   66

Item 1.

   Legal Proceedings    67

Item 1A.

   Risk Factors    67

Item 2.

   Unregistered Sales of Equity Securities and Use of Proceeds    68

Item 3.

   Defaults Upon Senior Securities    68

Item 4.

   Submission of Matters to a Vote of Security Holders    68

Item 5.

   Other Information    68

Item 6.

   Exhibits    69

SIGNATURES

   70

 

2


Table of Contents

PART I: FINANCIAL INFORMATION

In this Quarterly Report, the “Company,” “Hercules,” “we,” “us” and “our” refer to Hercules Technology Growth Capital, Inc. and its wholly owned subsidiaries and its affiliated securitization trusts unless the context otherwise requires.

 

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES

(in thousands, except per share data)

 

     March 31,
2009
(unaudited)
    December 31,
2008
 

Assets

    

Investments:

    

Non-affiliate investments (cost of $542,464 and $583,592)

   $ 531,027     $ 579,079  

Affiliate investments (cost of $7,421 and $8,756)

     1,754       2,222  
                

Total investments, at value (cost of $549,885 and $592,348 respectively)

     532,781       581,301  

Deferred loan origination revenue

     (5,396 )     (6,871 )

Cash and cash equivalents

     7,884       17,242  

Interest receivable

     7,961       8,803  

Other assets

     7,042       8,197  
                

Total assets

     550,272       608,672  

Liabilities

    

Accounts payable and accrued liabilities

     3,975       9,432  

Short-term credit facility

     —         89,582  

Long-term credit facility

     32,751       —    

Long-term SBA Debentures

     127,200       127,200  
                

Total liabilities

     163,926       226,214  
                

Net assets

   $ 386,346     $ 382,458  
                

Net assets consist of:

    

Common stock, par value

   $ 35     $ 33  

Capital in excess of par value

     405,755       395,760  

Unrealized appreciation (depreciation) on investments

     (17,227 )     (11,297 )

Accumulated realized gains on investments

     2,760       3,906  

Distributions in excess of investment income

     (4,977 )     (5,944 )
                

Total net assets

   $ 386,346     $ 382,458  
                

Shares of common stock outstanding ($0.001 par value, 60,000 authorized)

     35,325       33,096  
                

Net asset value per share

   $ 10.94     $ 11.56  
                

See notes to consolidated financial statements (unaudited).

 

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Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2009

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
   Cost (2)    Value (3)

Acceleron Pharmaceuticals, Inc. (0.54%)*

  

Drug Discovery

  

Senior Debt

Matures January 2011

Interest rate 10.25%

   $ 1,385    $ 1,367    $ 1,367
     

Preferred Stock Warrants

        69      600
     

Preferred Stock Warrants

        35      113

Acceleron Pharmaceuticals, Inc. (0.44%)

     

Preferred Stock

        1,243      1,691
                      

Total Acceleron Pharmaceuticals, Inc.

              2,714      3,771

Aveo Pharmaceuticals, Inc. (4.13%)

  

Drug Discovery

  

Senior Debt

Matures November 2011

Interest rate 11.13%

   $ 15,000      14,918      14,918
     

Preferred Stock Warrants

        190      752
     

Preferred Stock Warrants

        104      223
     

Preferred Stock Warrants

        24      76
                      

Total Aveo Pharmaceuticals, Inc.

              15,236      15,969

Dicerna Pharmaceuticals, Inc. (0.51%)

  

Drug Discovery

  

Senior Debt

Matures April 2012

Interest rate Prime + 9.20%

   $ 2,000      1,836      1,836
     

Preferred Stock Warrants

        164      153
                      

Total Dicerna Pharmaceuticals, Inc.

              2,000      1,989

Elixir Pharmaceuticals, Inc. (2.86%)

  

Drug Discovery

  

Senior Debt

Matures January 2012

Interest rate Prime + 9.25%

   $ 11,000      11,000      11,000
     

Preferred Stock Warrants

        217      66
                      

Total Elixir Pharmaceuticals, Inc.

              11,217      11,066

EpiCept Corporation (0.10%)

  

Drug Discovery

  

Common Stock Warrants

        31      163
     

Common Stock Warrants

        40      210

Epicept Corporation (0.04%)

     

Common Stock

        22      143
                      

Total EpiCept Corporation

              93      516

Horizon Therapeutics, Inc. (1.76%)

  

Drug Discovery

  

Senior Debt

Matures July 2011

Interest rate Prime + 1.50%

   $ 6,755      6,625      6,625
     

Preferred Stock Warrants

        231      204
                      

Total Horizon Therapeutics, Inc.

              6,856      6,829

Inotek Pharmaceuticals Corp. (0.31%)

  

Drug Discovery

  

Preferred Stock

        1,500      1,211
                      

Total Inotek Pharmaceuticals Corp.

              1,500      1,211

 

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Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2009

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
   Cost (2)    Value (3)

Merrimack Pharmaceuticals, Inc. (0.16%)

  

Drug Discovery

  

Preferred Stock Warrants

      $ 155    $ 599

Merrimack Pharmaceuticals, Inc. (0.68%)

     

Preferred Stock

        2,000      2,610
                      

Total Merrimack Pharmaceuticals, Inc.

              2,155      3,209

Paratek Pharmaceuticals, Inc. (0.03%)

  

Drug Discovery

  

Preferred Stock Warrants

        137      98

Paratek Pharmaceuticals, Inc. (0.15%)

     

Preferred Stock

        1,000      585
                      

Total Paratek Pharmaceuticals, Inc.

              1,137      683

Portola Pharmaceuticals, Inc. (2.77%)

  

Drug Discovery

  

Senior Debt

Matures April 2011

Interest rate Prime + 2.16%

   $ 10,417      10,417      10,417
     

Preferred Stock Warrants

        152      290
                      

Total Portola Pharmaceuticals, Inc.

              10,569      10,707

Recoly, N.V. (0.78%) (5)

  

Drug Discovery

  

Senior Debt

Matures May 2012

Interest rate Prime + 4.25%

   $ 3,000      3,000      3,000
                      

Total Recoly, N.V.

              3,000      3,000
                      

Total Drug Discovery (15.26%)

              56,477      58,950
                      

Affinity Videonet, Inc. (1.63%) (4)

  

Communications &

Networking

  

Senior Debt

Matures June 2012

Interest rate Prime + 4.50%

   $ 3,761      3,742      3,742
     

Senior Debt

Matures June 2012

Interest rate Prime + 5.50%

   $ 2,000      2,000      2,000
     

Revolving Line of Credit

Matures June 2012

Interest rate Prime + 3.50%

   $ 500      500      500
     

Preferred Stock Warrants

        74      45
                      

Total Affinity Videonet, Inc.

              6,316      6,287

E-band Communications, Inc. (0.23%) (6)

  

Communications &

Networking

  

Preferred Stock

        2,000      904
                      

Total E-Band Communications, Inc.

              2,000      904

 

5


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2009

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
   Cost (2)    Value (3)

IKANO Communications, Inc. (2.85%)

  

Communications &

Networking

  

Senior Debt

Matures January 2011

Interest rate 12.00%

   $ 10,625    $ 10,625    $ 10,625
     

Preferred Stock Warrants

        45      148
     

Preferred Stock Warrants

        73      231
                      

Total IKANO Communications, Inc.

              10,743      11,004

Kadoink, Inc. (0.19%)

  

Communications &

Networking

  

Senior Debt

Matures April 2011

Interest rate Prime + 2.00%

   $ 1,695      1,657      753
     

Preferred Stock Warrants

        73      —  

Kadoink, Inc. (0.00%)

     

Preferred Stock

        250      —  
                      

Total Kadoink, Inc.

              1,980      753

Neonova Holding Company (2.31%)

  

Communications &

Networking

  

Senior Debt

Matures September 2012

Interest rate Prime + 3.25%

   $ 8,888      8,826      8,826
     

Preferred Stock Warrants

        94      93

Neonova Holding Company (0.06%)

     

Preferred Stock

        250      239
                      

Total Neonova Holding Company

              9,170      9,158

Peerless Network, Inc. (0.13%) (6)

  

Communications &

Networking

  

Preferred Stock Warrants

        95      —  

Peerless Network, Inc. (0.00%)

     

Preferred Stock

        1,000      500
                      

Total Peerless Network, Inc.

