Edgar Filing: HERCULES TECHNOLOGY GROWTH CAPITAL INC

Form 10-Q

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 June 30, 2009

¨	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 August 6, 2009, there were 35,453,486 shares outstanding of the Registrant’s common stock, $0.001 par value.

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 June 30, 2009 (unaudited) and December 31, 2008	3

	Consolidated Schedule of Investments as of June 30, 2009 (unaudited)	4

	Consolidated Schedule of Investments as of December 31, 2008	14

	Consolidated Statement of Operations for the three and six-month periods ended June 30, 2009 and 2008 (unaudited)	28

	Consolidated Statement of Changes in Net Assets for the six-month periods ended June 30, 2009 and 2008 (unaudited)	29

	Consolidated Statement of Cash Flows for the six-month periods ended June 30, 2009 and 2008 (unaudited)	30

	Notes to Consolidated Financial Statements (unaudited)	31

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	44

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	58

Item 4.	Controls and Procedures	58

PART II. OTHER INFORMATION		58

Item 1.	Legal Proceedings	58

Item 1A.	Risk Factors	58

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	61

Item 3.	Defaults Upon Senior Securities	61

Item 4.	Submission of Matters to a Vote of Security Holders	61

Item 5.	Other Information	61

Item 6.	Exhibits	62

SIGNATURES		63

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

(dollars in thousands, except per share data)


	June 30, 2009 (unaudited)			December 31, 2008
Assets
Investments:
Non-affiliate investments (cost of $486,652 and $583,592)	$	451,257		$	579,079
Affiliate investments (cost of $3,467 and $8,756)		1,133			2,222

Total investments, at value (cost of $490,119 and $592,348 respectively)		452,390			581,301
Deferred loan origination revenue		(4,274	)		(6,871	)
Cash and cash equivalents		37,367			17,242
Interest receivable		9,327			8,803
Other assets		7,085			8,197

Total assets		501,895			608,672
Liabilities
Accounts payable and accrued liabilities		6,645			9,432
Short-term credit facility		—			89,582
Long-term credit facility		417			—
Long-term SBA Debentures		130,600			127,200

Total liabilities		137,662			226,214

Net assets	$	364,233		$	382,458

Net assets consist of:
Common stock, par value	$	35		$	33
Capital in excess of par value		407,300			395,760
Unrealized appreciation (depreciation) on investments		(37,922	)		(11,297	)
Accumulated realized gains (losses) on investments		(1,426	)		3,906
Distributions in excess of investment income		(3,754	)		(5,944	)

Total net assets	$	364,233		$	382,458

Shares of common stock outstanding ($0.001 par value, 60,000 authorized)		35,452			33,096

Net asset value per share	$	10.27		$	11.56

See notes to consolidated financial statements (unaudited).

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS

June 30, 2009

(unaudited)

(dollars in thousands)


Portfolio Company	Industry	Type of Investment⁽¹⁾	Principal Amount		Cost⁽²⁾		Value⁽³⁾
Acceleron Pharmaceuticals, Inc.*	Drug Discovery	Preferred Stock Warrants			$	69	$	525
		Preferred Stock Warrants				35		76
Acceleron Pharmaceuticals, Inc.		Preferred Stock				1,243		1,450

Total Acceleron Pharmaceuticals, Inc.						1,347		2,051

Aveo Pharmaceuticals, Inc.	Drug Discovery	Senior Debt Matures May 2012 Interest rate 11.13%	$	15,000		14,923		14,923
		Preferred Stock Warrants				190		291
		Preferred Stock Warrants				104		81
		Preferred Stock Warrants				24		29

Total Aveo Pharmaceuticals, Inc.						15,241		15,324

Dicerna Pharmaceuticals, Inc.	Drug Discovery	Senior Debt Matures April 2012 Interest rate Prime + 9.20% or Floor rate of 12.95%	$	5,000		4,799		4,799
		Preferred Stock Warrants				206		179

Total Dicerna Pharmaceuticals, Inc.						5,005		4,978

Elixir Pharmaceuticals, Inc.	Drug Discovery	Senior Debt Matures October 2011 Interest rate Prime + 9.25% or Floor rate of 12.50%	$	10,267		10,267		10,267
		Preferred Stock Warrants				217		109

Total Elixir Pharmaceuticals, Inc.						10,484		10,376

EpiCept Corporation	Drug Discovery	Common Stock Warrants				14		88
		Common Stock Warrants				40		253

