(Source: Business Wire)
Hercules Technology Growth Capital, Inc. (NASDAQ: HTGC), the leading
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 announced that it has committed to
provide Labcyte, Inc. (www.labcyte.com)
$5.5 million in credit facilities.
"Hercules believes the Life Science research and development market
presents a huge opportunity for Labcyte. In 2008, the pharmaceutical and
biotechnology industries spent approximately $65.2 billion on R&D
activities," said Kathy Conte, managing director of Life Sciences at
Hercules. "The unique Labcyte technology, as embodied in their Echo®
liquid handlers, coupled with their solid business plan and strong
management team, makes the company a welcome addition to our portfolio
of companies that are positioned for success."
"Labcyte acoustic liquid handling is the game-changing technology
adopted by pharmaceutical companies around the world because it
significantly improves the possibility of successful drug discovery
while dramatically reducing expenses. Our approach has rapidly gained
acceptance, allowing us to enjoy significant revenue growth," said Mark
D. Fischer-Colbrie, president and chief executive officer of Labcyte.
"This technology is being implemented in a wide variety of applications,
including those in disease screening, genomics, diagnostics, proteomics,
and mass spectroscopy imaging."
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 at
all levels of the capital structure. The company is headquartered in
Palo Alto, Calif. and has additional offices in the Boston, Boulder 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 Labcyte:
Labcyte Inc. uses sound to move liquids.