              1,095      500

Ping Identity Corporation (0.05%)

  

Communications &

Networking

  

Preferred Stock Warrants

        52      178
                      

Total Ping Identity Corporation

              52      178

Purcell Systems, Inc. (1.69%)

  

Communications &

Networking

  

Revolving Line of Credit

Matures July 2009

Interest rate Prime + 2.75%

   $ 6,000      6,000      6,000
     

Preferred Stock Warrants

        123      569
                      

Total Purcell Systems, Inc.

              6,123      6,569

Rivulet Communications, Inc. (0.49%) (4)

  

Communications &

Networking

  

Senior Debt

Matures March 2010

Interest rate Prime + 8.00%

   $ 1,867      1,771      1,771
     

Preferred Stock Warrants

        146      107

Rivulet Communications, Inc. (0.02%)

     

Preferred Stock

        250      58
                      

Total Rivulet Communications, Inc.

              2,167      1,936

 

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Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2009

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
   Cost (2)    Value (3)

Seven Networks, Inc. (2.39%)

  

Communications &

Networking

  

Senior Debt

Matures April 2010

Interest rate Prime + 6.00%

   $ 5,716    $ 5,664    $ 5,664
     

Revolving Line of Credit

Matures September 2009

Interest rate Prime + 5.00%

   $ 3,000      3,000      3,000
     

Preferred Stock Warrants

        174      575
                      

Total Seven Networks, Inc.

              8,838      9,239

Stoke, Inc. (0.61%)

  

Communications &

Networking

  

Senior Debt

Matures August 2010

Interest rate 10.55%

   $ 493      469      469
     

Senior Debt

Matures August 2010

Interest rate 10.05%

   $ 984      984      984
     

Senior Debt

Matures August 2010

Interest rate 7.30%

   $ 812      812      812
     

Preferred Stock Warrants

        53      84
                      

Total Stoke, Inc.

              2,318      2,349

Tectura Corporation (6.36%)

  

Communications &

Networking

  

Senior Debt

Matures June 2011

Interest rate LIBOR + 10.75%

   $ 6,784      7,022      7,022
     

Revolving Line of Credit

Matures April 2010

Interest rate LIBOR + 10.75%

   $ 17,507      17,507      17,507
     

Preferred Stock Warrants

        51      61
                      

Total Tectura Corporation

              24,580      24,590

Wireless Channels, Inc. (2.40%) (4)

  

Communications &

Networking

  

Senior Debt

Matures April 2010

Interest rate Prime + 4.25%

   $ 10,000      10,462      8,462
     

Senior Debt

Matures April 2010

Interest rate Prime + 0.50%%

   $ 665      665      665
     

Preferred Stock Warrants

        155      155
                      

Total Wireless Channels, Inc.

              11,282      9,282

 

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Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2009

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
   Cost (2)    Value (3)

Zayo Bandwidth, Inc. (6.37%)

  

Communications &

Networking

  

Senior Debt

Matures November 2013

Interest rate Libor + 5.25%

   $ 25,000    $ 25,000    $ 24,563
                      

Total Zayo Bandwith, Inc.

              25,000      24,563
                      

Total Communications & Networking (27.78%)

              111,664      107,312
                      

Atrenta, Inc. (2.22%) (4)

  

Software

  

Senior Debt

Matures January 2010

Interest rate 11.50%

   $ 2,345      2,322      2,322
     

Revolving Line of Credit

Matures October 2009

Interest rate Prime + 2.00%

   $ 6,000      6,000      6,000
     

Preferred Stock Warrants

        102      167
     

Preferred Stock Warrants

        34      55
     

Preferred Stock Warrants

        95      61

Atrenta, Inc. (0.04%)

     

Preferred Stock

        250      164
                      

Total Atrenta, Inc.

              8,803      8,769

Blurb, Inc. (1.58%)

  

Software

  

Senior Debt

Matures December 2009

Interest rate 9.55%

   $ 1,100      1,094      1,094
     

Senior Debt

Matures June 2011

Interest rate Prime + 3.50%

   $ 4,836      4,631      4,631
     

Preferred Stock Warrants

        25      237
     

Preferred Stock Warrants

        299      136
                      

Total Blurb, Inc.

              6,049      6,098

Braxton Technologies, LLC. (1.85%) (4)

  

Software

  

Senior Debt

Matures July 2012

Interest rate 13.00%

   $ 6,996      6,972      6,972
     

Preferred Stock Warrants

        188      160
                      

Total Braxton Technologies, LLC.

              7,160      7,132

Bullhorn, Inc. (0.06%)

  

Software

  

Preferred Stock Warrants

        43      215
                      

Total Bullhorn, Inc.

              43      215

 

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Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2009

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
   Cost (2)    Value (3)

Cittio, Inc. (0.16%)

  

Software

  

Senior Debt

Matures May 2010

Interest rate 11.00%

   $ 610    $ 604    $ 604
     

Preferred Stock Warrants

        53      —  
                      

Total Cittio, Inc.

              657      604

Clickfox, Inc. (1.16%)

  

Software

  

Senior Debt

Matures September 2011

Interest rate Prime + 5.00%

   $ 2,500      2,379      2,379
     

Revolving Line of Credit

Matures July 2009

Interest rate Prime + 4.00%

   $ 2,000      2,000      2,000
     

Preferred Stock Warrants

        163      105
                      

Total Clickfox, Inc.

              4,542      4,484

Forescout Technologies, Inc. (0.32%)

  

Software

  

Senior Debt

Matures August 2009

Interest rate 11.15%

   $ 612      605      605
     

Revolving Line of Credit

Matures April 2009

Interest rate Prime + 2.25%

   $ 500      500      500
     

Preferred Stock Warrants

        99      117
                      

Total Forescout Technologies, Inc.

              1,204      1,222

GameLogic, Inc. (0.00%)

  

Software

  

Preferred Stock Warrants

        92      1
                      

Total GameLogic, Inc.

              92      1

Gomez, Inc. (0.09%)

  

Software

  

Preferred Stock Warrants

        35      331
                      

Total Gomez, Inc.

              35      331

HighJump Acquisition, LLC. (3.88%)

  

Software

  

Senior Debt

Matures May 2013

Interest rate Libor + 8.75%

   $ 15,000      15,000      15,000
                      

Total HighJump Acquisition, LLC.

              15,000      15,000

HighRoads, Inc. (0.01%)

  

Software

  

Preferred Stock Warrants

        44      45
                      

Total HighRoads, Inc.

              44      45

Infologix, Inc. (5.37%) (4)

  

Software

  

Senior Debt

Matures May 2012

Interest rate Prime + 9.75%

   $ 11,700      11,759      11,759
     

Revolving Line of Credit

Matures November 2009

Interest rate Prime + 7.75%

   $ 9,000      9,000      9,000
                      

Total Infologix, Inc.

              20,759      20,759

 

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Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2009

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
   Cost (2)    Value (3)

Intelliden, Inc. (0.30%)

  

Software

  

Senior Debt

Matures March 2010

Interest rate 13.20%

   $ 1,138    $ 1,133    $ 1,133
     

Preferred Stock Warrants

        18      32
                      

Total Intelliden, Inc.

              1,151      1,165

Proficiency, Inc. (0.09%) (5)(6)(7)

  

Software

  

Senior Debt

Matures August 2012

Interest rate 8.00%

   $ 1,480      1,480      350
     

Preferred Stock Warrants

        96      —  

Proficiency, Inc. (0.00%)

     

Preferred Stock

        2,750      —  
                      

Total Proficiency, Inc.

              4,326      350

PSS Systems, Inc. (0.53%)

  

Software

  

Senior Debt

Matures May 2010

Interest rate 11.48%

   $ 1,996      1,981      1,981
     

Preferred Stock Warrants

        51      79
                      

Total PSS Systems, Inc.

              2,032      2,060

Rockyou, Inc. (0.65%)

  

Software

  

Senior Debt

Matures May 2011

Interest rate Prime + 2.50%

   $ 2,495      2,433    $ 2,433
     

Preferred Stock Warrants

        117      94
                      

Total Rockyou, Inc.