Total EpiCept Corporation						54		341

Horizon Therapeutics, Inc.	Drug Discovery	Senior Debt Matures July 2011 Interest rate Prime + 1.50%	$	6,082		5,977		5,977
		Preferred Stock Warrants				231		237

Total Horizon Therapeutics, Inc.						6,208		6,214

Inotek Pharmaceuticals Corp.	Drug Discovery	Preferred Stock				1,500		475

Total Inotek Pharmaceuticals Corp.						1,500		475

Merrimack Pharmaceuticals, Inc.	Drug Discovery	Preferred Stock Warrants				155		338
Merrimack Pharmaceuticals, Inc.		Preferred Stock				2,000		2,787

Total Merrimack Pharmaceuticals, Inc.						2,155		3,125

Paratek Pharmaceuticals, Inc.	Drug Discovery	Preferred Stock Warrants				137		27
Paratek Pharmaceuticals, Inc.		Preferred Stock				1,000		1,000

Total Paratek Pharmaceuticals, Inc.						1,137		1,027

Portola Pharmaceuticals, Inc.	Drug Discovery	Senior Debt Matures April 2011 Interest rate Prime + 2.16%	$	9,166		9,167		9,167
		Preferred Stock Warrants				152		319

Total Portola Pharmaceuticals, Inc.						9,319		9,486

Recoly, N.V.⁽⁵⁾	Drug Discovery	Senior Debt Matures June 2012 Interest rate Prime + 4.25%	$	3,000		3,000		3,000

Total Recoly, N.V.						3,000		3,000

Total Drug Discovery (15.48%)						55,450		56,397

Affinity Videonet, Inc.⁽⁴⁾	Communications & Networking	Senior Debt Matures June 2012 Interest rate Prime + 8.75%	$	2,318		2,281		2,281
		Senior Debt Matures June 2012 Interest rate Prime + 4.75%	$	2,000		2,032		2,032
		Revolving Line of Credit Matures June 2012 Interest rate Prime + 9.75% or Floor rate of 13.00%	$	500		500		500
		Preferred Stock Warrants				102		96

Total Affinity Videonet, Inc.						4,915		4,909

See notes to consolidated financial statements (unaudited).

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2009

(unaudited)

(dollars in thousands)


Portfolio Company	Industry	Type of Investment⁽¹⁾	Principal Amount		Cost⁽²⁾		Value⁽³⁾
E-band Communications, Inc.⁽⁶⁾	Communications & Networking	Preferred Stock			$	2,372	$	1,003

Total E-Band Communications, Inc.						2,372		1,003

IKANO Communications, Inc.	Communications & Networking	Senior Debt Matures August 2011 Interest rate 12.00%	$	9,137		9,137		9,137
		Preferred Stock Warrants				45		—
		Preferred Stock Warrants				72		—

Total IKANO Communications, Inc.						9,254		9,137

Neonova Holding Company	Communications & Networking	Senior Debt Matures September 2012 Interest rate Prime + 3.25% or Floor rate of 10.50%	$	8,135		8,083		8,083
		Preferred Stock Warrants				94		45
Neonova Holding Company		Preferred Stock				250		247

Total Neonova Holding Company						8,427		8,375

Peerless Network, Inc.⁽⁴⁾⁽⁶⁾	Communications & Networking	Preferred Stock Warrants				95		—
Peerless Network, Inc.		Preferred Stock				1,000		130

Total Peerless Network, Inc.						1,095		130

Ping Identity Corporation	Communications & Networking	Preferred Stock Warrants				52		175

Total Ping Identity Corporation						52		175

Purcell Systems, Inc.	Communications & Networking	Preferred Stock Warrants				123		433

Total Purcell Systems, Inc.						123		433

Rivulet Communications, Inc.⁽⁴⁾	Communications & Networking	Senior Debt Matures March 2010 Interest rate Prime + 8.00% or Floor rate of 12.00%	$	1,867		1,808		1,808
		Preferred Stock Warrants				146		97
Rivulet Communications, Inc.		Preferred Stock				250		58

Total Rivulet Communications, Inc.						2,204		1,963

Seven Networks, Inc.	Communications & Networking	Preferred Stock Warrants				174		10

Total Seven Networks, Inc.						174		10

Stoke, Inc.	Communications & Networking	Senior Debt Matures August 2010 Interest rate 10.55%	$	411		392		392
		Senior Debt Matures August 2010 Interest rate 10.05%	$	821		821		821
		Senior Debt Matures August 2010 Interest rate 7.30%	$	675		675		675
		Preferred Stock Warrants				53		76

