Hercules Provides $10 Million of Venture Debt to EKOS Corporation, a Developer of Ultrasound-accelerated Drug Therapy Devices
PALO ALTO, Calif.--(BUSINESS WIRE)--Hercules Technology Growth Capital, Inc. (NASDAQ: HTGC), a leading specialty finance company providing growth capital in the form of venture debt or equity to venture capital and private equity backed technology and life science companies at all stages of development, today announced that on May 25, 2007, it provided $10 million of debt financing to support the sales launch of the therapeutic device company, EKOS Corporation.
“EKOS Corporation has developed a product which does both.”
The EKOS® Lysus® Peripheral Infusion System and EKOS® Micro-Infusion Catheter are FDA approved and use ultrasonic radio waves to assist therapeutic drugs in penetrating clots associated with peripheral arterial occlusions (PAO) and deep vein thrombosis (DVT). With the assistance of EKOS’ ultrasound technology, the physician prescribed therapies are more effective and decrease the recovery time for patients.
EKOS is backed by a group of leading venture capital and industry investors including Ascension Health Ventures, LLC., EGS Private Healthcare, MedVentures Associates, Mitsui & Co. Venture, Morgan Stanley Venture Partners, NGN Capital, Oakwood Medical Investors and Protostar Equity Partners.
“Hercules is continuously looking for medical device companies which significantly improve clinical outcomes for patients and provide clear economic advantages for hospitals and physicians,” noted Kathy Conte, managing director of life sciences at Hercules. “EKOS Corporation has developed a product which does both.”
“With the growth capital from Hercules, EKOS will be able to accelerate the marketing of our FDA-approved products and bring access to faster, more effective treatments to physicians and patients alike,” said Peter Rule, Chairman & Interim CEO of EKOS Corporation.
About Hercules Technology Growth Capital, Inc.:
Founded in December 2003, 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. The Company primarily finances privately-held companies backed by leading venture capital and private equity firms and also may finance certain publicly-traded companies. Hercules’ strategy is to evaluate and invest in a broad range of ventures active in technology and life science industries and to offer a full suite of growth capital products up and down the capital structure to prospective clients ranging from early-stage growth to expansion stage companies. The Company's investments are originated through its principal office located in Silicon Valley, as well as additional offices in the Boston, Boulder, Costa Mesa 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.
About EKOS Corporation:
EKOS® Corporation, a privately held company based in Bothell, Washington, is the world leader in providing ultrasound-accelerated, fluid infusion catheters for diagnosis and therapy. The company’s EKOS® EndoWaveTM Peripheral Infusion System and EKOS® Micro-InfusionTM Catheter are cleared for the delivery of therapeutic agents, including clot-dissolving thrombolytics, into the peripheral vasculature of patients with peripheral arterial occlusions (PAO) and deep vein thrombosis (DVT). The EKOS Micro-InfusionTM Catheter is also cleared for the administration of contrast media into the brain. A Phase II study, using the Micro-InfusionTM Catheter and sponsored by the National Institutes of Health (NIH), has shown promising results in the treatment of ischemic thrombo-embolic stroke. For more information about EKOS®, visit: www.ekoscorp.com.
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.