              2,550      2,527

Savvion, Inc. (1.29%) (4)

  

Software

  

Senior Debt

Matures February 2011

Interest rate Prime + 7.75%

   $ 3,349      3,297      3,297
     

Revolving Line of Credit

Matures May 2010

Interest rate Prime + 6.75%

   $ 1,500      1,500      1,500
     

Preferred Stock Warrants

        52      169
                      

Total Savvion, Inc.

              4,849      4,966

Sportvision, Inc. (0.02%)

  

Software

  

Preferred Stock Warrants

        39      76
                      

Total Sportvision, Inc.

              39      76

WildTangent, Inc. (0.01%)

  

Software

  

Preferred Stock Warrants

        238      48
                      

Total WildTangent, Inc.

              238      48
                      

Total Software (19.63%)

              79,573      75,852
                      

 

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Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2009

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
   Cost (2)    Value (3)

Luminus Devices, Inc. (3.08%)

  

Electronics & Computer

Hardware

  

Senior Debt

Matures June 2011

Interest rate 12.875%

   $ 11,796    $ 11,810    $ 11,810
     

Preferred Stock Warrants

        183      16
     

Preferred Stock Warrants

        84      8
     

Preferred Stock Warrants

        333      62
                      

Total Luminus Devices, Inc.

              12,410      11,896

Maxvision Holding, LLC. (2.65%)

  

Electronics & Computer

Hardware

  

Senior Debt

Matures October 2012

Interest rate Prime + 5.50%

   $ 5,000      5,000      5,000
     

Senior Debt

Matures April 2012

Interest rate Prime + 2.25%

   $ 5,042      5,264      5,264

Maxvision Holding, LLC. (0.07%) (4)

     

Common Stock

        81      283
                      

Total Maxvision Holding, LLC

              10,345      10,547

Shocking Technologies, Inc. (0.83%)

  

Electronics & Computer

Hardware

  

Senior Debt

Matures December 2010

Interest rate 9.75%

   $ 199      174      174
     

Senior Debt

Matures December 2010

Interest rate 7.50%

   $ 2,971      2,971      2,971
     

Preferred Stock Warrants

        63      50
                      

Total Shocking Technologies, Inc.

              3,208      3,195

SiCortex, Inc. (0.63%)

  

Electronics & Computer

Hardware

  

Senior Debt

Matures December 2010

Interest rate Prime + 2.70%

   $ 6,525      6,447      2,422
     

Preferred Stock Warrants

        165      —  
                      

Total SiCortex, Inc.

              6,612      2,422

Spatial Photonics, Inc. (0.86%)

  

Electronics & Computer

Hardware

  

Senior Debt

Matures April 2011

Interest rate 10.066%

   $ 2,918      2,861      2,861
     

Senior Debt

Mature April 2011

Interest rate 9.217%

   $ 291      291      291
     

Preferred Stock Warrants

        131      175

Spatial Photonics, Inc. (0.08%)

     

Preferred Stock

        500      292
                      

Total Spatial Photonics Inc.

              3,783      3,620

 

11


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2009

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
   Cost (2)    Value (3)

VeriWave, Inc. (0.58%)

  

Electronics & Computer

Hardware

  

Senior Debt

Matures May 2010

Interest rate 10.75%

   $ 2,127    $ 2,108    $ 2,108
     

Preferred Stock Warrants

        54      107
     

Preferred Stock Warrants

        46      36
                      

Total VeriWave, Inc.

              2,208      2,251
                      

Total Electronics & Computer Hardware (8.78%)

              38,566      33,931
                      

Aegerion Pharmaceuticals, Inc. (2.05%) (4)

  

Specialty Pharmaceuticals

  

Senior Debt

Matures September 2011

Interest rate Prime + 2.50%

   $ 7,525      7,525      7,525
     

Covertible Senior Debt

Matures December 2009

Interest rate Prime + 2.50%

   $ 178      178      178
     

Preferred Stock Warrants

        69      215

Aegerion Pharmaceuticals, Inc. (0.26%) (4)

     

Preferred Stock

        1,000      1,000
                      

Total Aegerion Pharmaceuticals, Inc.

              8,772      8,918

Panacos Pharmaceuticals, Inc. (0.00%)

  

Specialty Pharmaceuticals

  

Common Stock Warrants

        876      5

Panacos Pharmaceuticals, Inc. (0.00%)

     

Common Stock

        410      6
                      

Total Panacos Pharmaceuticals, Inc.

              1,286      11

Quatrx Pharmaceuticals Company (5.20%)

  

Specialty Pharmaceuticals

  

Senior Debt

Matures October 2011

Interest rate Prime + 8.90%

   $ 20,000      19,795      19,795
     

Covertible Senior Debt

Matures May 2009

Interest rate Prime + 2.50%

   $ 82      82      82
     

Preferred Stock Warrants

        220      109
     

Preferred Stock Warrants

        308      94

Quatrx Pharmaceuticals Company (0.19%)

     

Preferred Stock

        750      750
                      

Total Quatrx Pharmaceuticals Company

              21,155      20,829
                      

Total Specialty Pharmaceuticals (7.7%)

              31,213      29,759
                      

 

12


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2009

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
   Cost (2)    Value (3)

Annie’s, Inc. (1.57%)

  

Consumer & Business

Products

  

Senior Debt - Second Lien

Matures April 2011

Interest rate LIBOR + 6.50%

   $ 6,000    $ 5,882    $ 5,882
     

Preferred Stock Warrants

        321      194
                      

Total Annie’s, Inc.

              6,203      6,076

IPA Holdings, LLC. (4.47%) (4)

  

Consumer & Business

Products

  

Senior Debt

Matures November 2012

Interest rate Prime + 3.50%

   $ 10,000      10,000      10,000
     

Senior Debt

Matures May 2013

Interest rate Prime + 6.00%

   $ 6,500      6,632      6,632
     

Revolving Line of Credit

Matures November 2012

Interest rate Prime + 2.50%

   $ 600      600      600

IPA Holding, LLC.(0.12%)

     

Common Stock

        500      447
                      

Total IPA Holding, LLC.

              17,732      17,679

Market Force Information, Inc. (0.02%)

  

Consumer & Business

Products

  

Preferred Stock Warrants

        24      94

Market Force Information, Inc. (0.1%)

     

Preferred Stock

        500      411
                      

Total Market Force Information, Inc.

              524      505

OnTech Operations, Inc. (0.00%)

  

Consumer & Business

Products

  

Senior Debt

Matures December 2009

Interest rate 16.00%

   $ 106      106      —  
     

Preferred Stock Warrants

        452      —  
     

Preferred Stock Warrants

        218      —  

OnTech Operations, Inc. (0.00%)

     

Preferred Stock

        1,000      —  
                      

Total OnTech Operations, Inc.

              1,776      —  

Wageworks, Inc. (0.24%)

   Consumer & Business Products   

Preferred Stock Warrants

        252      911

Wageworks, Inc. (0.07%)

     

Preferred Stock

        250      289
                      

Total Wageworks, Inc.

              502      1,200
                      

Total Consumer & Business Products (6.59%)

              26,737      25,460
                      

Custom One Design, Inc. (0.17%)

   Semiconductors   

Senior Debt

Matures September 2010

Interest rate 11.50%

   $ 660      665      665
     

Common Stock Warrants

        18      —  
                      

Total Custom One Design, Inc.

              683      665

 

13


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2009

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
   Cost (2)    Value (3)

Enpirion, Inc. (1.86%)

  

Semiconductors

  

Senior Debt

Matures August 2011

Interest rate Prime + 2.00%

   $ 7,263    $ 7,179    $ 7,179
     

Preferred Stock Warrants

        157      8
                      

Total Enpirion, Inc.

              7,336      7,187

iWatt Inc. (0.09%)

  

Semiconductors

  

Preferred Stock Warrants

        46      38
     

Preferred Stock Warrants

        51      17
     

Preferred Stock Warrants

        73      20
     

Preferred Stock Warrants

        459      278

iWatt Inc. (0.24%)

     

Preferred Stock

        490      865
                      

Total iWatt Inc.

              1,119      1,218

NEXX Systems, Inc. (1.66%) (4)

  

Semiconductors

  

Senior Debt

Matures March 2010

Interest rate Prime + 3.50%

   $ 2,157      2,105      2,105
     

Revolving Line of Credit

Matures December 2009

Interest rate Prime + 3.00%

   $ 4,150      4,150      4,150
     

Preferred Stock Warrants

        165      172
                      

Total NEXX Systems, Inc.