Total Stoke, Inc.						1,941		1,964

Tectura Corporation	Communications & Networking	Revolving Line of Credit Matures July 2011 Interest rate Prime + 10.75% or Floor rate of 14.00%	$	11,908		11,965		11,965
		Revolving Line of Credit Matures July 2011 Interest rate Prime + 10.75% or Floor rate of 14.00%	$	5,500		5,526		5,526
		Preferred Stock Warrants				51		38

Total Tectura Corporation						17,542		17,529

Wireless Channels, Inc.⁽⁴⁾⁽⁷⁾	Communications & Networking	Senior Debt Matures April 2010 Interest rate Prime + 4.25%	$	9,822		10,319		3,319

See notes to consolidated financial statements (unaudited).

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2009

(unaudited)

(dollars in thousands)


Portfolio Company	Industry	Type of Investment⁽¹⁾	Principal Amount		Cost⁽²⁾		Value⁽³⁾
		Senior Debt Matures April 2010 Interest rate Prime + 0.50%%	$	426	$	426	$	426
		Preferred Stock Warrants				155		—

Total Wireless Channels, Inc.						10,900		3,745

Zayo Bandwidth, Inc.	Communications & Networking	Senior Debt Matures November 2013 Interest rate Libor + 5.25%	$	24,875		24,875		24,440

Total Zayo Bandwith, Inc.						24,875		24,440

Total Communications & Networking (20.27%)						83,874		73,813

Atrenta, Inc.⁽⁴⁾	Software	Preferred Stock Warrants				102		438
		Preferred Stock Warrants				34		144
		Preferred Stock Warrants				95		216
Atrenta, Inc.		Preferred Stock				250		375

Total Atrenta, Inc.						481		1,173

Blurb, Inc.	Software	Senior Debt Matures January 2010 Interest rate 9.55%	$	780		775		775
		Senior Debt Matures June 2011 Interest rate Prime + 3.50% or Floor rate of 8.50%	$	4,345		4,181		4,181
		Preferred Stock Warrants				25		131
		Preferred Stock Warrants				299		81

Total Blurb, Inc.						5,280		5,168

Braxton Technologies, LLC.⁽⁴⁾	Software	Senior Debt Matures July 2012 Interest rate Prime + 6.00% or Floor rate of 13.00%	$	6,996		7,015		7,015
		Preferred Stock Warrants				188		171

Total Braxton Technologies, LLC.						7,203		7,186

Bullhorn, Inc.	Software	Preferred Stock Warrants				43		254

Total Bullhorn, Inc.						43		254

Clickfox, Inc.	Software	Senior Debt Matures September 2011 Interest rate Prime + 5.00% or Floor rate of 10.25%	$	4,703		4,590		4,590
		Revolving Line of Credit Matures July 2009 Interest rate Prime + 4.00% or Floor rate of 9.25%	$	2,000		2,000		2,000
		Preferred Stock Warrants				163		137

Total Clickfox, Inc.						6,753		6,727

Forescout Technologies, Inc.	Software	Preferred Stock Warrants				99		125

Total Forescout Technologies, Inc.						99		125

GameLogic, Inc.	Software	Preferred Stock Warrants				92		1

Total GameLogic, Inc.						92		1

Gomez, Inc.	Software	Preferred Stock Warrants				35		408

Total Gomez, Inc.						35		408

HighJump Acquisition, LLC.	Software	Senior Debt Matures May 2013 Interest rate Libor + 8.75% or Floor rate of 12.00%	$	15,000		15,000		15,000

Total HighJump Acquisition, LLC.						15,000		15,000

HighRoads, Inc.	Software	Preferred Stock Warrants				44		39

Total HighRoads, Inc.						44		39

Infologix, Inc.⁽⁴⁾	Software	Senior Debt Matures May 2012 Interest rate Prime + 10.75% or Floor rate of 15.75%	$	11,400		11,512		11,512
		Revolving Line of Credit Matures January 2010 Interest rate Prime + 9.75% or Floor rate of 14.25%	$	9,000		9,000		9,000

See notes to consolidated financial statements (unaudited).