              6,420      6,427

Quartics, Inc. (0.07%) (7)

  

Semiconductors

  

Senior Debt

Matures August 2010

Interest rate 8.80%

   $ 613      589      275
     

Preferred Stock Warrants

        53      —  
                      

Total Quartics, Inc.

              642      275

Solarflare Communications, Inc. (0.09%)

  

Semiconductors

  

Senior Debt

Matures August 2010

Interest rate 11.75%

   $ 400      363      363
     

Common Stock Warrants

        83      —  

Solarflare Communications, Inc. (0.00%)

     

Common Stock

        641      3
                      

Total Solarflare Communications, Inc.

              1,087      366
                      

Total Semiconductors (4.18%)

              17,287      16,138
                      

Labopharm USA, Inc. (5.37%) (5)

  

Drug Delivery

  

Senior Debt

Matures December 2011

Interest rate 10.95%

   $ 20,000      19,640      19,640
     

Common Stock Warrants

        458      803
     

Common Stock Warrants

        143      287
                      

Total Labopharm USA, Inc.

              20,241      20,730

 

14


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2009

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
   Cost (2)    Value (3)

Transcept Pharmaceuticals, Inc. (0.00%) (4)

  

Drug Delivery

  

Common Stock Warrants

      $ 36    $ 2
     

Common Stock Warrants

        51      7

Transcept Pharmaceuticals, Inc. (0.03%) (4)

     

Common Stock

        500      125
                      

Total Transcept Pharmaceuticals, Inc.

              587      134
                      

Total Drug Delivery (5.40%)

              20,828      20,864
                      

BARRX Medical, Inc.(0.86%)

  

Therapeutic

  

Senior Debt

Mature December 2011

Interest rate 11.00%

   $ 3,333      3,288      3,288
     

Preferred Stock Warrants

        63      42

BARRX Medical, Inc. (0.36%)

     

Preferred Stock

        1,500      1,388
                      

Total BARRX Medical, Inc.

              4,851      4,718

EKOS Corporation (1.22%)

  

Therapeutic

  

Senior Debt

Matures November 2010

Interest rate Prime + 2.00%

   $ 4,771      4,650      4,650
     

Preferred Stock Warrants

        174      41
     

Preferred Stock Warrants

        153      20
                      

Total EKOS Corporation

              4,977      4,711

Gelesis, Inc. (0.39%)

  

Therapeutic

  

Senior Debt

Matures May 2012

Interest rate Prime + 5.65%

   $ 1,500      1,480      1,480
     

Preferred Stock Warrants

        26      28
                      

Total Gelesis, Inc.

              1,506      1,508

Gynesonics, Inc. (0.03%)

  

Therapeutic

  

Preferred Stock Warrants

        18      118

Gynesonics, Inc. (0.09%)

     

Preferred Stock

        250      359
                      

Total Gynesonics, Inc.

              268      477

Light Science Oncology, Inc. (0.01%)

  

Therapeutic

  

Preferred Stock Warrants

        99      28
                      

Total Light Science Oncology, Inc.

              99      28

Novasys Medical, Inc. (0.74%) (4)

  

Therapeutic

  

Senior Debt

Matures February 2010

Interest rate 9.70%

   $ 2,808      2,795      2,795
     

Preferred Stock Warrants

        71      54
     

Preferred Stock Warrants

        54      25

Novasys Medical, Inc.(0.12%)

     

Preferred Stock

        556      444
                      

Total Novasys Medical, Inc.

              3,476      3,318

Power Medical Interventions, Inc. (0.00%)

  

Therapeutic

  

Common Stock Warrants

        21      1
                      

Total Power Medical Interventions, Inc.

              21      1
                      

Total Therapeutic (3.82%)

              15,198      14,761
                      

 

15


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2009

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
   Cost (2)    Value (3)

Cozi Group, Inc. (0.05%)

  

Internet Consumer &

Business Services

  

Preferred Stock Warrants

      $ 147    $ 185

Cozi Group, Inc. (0.06%)

     

Preferred Stock

        177      226
                      

Total Cozi Group, Inc.

              324      411

Invoke Solutions, Inc. (0.22%)

  

Internet Consumer &

Business Services

  

Senior Debt

Matures November 2009

Interest rate Prime + 3.75%

   $ 661      671      671
     

Preferred Stock Warrants

        56      143
     

Preferred Stock Warrants

        27      33
                      

Total Invoke Solutions, Inc.

              754      847

Prism Education Group Inc. (0.38%)

  

Internet Consumer &

Business Services

  

Senior Debt

Matures December 2010

Interest rate 11.25%

   $ 1,344      1,323      1,323
     

Preferred Stock Warrants

        43      117
                      

Total Prism Education Group Inc.

              1,366      1,440

RazorGator Interactive Group, Inc. (0.97%) (4)

  

Internet Consumer &

Business Services

  

Revolving Line of Credit

Matures May 2010

Interest rate Prime + 6.00%

   $ 3,000      3,000      3,000
     

Preferred Stock Warrants

        13      696
     

Preferred Stock Warrants

        29      83

RazorGator Interactive Group, Inc. (0.45%)

     

Preferred Stock

        1,000      1,742
                      

Total RazorGator Interactive Group, Inc.

              4,042      5,521

Serious USA, Inc. (0.23%) (7)

  

Internet Consumer &

Business Services

  

Senior Debt

Matures Februrary 2011

Interest rate 14%

   $ 2,454      2,407      907
     

Preferred Stock Warrants

        93      —  
                      

Total Serious USA, Inc.

              2,500      907

 

16


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2009

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
   Cost (2)    Value (3)

Spa Chakra, Inc. (2.59%)

  

Internet Consumer &

Business Services

  

Senior Debt

Matures June 2010

Interest rate 14.45%

   $ 10,000    $ 10,001    $ 10,001
                      

Total Spa Chakra, Inc.

              10,001      10,001
                      

Total Internet Consumer & Business Services (4.95%)

              18,987      19,127
                      

Lilliputian Systems, Inc. (1.14%)

  

Energy

  

Senior Debt

Matures April 2010

Interest rate Prime + 6.00%

   $ 4,324      4,259      4,259
     

Preferred Stock Warrants

        106      133
     

Common Stock Warrants

        48      0
                      

Total Lilliputian Systems, Inc.

              4,413      4,392
                      

Total Energy (1.14%)

              4,413      4,392
                      

Active Response Group, Inc. (2.55%)

  

Information Services

  

Senior Debt

Matures July 2011

Interest rate LIBOR + 6.55%

   $ 6,355      6,321      6,321
     

Revolving Line of Credit

Matures December 2009

Interest rate Prime + 14.00%

   $ 3,500      3,500      3,500
     

Common Stock Warrants

        92      10
     

Preferred Stock Warrants

        46      9

Active Response Group, Inc. (0.03%)

     

Common Stock

        105      105
                      

Total Active Response Group, Inc.

              10,064      9,945

Box.net, Inc. (0.36%)

  

Information Services

  

Senior Debt

Matures May 2011

Interest rate Prime + 1.50%

   $ 1,000      959      959
     

Senior Debt

Matures September 2011

Interest rate Prime + 0.50%

   $ 400      400      400
     

Preferred Stock Warrants

        73      54
                      

Total Box.net, Inc.

              1,432      1,413

Buzznet, Inc. (0.00%)

  

Information Services

  

Preferred Stock Warrants

        9      0

Buzznet, Inc. (0.02%)

     

Preferred Stock

        250      74
                      

Total Buzznet, Inc.

              259      74

hi5 Networkss, Inc. (1.95%)

  

Information Services

  

Senior Debt

Matures December 2010

Interest rate Prime + 2.5%

   $ 2,658      2,658      2,658
     

Senior Debt

Matures June 2011

Interest rate Prime + 0.5%

   $ 4,983      4,888      4,888
     

Preferred Stock Warrants

        213      —  
                      

Total hi5 Networks, Inc.

              7,759      7,546

 

17


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2009

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
   Cost (2)    Value (3)

Jab Wireless, Inc. (3.90%)

  

Information Services

  

Senior Debt

Matures November 2012

Interest rate Prime + 3.50%

   $ 15,000    $ 14,860    $ 14,860
     

Preferred Stock Warrants

        265      207
                      

Total Jab Wireless, Inc.

              15,125      15,067

Solutionary, Inc. (1.49%)

  

Information Services

  

Senior Debt

Matures June 2010

Interest rate LIBOR + 5.50%

   $ 3,880      4,144      4,144
     

Revolving Line of Credit

Matures June 2010

Interest rate LIBOR + 5.00%

   $ 1,500      1,500      1,500
     

Preferred Stock Warrants

        94      121
     

Preferred Stock Warrants

        2      4

Solutionary, Inc. (0.04%)

     

Preferred Stock

        250      173
                      

Total Solutionary, Inc.

              5,990      5,942

The Generation Networks, Inc. (1.48%)

  

Information Services

  

Senior Debt

Matures December 2012

Interest rate 7.42%

   $ 5,814      5,814      5,713

The Generation Networks, Inc. (0.13%)

     

Common Stock

        500      498
                      

Total The Generation Networks, Inc.

              6,314      6,211

Visto Corporation

  

Information Services

  

Common Stock

        603      603
                      

Total Visto Corporation (0.16%)

              603      603

Coveroo, Inc. (0.03%)

  

Information Services

  

Senior Debt

Matures April 2010

Interest rate Prime + 9.75%

   $ 110      108      108
     

Preferred Stock Warrants

        7      —  
                      

Total Coveroo, Inc.

              115      108

Zeta Interactive Corporation (3.55%)

  

Information Services

  

Senior Debt

Matures November 2012

Interest rate 9.50%

   $ 5,781      5,693      5,693
     

Senior Debt

Matures November 2012

Interest rate 10.50%

   $ 7,836      7,836      7,836
     

Preferred Stock Warrants

        172      187

Zeta Interactive Corporation (0.13%)

     

Preferred Stock

        500      500
                      

Total Zeta Interactive Corporation

              14,201      14,216
                      

Total Information Services (15.82%)

              61,862      61,125
                      

 

18


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2009

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
   Cost (2)    Value (3)

Novadaq Technologies, Inc. (0.09%)

  

Diagnostic

  

Common Stock

        1,626      351
                      

Total Novadaq Technologies, Inc.

              1,626      351

Optiscan Biomedical, Corp. (2.62%)

  

Diagnostic

  

Senior Debt

Matures June 2011

Interest rate 10.25%

   $ 10,000    $ 9,598    $ 9,598
     

Preferred Stock Warrants

        760      521

Optiscan Biomedical, Corp. (0.78%)

     

Preferred Stock

        3,000      3,000
                      

Total Optiscan Biomedical, Corp.

              13,358      13,119
                      

Total Diagnostic (3.49%)

              14,984      13,470
                      

Kamada, LTD. (5.16%) (5)

  

Biotechnology Tools

  

Senior Debt

Matures February 2012

Interest rate Prime + 2.9%

   $ 20,000      19,610      19,610
     

Common Stock Warrants

        551      312
                      

Total Kamada, LTD.

              20,161      19,922

NuGEN Technologies, Inc. (0.59%)

  

Biotechnology Tools

  

Senior Debt

Matures November 2010

Interest rate Prime + 3.45%

   $ 1,365      1,341      1,341
     

Senior Debt

Matures November 2010

Interest rate Prime + 1.70%

   $ 782      782      782
     

Preferred Stock Warrants

        45      159
     

Preferred Stock Warrants

        33      13

NuGEN Technologies, Inc. (0.08%)

     

Preferred Stock

        500      305
                      

Total NuGEN Technologies, Inc.

              2,701      2,600

Solace Pharmaceuticals, Inc.(1.29%) (4)

  

Biotechnology Tools

  

Senior Debt

Matures August 2012

Interest rate Prime + 4.25%

   $ 5,000      4,911      4,911
     

Preferred Stock Warrants

        42      44
     

Preferred Stock Warrants

        54      46
                      

Total Solace Pharmaceuticals, Inc.

              5,007      5,001
                      

Total Biotechnology Tools (7.12%)

              27,869      27,523
                      

Crux Biomedical, Inc. (0.00%)

  

Surgical Devices

  

Preferred Stock Warrants

        37      —  

Crux Biomedical, Inc. (0.01%)

     

Preferred Stock

        250      26
                      

Total Crux Biomedical, Inc.

              287      26

 

19


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

March 31, 2009

(unaudited)

(dollars in thousands)

 

Portfolio Company

  

Industry

  

Type of Investment (1)

   Principal
Amount
   Cost (2)    Value (3)

Transmedics, Inc. (2.59%) (4)

  

Surgical Devices

  

Senior Debt

Matures December 2011

Interest rate Prime + 5.25%

   $ 10,000    $ 9,846    $ 9,846
     

Preferred Stock Warrants

        225      176
                      

Total Transmedics, Inc.

              10,071      10,022
                      

Total Surgical Devices (2.60%)

              10,358      10,048
                      

Glam Media, Inc. (1.41%)

  

Media/Content/ Info

  

Revolving Line of Credit

Matures April 2009

Interest rate Prime + 1.50%

   $ 5,160      5,146      5,146
     

Preferred Stock Warrants

        482      283
                      

Total Glam Media, Inc.

              5,628      5,429

Waterfront Media Inc. (1.94%) (4)

  

Media/Content/ Info

  

Senior Debt

Matures September 2010

Interest rate Prime + 3.00%

   $ 2,199      2,181      2,181
     

Revolving Line of Credit

Matures October 2009

Interest rate Prime + 3.75%

   $ 5,000      5,000      5,000
     

Preferred Stock Warrants

        60      327

Waterfront Media Inc. (0.29%)

     

Preferred Stock

        1,000      1,132
                      

Total Waterfront Media Inc.

              8,241      8,640
                      

Total Media/Content/Info (3.64%)

              13,869      14,069
                      

Total Investments (137.90%)

            $ 549,885    $ 532,781
                      

 

* Value as a percent of net assets
(1) Preferred and common stock, warrants, and equity interests are generally non-income producing.
(2) Gross unrealized appreciation, gross unrealized depreciation, and net depreciation for federal income tax purposes totaled $8,289, $27,537 and $19,248, respectively. The tax cost of investments is $552,029.
(3) Except for warrants in five publicly traded companies and common stock in four publicly traded companies, all investments are restricted at March 31, 2009 and were valued at fair value as determined in good faith by the Board of Directors. No unrestricted securities of the same issuer are outstanding. The Company uses the Standard Industrial Code for classifying the industry grouping of its portfolio companies.
(4) Debt investments of this portfolio company have been pledged as collateral under the Wells Facility.
(5) Non-U.S. company or the company’s principal place of business is outside the United States.
(6) Affiliate investment that is defined under the Investment Company Act of 1940 as companies in which HTGC owns as least 5% but not more than 25% of the voting securities of the company. All other investments are less than 5% owned.
(7) Debt is on non-accrual status at March 31, 2009, and is therefore considered non-income producing.

 

20


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

December 31, 2008

(dollars in thousands)

 

Portfolio Company

 

Industry

 

Type of Investment (1)

  Principal
Amount
  Cost (2)   Value (3)

Acceleron Pharmaceuticals, Inc. (0.64%)* (4)

  Drug Discovery  

Senior Debt
Matures January 2010
Interest rate 10.25%

  $ 1,753   $ 1,728   $ 1,728
   

Preferred Stock Warrants

      69     596
   

Preferred Stock Warrants

      35     116

Acceleron Pharmaceuticals, Inc. (0.35%)

   

Preferred Stock

      1,243     1,354
                 

Total Acceleron Pharmaceuticals, Inc.

    3,075     3,794

Aveo Pharmaceuticals, Inc. (3.99%) (4)

  Drug Discovery  

Senior Debt
Matures November 2011
Interest rate 11.13%

  $ 15,000     14,904     14,904
   

Preferred Stock Warrants

      190     257
   

Preferred Stock Warrants

      104     83
   

Preferred Stock Warrants

      24     28
                 

Total Aveo Pharmaceuticals, Inc.

    15,222     15,272

Elixir Pharmaceuticals, Inc. (2.91%) (4)

  Drug Discovery  

Senior Debt
Matures December 2010 Interest rate Prime + 4.50%

  $ 11,000     11,000     11,000
   

Preferred Stock Warrants

      217     116
                 

Total Elixir Pharmaceuticals, Inc.