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2009

(unaudited)

(dollars in thousands)


Portfolio Company	Industry	Type of Investment⁽¹⁾	Principal Amount		Cost⁽²⁾		Value⁽³⁾
		Common Stock Warrants			$	36	$	113

Total Infologix, Inc.						20,548		20,625

Intelliden, Inc.	Software	Preferred Stock Warrants				18		—

Total Intelliden, Inc.						18		—

PSS Systems, Inc.	Software	Preferred Stock Warrants				51		101

Total PSS Systems, Inc.						51		101

Rockyou, Inc.	Software	Senior Debt Matures May 2011 Interest rate Prime + 2.50% or Floor rate of 8.50%	$	2,235		2,186		2,186
		Preferred Stock Warrants				117		92

Total Rockyou, Inc.						2,303		2,278

Savvion, Inc.⁽⁴⁾	Software	Senior Debt Matures February 2011 Interest rate Prime + 7.75% or Floor rate of 10.75%	$	2,950		2,898		2,898
		Revolving Line of Credit Matures May 2010 Interest rate Prime + 6.75% or Floor rate of 9.75%	$	1,500		1,500		1,500
		Preferred Stock Warrants				52		162

Total Savvion, Inc.						4,450		4,560

Sportvision, Inc.	Software	Preferred Stock Warrants				39		72

Total Sportvision, Inc.						39		72

WildTangent, Inc.	Software	Preferred Stock Warrants				238		40

Total WildTangent, Inc.						238		40

Total Software (17.50%)						62,677		63,757

Luminus Devices, Inc.	Electronics & Computer Hardware	Senior Debt Matures September 2011 Interest rate 12.875%	$	11,796		11,810		11,810
		Preferred Stock Warrants				183		—
		Preferred Stock Warrants				84		1
		Preferred Stock Warrants				334		11

Total Luminus Devices, Inc.						12,411		11,822

Maxvision Holding, LLC.	Electronics & Computer Hardware	Senior Debt Matures October 2012 Interest rate Prime + 5.50%	$	5,000		5,167		5,167
		Senior Debt Matures April 2012 Interest rate Prime + 2.25%	$	4,742		4,770		4,770
Maxvision Holding, LLC.⁽⁴⁾		Common Stock				82		283

Total Maxvision Holding, LLC						10,019		10,220

Shocking Technologies, Inc.	Electronics & Computer Hardware	Senior Debt Matures December 2010 Interest rate 9.75%	$	173		154		154
		Senior Debt Matures December 2010 Interest rate 7.50%	$	2,571		2,571		2,571
		Preferred Stock Warrants				63		48

Total Shocking Technologies, Inc.						2,788		2,773

SiCortex, Inc.⁽⁷⁾	Electronics & Computer Hardware	Senior Debt Matures December 2010 Interest rate Prime + 2.70%	$	5,106		5,041		300
		Preferred Stock Warrants				164		—

Total SiCortex, Inc.						5,205		300

Spatial Photonics, Inc.	Electronics & Computer Hardware	Senior Debt Matures April 2011 Interest rate 10.066%	$	2,614		2,569		2,569
		Senior Debt Mature April 2011 Interest rate 9.217%	$	261		261		261

See notes to consolidated financial statements (unaudited).

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2009

(unaudited)

(dollars in thousands)


Portfolio Company	Industry	Type of Investment⁽¹⁾	Principal Amount		Cost⁽²⁾		Value⁽³⁾
		Preferred Stock Warrants			$	130	$	—
Spatial Photonics, Inc.		Preferred Stock				500		495

Total Spatial Photonics Inc.						3,460		3,325

VeriWave, Inc.	Electronics & Computer Hardware	Senior Debt Matures May 2010 Interest rate 10.75%	$	1,694		1,680		1,680
		Preferred Stock Warrants				54		95
		Preferred Stock Warrants				45		34

Total VeriWave, Inc.						1,779		1,809

Total Electronics & Computer Hardware (8.30%)						35,662		30,249

Aegerion Pharmaceuticals, Inc.⁽⁴⁾	Specialty Pharmaceuticals	Senior Debt Matures September 2011 Interest rate Prime + 2.50% or Floor rate of 9.55%	$	6,859		6,859		6,859
		Covertible Senior Debt Matures December 2009	$	178		178		178
		Preferred Stock Warrants				70		142
Aegerion Pharmaceuticals, Inc.⁽⁴⁾		Preferred Stock				1,000		1,366

Total Aegerion Pharmaceuticals, Inc.						8,107		8,545

Panacos Pharmaceuticals, Inc.	Specialty Pharmaceuticals	Common Stock Warrants				876		2
Panacos Pharmaceuticals, Inc.		Common Stock				410		8