    11,217     11,116

EpiCept Corporation (0.33%) (4)

  Drug Discovery  

Senior Debt
Matures April 2009
Interest rate 15.00%

  $ 8     8     8
   

Common Stock Warrants

      161     992
   

Common Stock Warrants

      40     250
                 

Total EpiCept Corporation

    209     1,250

Horizon Therapeutics, Inc. (1.92%) (4)

  Drug Discovery  

Senior Debt
Matures July 2011
Interest rate Prime + 1.50%

  $ 7,200     7,042     7,042
   

Preferred Stock Warrants

      231     281
                 

Total Horizon Therapeutics, Inc.

    7,273     7,323

Inotek Pharmaceuticals Corp. (0.30%)

  Drug Discovery  

Preferred Stock

      1,500     1,144
                 

Total Inotek Pharmaceuticals Corp.

    1,500     1,144

Memory Pharmaceuticals Corp. (2.87%) (4)

  Drug Discovery  

Senior Debt
Matures December 2010
Interest rate 11.45%

  $ 11,879     10,979     10,979
   

Common Stock Warrants

      1,751     —  
                 

Total Memory Pharmaceuticals Corp.

    12,730     10,979

Merrimack Pharmaceuticals, Inc. (0.19%) (4)

  Drug Discovery  

Preferred Stock Warrants

      155     743

Merrimack Pharmaceuticals, Inc. (0.68%)

   

Preferred Stock

      2,000     2,610
                 

Total Merrimack Pharmaceuticals, Inc.

    2,155     3,353

Paratek Pharmaceuticals, Inc. (0.04%) (4)

  Drug Discovery  

Preferred Stock Warrants

      137     164

Paratek Pharmaceuticals, Inc. (0.24%)

   

Preferred Stock

      1,000     926
                 

Total Paratek Pharmaceuticals, Inc.

    1,137     1,090

Portola Pharmaceuticals, Inc. (3.14%) (4)

  Drug Discovery  

Senior Debt
Matures September 2011
Interest rate Prime + 2.16%

  $ 11,668     11,600     11,600
   

Preferred Stock Warrants

      152     399
                 

Total Portola Pharmaceuticals, Inc.

    11,752     11,999

See notes to consolidated financial statements.

 

21


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2008

(dollars in thousands)

 

Portfolio Company

 

Industry

 

Type of Investment (1)

  Principal
Amount
  Cost (2)   Value (3)

Recoly, N.V. (0.79%) (6)

  Drug Discovery  

Senior Debt
Matures May 2012
Interest rate Prime + 4.25%

  $ 3,000   $ 3,000   $ 3,000
                 

Total Recoly, N.V.

    3,000     3,000
                 

Total Drug Discovery (18.39%)

    69,270     70,320
                 

Affinity Videonet, Inc. (1.70%) (4)

  Communications & Networking  

Senior Debt
Matures June 2012
Interest rate Prime + 4.50%

  $ 4,000     3,942     3,942
   

Senior Debt
Matures June 2012
Interest rate Prime + 5.50%

  $ 2,000     2,000     2,000
   

Revolving Line of Credit
Matures June 2012
Interest rate Prime + 3.50%

  $ 500     500     500
   

Preferred Stock Warrants

      75     57
                 

Total Affinity Videonet, Inc.

    6,517     6,499

E-Band Communications, Inc. (0.24%) (7)

  Communications & Networking  

Preferred Stock

      2,000     904
                 

Total E-Band Communications, Inc.

    2,000     904

IKANO Communications, Inc. (3.22%) (4)

  Communications & Networking  

Senior Debt
Matures April 2011
Interest rate 11.00%

  $ 11,946     11,946     11,946
   

Preferred Stock Warrants

      45     147
   

Preferred Stock Warrants

      73     221
                 

Total IKANO Communications, Inc.

    12,064     12,314

Kadoink, Inc. (0.50%) (4)

  Communications & Networking  

Senior Debt
Matures April 2011
Interest rate Prime + 2.00%

  $ 1,879     1,832     1,832
   

Preferred Stock Warrants

      73     72

Kadoink, Inc. (0.07%)

   

Preferred Stock

      250     250
                 

Total Kadoink, Inc.

    2,155     2,154

Neonova Holding Company (2.35%)

  Communications & Networking  

Senior Debt
Matures September 2012
Interest rate Prime + 3.25%

  $ 9,000     8,931     8,931
   

Preferred Stock Warrants

      94     66

Neonova Holding Company (0.06%)

   

Preferred Stock

      250     224
                 

Total Neonova Holding Company

    9,275     9,221

Peerless Network, Inc. (0.34%) (5)(7)

  Communications & Networking  

Senior Debt
Matures June 2011
Interest rate Prime + 3.25%

  $ 1,378     1,318     1,318
   

Preferred Stock Warrants

      95     —  

Peerless Network, Inc. (0.00%)

   

Preferred Stock

      1,000     —  
                 

Total Peerless Network, Inc.

    2,413     1,318

Ping Identity Corporation (0.00%) (4)

  Communications & Networking  

Preferred Stock Warrants

      52     2
                 

Total Ping Identity Corporation

    52     2

 

See notes to consolidated financial statements.

 

22


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2008

(dollars in thousands)

 

Portfolio Company

 

Industry

 

Type of Investment (1)

  Principal
Amount
  Cost (2)   Value (3)

Purcell Systems, Inc. (2.55%)

  Communications & Networking  

Senior Debt
Matures June 2010
Interest rate Prime + 3.50%

  $ 1,659   $ 1,601   $ 1,601
   

Revolving Line of Credit
Matures July 2009
Interest rate Prime + 2.75%

  $ 6,000     6,000     6,000
   

Senior Debt
Matures July 2011
Interest rate Prime + 3.50%

  $ 1,600     1,600     1,600
   

Preferred Stock Warrants

      123     538
                 

Total Purcell Systems, Inc.

    9,324     9,739

Rivulet Communications, Inc. (0.51%) (5)

  Communications & Networking  

Senior Debt
Matures April 2010
Interest rate 10.50%

  $ 1,982     1,960     1,960
   

Preferred Stock Warrants

      50     —  

Rivulet Communications, Inc. (0.00%)

   

Preferred Stock

      250     4
                 

Total Rivulet Communications, Inc.

    2,260     1,964

Seven Networks, Inc. (2.64%) (4)

  Communications & Networking  

Senior Debt
Matures April 2010
Interest rate Prime + 6.00%

  $ 6,941     6,875     6,875
   

Revolving Line of Credit
Matures September 2009
Interest rate Prime + 5.00%

  $ 3,000     3,000     3,000
   

Preferred Stock Warrants

      174     208
                 

Total Seven Networks, Inc.

    10,049     10,083

Stoke, Inc. (0.71%)

  Communications & Networking  

Senior Debt
Matures August 2010
Interest rate 10.55%

  $ 574     545     545
   

Senior Debt
Matures August 2010
Interest rate 10.05%

  $ 1,144     1,144     1,144
   

Senior Debt
Matures August 2010
Interest rate 7.30%

  $ 946     946     946
   

Preferred Stock Warrants

      53     91
                 

Total Stoke, Inc.

    2,688     2,726

Tectura Corporation (6.54%) (4)

  Communications & Networking  

Senior Debt
Matures April 2012
Interest rate LIBOR + 6.90%

  $ 7,232     7,439     7,439
   

Revolving Line of Credit
Matures April 2009
Interest rate LIBOR + 6.35%

  $ 12,000     12,000     12,000
   

Revolving Line of Credit
Matures March 2009
Interest rate LIBOR + 7.50%

  $ 5,507     5,507     5,507
   

Preferred Stock Warrants

      51     77
                 

Total Tectura Corporation

    24,997     25,023

 

See notes to consolidated financial statements.

 

23


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2008

(dollars in thousands)

 

Portfolio Company

 

Industry

 

Type of Investment (1)

  Principal
Amount
  Cost (2)   Value (3)

Wireless Channels, Inc. (3.04%) (4)

  Communications & Networking  

Senior Debt
Matures April 2010
Interest rate Prime + 4.25%

  $ 10,000   $ 10,384   $ 10,384
   

Senior Debt
Matures August 2010
Interest rate Prime + 0.50%

  $ 895     895     895
   

Preferred Stock Warrants

      155     344
                 

Total Wireless Channels, Inc.

    11,434     11,623

Zayo Bandwidth, Inc. (6.42%)

  Communications & Networking  

Senior Debt
Matures November 2013
Interest rate Libor + 5.25%

  $ 25,000     25,000     24,563
                 

Total Zayo Bandwith, Inc.

    25,000     24,563
                 

Total Communications & Networking (30.89%)

    120,228     118,133
                 

Atrenta, Inc. (2.36%) (5)

 

Software

 

Senior Debt
Matures January 2010
Interest rate 11.50%

  $ 2,789     2,742     2,742
   

Revolving Line of Credit
Matures October 2009
Interest rate Prime + 2.00%

  $ 6,000     6,000     6,000
   

Preferred Stock Warrants

      103     176
   

Preferred Stock Warrants

      34     58
   

Preferred Stock Warrants

      71     43

Atrenta, Inc. (0.05%)

   

Preferred Stock

      250     197
                 

Total Atrenta, Inc.

    9,200     9,216

Blurb, Inc. (1.76%)

 

Software

 

Senior Debt
Matures December 2009
Interest rate 9.55%

  $ 1,414     1,405     1,405
   

Senior Debt
Matures June 2011
Interest rate Prime + 3.50%

  $ 5,000     4,701     4,701
   

Preferred Stock Warrants

      25     350
   

Preferred Stock Warrants

      299     276
                 

Total Blurb, Inc.

    6,430     6,732

Braxton Technologies, LLC. (2.64%) (5)

 

Software

 

Senior Debt
Matures July 2012
Interest rate Libor + 7.25%

  $ 10,000     9,916     9,916
   

Preferred Stock Warrants

      188     172
                 

Total Braxton Technologies, LLC.

    10,104     10,088

Bullhorn, Inc. (0.26%)

 

Software

 

Senior Debt
Matures November 2010
Interest rate Prime + 3.75%

  $ 782     760     760
   

Preferred Stock Warrants

      43     222
                 

Total Bullhorn, Inc.

    803     982

Cittio, Inc. (0.19%)

 

Software

 

Senior Debt
Matures May 2010
Interest rate 11.00%

  $ 731     720     720
   

Preferred Stock Warrants

      53     —  
                 

Total Cittio, Inc.

    773     720

 

See notes to consolidated financial statements.

 

24


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2008

(dollars in thousands)

 

Portfolio Company

 

Industry

 

Type of Investment (1)

  Principal
Amount
  Cost (2)   Value (3)

Clickfox, Inc. (0.65%)

 

Software

 

Senior Debt
Matures September 2011
Interest rate 10.25%

  $ 2,500   $ 2,357   $ 2,357
   

Preferred Stock Warrants

      163     131
                 

Total Clickfox, Inc.

    2,520     2,488

Forescout Technologies, Inc. (0.40%) (4)

 

Software

 

Senior Debt
Matures August 2009
Interest rate 11.15%

  $ 906     892     892
   

Revolving Line of Credit
Matures March 2009
Interest rate Prime + 2.25%

  $ 500     500     500
   

Preferred Stock Warrants

      99     130
                 

Total Forescout Technologies, Inc.

    1,491     1,522

GameLogic, Inc. (0.00%) (4)

 

Software

 

Preferred Stock Warrants

      92     3
                 

Total GameLogic, Inc.

    92     3

Gomez, Inc. (0.22%) (4)

 

Software

 

Preferred Stock Warrants

      35     833
                 

Total Gomez, Inc.

    35     833

HighJump Acquisition, LLC. (3.92%) (4)

 

Software

 

Senior Debt
Matures May 2013
Interest rate Prime + 7.50%

  $ 15,000     15,000     15,000
                 

Total HighJump Acquisition, LLC.

    15,000     15,000

HighRoads, Inc. (0.02%) (4)

 

Software

 

Preferred Stock Warrants

      44     59
                 

Total HighRoads, Inc.

    44     59

Infologix, Inc. (5.49%) (4)

 

Software

 

Senior Debt
Matures May 2012
Interest rate Prime + 8.75%

  $ 12,000     12,007     12,007
   

Revolving Line of Credit
Matures November 2009
Interest rate Prime + 6.75%

  $ 9,000     9,000     9,000
                 

Total Infologix, Inc.

    21,007     21,007

Intelliden, Inc. (0.37%)

 

Software

 

Senior Debt
Matures February 2010
Interest rate 13.20%

  $ 1,399     1,394     1,394
   

Preferred Stock Warrants

      18     38
                 

Total Intelliden, Inc.

    1,412     1,432

Oatsystems, Inc. (0.00%) (4)

 

Software

 

Preferred Stock Warrants

      67     —  
                 

Total Oatsystems, Inc.

    67     —  

Proficiency, Inc. (0.00%) (6)(7)(8)

 

Software

 

Senior Debt
Matures August 2012
Interest rate 8.00%

  $ 1,500     1,497     —  
   

Preferred Stock Warrants

      97     —  

Proficiency, Inc. (0.00%)

   

Preferred Stock

      2,750     —  
                 

Total Proficiency, Inc.

    4,344     —  

 

See notes to consolidated financial statements.

 

25


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2008

(dollars in thousands)

 

Portfolio Company

 

Industry

 

Type of Investment (1)

  Principal
Amount
  Cost (2)   Value (3)

PSS Systems, Inc. (0.65%) (4)

 

Software

 

Senior Debt
Matures May 2010
Interest rate 11.48%

  $ 2,423   $ 2,403   $ 2,403
   

Preferred Stock Warrants

      51     96
                 

Total PSS Systems, Inc.

    2,454     2,499

Rockyou, Inc. (0.72%) (4)

 

Software

 

Senior Debt
Matures May 2011
Interest rate Prime + 2.50%

  $ 2,750     2,674     2,674
   

Preferred Stock Warrants

      117     66
                 

Total Rockyou, Inc.

    2,791     2,740

Savvion, Inc. (1.42%) (4)

 

Software

 

Senior Debt
Matures April 2009
Interest rate Prime + 3.45%

  $ 331     279     279
   

Revolving Line of Credit
Matures March 2009
Interest rate Prime + 4.45%

  $ 3,366     3,366     3,366
   

Revolving Line of Credit
Matures March 2009
Interest rate Prime + 3.00%

  $ 1,619     1,619     1,619
   

Preferred Stock Warrants

      53     168
                 

Total Savvion, Inc.

    5,317     5,432

Sportvision, Inc. (0.02%) (4)

 

Software

 

Preferred Stock Warrants

      39     91
                 

Total Sportvision, Inc.

    39     91

WildTangent, Inc. (0.01%)

  Software  

Preferred Stock Warrants

      238     41
                 

Total WildTangent, Inc.

    238     41
                 

Total Software (21.15%)

    84,161     80,885
                 

Luminus Devices, Inc. (3.08%) (4)

  Electronics & Computer Hardware  

Senior Debt
Matures December 2010
Interest rate 12.875%

  $ 11,792     11,514     11,514
   

Preferred Stock Warrants

      183     50
   

Preferred Stock Warrants

      84     25
   

Preferred Stock Warrants

      334     189
                 

Total Luminus Devices, Inc.

    12,115     11,778

Maxvision Holding, LLC. (2.71%) (4)

  Electronics & Computer Hardware  

Senior Debt
Matures October 2012
Interest rate Prime + 5.50%

  $ 5,000     5,000     5,000
   

Senior Debt
Matures April 2012
Interest rate Prime + 2.25%

  $ 5,167     5,363     5,363

Maxvision Holding, LLC. (0.07%) (4)

    Common Stock       81     268
                 

Total Maxvision Holding, LLC

    10,444     10,631

Shocking Technologies, Inc. (0.94%)

  Electronics & Computer Hardware  

Senior Debt
Matures December 2010
Interest rate 9.75%

  $ 225     192     192
   

Senior Debt
Matures December 2010
Interest rate 7.50%

  $ 3,365     3,365     3,365
   

Preferred Stock Warrants

      63     55
                 

Total Shocking Technologies, Inc.

    3,620     3,612

 

See notes to consolidated financial statements.

 

26


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2008

(dollars in thousands)

 

Portfolio Company

 

Industry

 

Type of Investment (1)

  Principal
Amount
  Cost (2)   Value (3)

SiCortex, Inc. (1.83%)

  Electronics & Computer Hardware  

Senior Debt
Matures December 2010
Interest rate 10.95%

  $ 7,364   $ 7,274   $ 6,774
   

Preferred Stock Warrants

      164     216
                 

Total SiCortex, Inc.

    7,438     6,990

Spatial Photonics, Inc. (0.97%) (4)

  Electronics & Computer Hardware  

Senior Debt
Matures April 2011
Interest rate 10.066%

  $ 3,216     3,146     3,146
   

Senior Debt
Mature April 2011
Interest rate 9.217%

  $ 321     321     321
   

Preferred Stock Warrants

      131     251

Spatial Photonics, Inc. (0.13%)

    Preferred Stock       500     500
                 

Total Spatial Photonics Inc.

    4,098     4,218

VeriWave, Inc. (0.85%)

 

Electronics &

Computer

Hardware

 

Senior Debt
Matures May 2010
Interest rate 10.75%

  $ 2,549     2,507     2,507
   

Revolving Line of Credit
Matures September 2009
Interest rate Prime + 4.50%

  $ 630     630     630
   

Preferred Stock Warrants

      54     76
   

Preferred Stock Warrants

      46     38
                 

Total VeriWave, Inc.

    3,237     3,251
                 

Total Electronics & Computer Hardware (10.58%)

    40,952     40,480
                 

Aegerion Pharmaceuticals, Inc. (2.08%) (5)

 

Specialty

Pharmaceuticals

 

Senior Debt
Matures September 2011
Interest rate Prime + 2.50%

  $ 7,525     7,525     7,525
   

Covertible Senior Debt Matures December 2009 Interest rate Prime + 2.50%

  $ 178     178     178
   

Preferred Stock Warrants

      69     272

Aegerion Pharmaceuticals, Inc. (0.26%) (4)

   

Preferred Stock

      1,000     1,000
                 

Total Aegerion Pharmaceuticals, Inc.

    8,772     8,975

Panacos Pharmaceuticals, Inc. (0.00%) (4)

 

Specialty

Pharmaceuticals

 

Common Stock Warrants

      877     11

Panacos Pharmaceuticals, Inc. (0.01%)

   

Common Stock

      410     28
                 

Total Panacos Pharmaceuticals, Inc.

    1,287     39

Quatrx Pharmaceuticals Company (5.26%) (4)

 

Specialty

Pharmaceuticals

 

Senior Debt
Matures October 2011
Interest rate Prime +4.85%

  $ 20,000     19,761     19,761
   

Covertible Senior Debt Matures May 2009 Interest rate Prime + 2.50%

  $ 82     82     82
   

Preferred Stock Warrants

      220     143
   

Preferred Stock Warrants

      308     120

Quatrx Pharmaceuticals Company (0.20%)

   

Preferred Stock

      750     750
                 

Total Quatrx Pharmaceuticals Company

    21,121     20,856
                 

Total Specialty Pharmaceuticals (7.81%)

    31,180     29,870
                 

 

See notes to consolidated financial statements.

 

27


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2008

(dollars in thousands)

 

Portfolio Company

 

Industry

 

Type of Investment (1)

  Principal
Amount
  Cost (2)   Value (3)

Annie’s, Inc. (1.59%)

 

Consumer &

Business

Products

 

Senior Debt - Second Lien
Matures April 2011
Interest rate LIBOR + 6.50%

  $ 6,000   $ 5,824   $ 5,824
   

Preferred Stock Warrants

      321     273
                 

Total Annie’s, Inc.

    6,145     6,097

IPA Holdings, LLC. (4.50%) (4)

 

Consumer &

Business

Products

 

Senior Debt
Matures November 2012
Interest rate Prime + 3.50%

  $ 10,000     10,000     10,000
   

Senior Debt
Matures May 2013
Interest rate Prime + 6.00%

  $ 6,500     6,590     6,590
   

Revolving Line of Credit
Matures November 2012
Interest rate Prime + 2.50%

  $ 600     600     600

IPA Holding, LLC.(0.12%)

   

Common Stock

      500     447
                 

Total IPA Holding, LLC.

    17,690     17,637

Market Force Information, Inc. (0.01%) (4)

 

Consumer &

Business

Products

 

Preferred Stock Warrants

      24     40

Market Force Information, Inc. (0.07%)

   

Preferred Stock

      500     274
                 

Total Market Force Information, Inc.

    524     314

OnTech Operations, Inc. (0.01%) (8)

 

Consumer &

Business

Products

 

Revolving Line of Credit
Matures June 2009
Interest rate Prime + 5.625%

  $ 54     54     54
   

Preferred Stock Warrants

      453     —  
   

Preferred Stock Warrants

      218     —  

OnTech Operations, Inc. (0.00%)

   

Preferred Stock

      1,000     —  
                 

Total OnTech Operations, Inc.

    1,725     54

Wageworks, Inc. (0.23%) (4)

 

Consumer &

Business

Products

 

Preferred Stock Warrants

      252     881

Wageworks, Inc. (0.07%)

   

Preferred Stock

      250     266
                 

Total Wageworks, Inc.

    502     1,147
                 

Total Consumer & Business Products (6.60%)

    26,586     25,249
                 

Custom One Design, Inc. (0.14%) (8)

 

Semiconductors

 

Senior Debt
Matures September 2010
Interest rate 11.50%

  $ 775     765     523
   

Common Stock Warrants

      18     —  
                 

Total Custom One Design, Inc.

    783     523

Enpirion, Inc. (1.97%)

 

Semiconductors

 

Senior Debt
Matures August 2011
Interest rate Prime + 4.00%

  $ 7,500     7,389     7,389
   

Preferred Stock Warrants

      157     136
                 

Total Enpirion, Inc.

    7,546     7,525

iWatt Inc. (0.07%) (4)

 

Semiconductors

 

Preferred Stock Warrants

      46     28
   

Preferred Stock Warrants

      51     13
   

Preferred Stock Warrants

      73     13
   

Preferred Stock Warrants

      458     222

iWatt Inc. (0.25%)

   

Preferred Stock

      490     961
                 

Total iWatt Inc.

    1,118     1,237

 

See notes to consolidated financial statements.

 

28


Table of Contents

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

December 31, 2008

(dollars in thousands)

 

Portfolio Company

 

Industry

 

Type of Investment (1)

  Principal
Amount
  Cost (2)   Value (3)

NEXX Systems, Inc. (2.03%) (4)

 

Semiconductors

 

Senior Debt
Matures March 2010
Interest rate Prime + 3.50%

  $ 2,659   $ 2,593   $ 2,593
   

Revolving Line of Credit
Matures December 2009
Interest rate Prime + 3.00%

  $ 4,605     4,605     4,605
   

Revolving Line of Credit
Matures December 2009
Interest rate Prime + 5.00%

  $ 395     395     395
   

Preferred Stock Warrants

      165     182
                 

Total NEXX Systems, Inc.

    7,758     7,775

Quartics, Inc. (0.08%) (4)(8)

 

Semiconductors

 

Senior Debt
Matures August 2010
Interest rate 8.80%

  $ 629     601     286
   

Preferred Stock Warrants

      53     —  
                 

Total Quartics, Inc.

    654     286

Solarflare Communications, Inc. (0.11%) (4)

 

Semiconductors

 

Senior Debt
Matures August 2010
Interest rate 11.75%

  $ 464     420     420
   

Preferred Stock Warrants

      83     —  

Solarflare Communications, Inc. (0.00%)

   

Preferred Stock

      641     —  
                 

Total Solarflare Communications, Inc.

    1,144     420
                 

Total Semiconductors (4.65%)

    19,003     17,766
                 

Labopharm, Inc. (5.55%) (4)(6)

 

Drug Delivery

 

Senior Debt
Matures December 2011
Interest rate 10.95%

  $ 20,000     19,582     19,582
   

Common Stock Warrants

      458     1,206
   

Common Stock Warrants

      143     422
                 

Total Labopharm USA, Inc.

    20,183     21,210

Transcept Pharmaceuticals, Inc. (0.90%) (5)

 

Drug Delivery

 

Senior Debt
Matures October 2009
Interest rate 10.69%

  $ 3,353     3,334     3,334
   

Preferred Stock Warrants

      35     46
   

Preferred Stock Warrants