Total Panacos Pharmaceuticals, Inc.						1,286		10

Quatrx Pharmaceuticals Company	Specialty Pharmaceuticals	Senior Debt Matures October 2011 Interest rate Prime + 8.90% or Floor rate of 12.15%	$	17,965		17,792		12,792
		Covertible Senior Debt Matures March 2010	$	82		82		82
		Covertible Senior Debt Matures March 2010	$	924		924		924
		Preferred Stock Warrants				220		—
		Preferred Stock Warrants				308		—
Quatrx Pharmaceuticals Company		Preferred Stock				750		—

Total Quatrx Pharmaceuticals Company						20,076		13,798

Total Specialty Pharmaceuticals (6.14%)						29,469		22,353

Annie’s, Inc.	Consumer & Business Products	Senior Debt - Second Lien Matures April 2011 Interest rate LIBOR + 6.50% or Floor rate of 10.00%	$	6,000		5,943		5,943
		Preferred Stock Warrants				321		194

Total Annie’s, Inc.						6,264		6,137

IPA Holdings, LLC.⁽⁴⁾	Consumer & Business Products	Senior Debt Matures November 2012 Interest rate Prime + 8.25% or Floor rate of 12.50%	$	10,000		10,009		10,009
		Senior Debt Matures May 2013 Interest rate Prime + 11.25% or Floor rate of 15.50%	$	6,500		6,403		6,403
		Revolving Line of Credit Matures November 2012 Interest rate Prime + 7.75% or Floor rate of 12.00%	$	506		506		506
		Preferred Stock Warrants				275		22
IPA Holding, LLC.		Common Stock				500		120

Total IPA Holding, LLC.						17,693		17,060

Market Force Information, Inc.	Consumer & Business Products	Preferred Stock Warrants				24		—
Market Force Information, Inc.		Preferred Stock				500		500

Total Market Force Information, Inc.						524		500

See notes to consolidated financial statements (unaudited).

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2009

(unaudited)

(dollars in thousands)


Portfolio Company	Industry	Type of Investment⁽¹⁾	Principal Amount		Cost⁽²⁾		Value⁽³⁾
OnTech Operations, Inc.	Consumer & Business Products	Senior Debt Matures December 2009 Interest rate 16.00%	$	106	$	106	$	—
		Preferred Stock Warrants				452		—
		Preferred Stock Warrants				219		—
OnTech Operations, Inc.		Preferred Stock				1,000		—

Total OnTech Operations, Inc.						1,777		—

Wageworks, Inc.	Consumer & Business Products	Preferred Stock Warrants				252		1,470
Wageworks, Inc.		Preferred Stock				250		369

Total Wageworks, Inc.						502		1,839

Total Consumer & Business Products (7.01%)						26,760		25,536

Custom One Design, Inc.	Semiconductors	Senior Debt Matures September 2010 Interest rate 11.50%	$	551		544		544
		Common Stock Warrants				18		—

Total Custom One Design, Inc.						562		544

Enpirion, Inc.	Semiconductors	Senior Debt Matures August 2011 Interest rate Prime + 2.00% or Floor rate of 7.625%	$	6,554		6,487		6,487
		Preferred Stock Warrants				157		6

Total Enpirion, Inc.						6,644		6,493

iWatt Inc.	Semiconductors	Preferred Stock Warrants				46		2
		Preferred Stock Warrants				51		52
		Preferred Stock Warrants				73		66
		Preferred Stock Warrants				458		448
iWatt Inc.		Preferred Stock				490		950

Total iWatt Inc.						1,118		1,518

NEXX Systems, Inc.⁽⁴⁾	Semiconductors	Senior Debt Matures March 2010 Interest rate Prime + 3.50% or Floor rate of 11.25%	$	1,640		1,604		1,604
		Revolving Line of Credit Matures December 2009 Interest rate Prime + 3.00% or Floor rate of 11.25%	$	4,150		4,150		4,150
		Preferred Stock Warrants				165		349

Total NEXX Systems, Inc.						5,919		6,103

Quartics, Inc.	Semiconductors	Senior Debt Matures May 2010 Interest rate 10.00%	$	305		286		286
		Preferred Stock Warrants				53		—

Total Quartics, Inc.						339		286

Solarflare Communications, Inc.⁽⁴⁾	Semiconductors	Senior Debt Matures August 2010 Interest rate 11.75%	$	334		304		304
		Preferred Stock Warrants				83		—
Solarflare Communications, Inc.		Common Stock				641		3

Total Solarflare Communications, Inc.						1,028		307

Total Semiconductors (4.19%)						15,610		15,251

Labopharm USA, Inc.⁽⁵⁾	Drug Delivery	Senior Debt Matures June 2012 Interest rate 10.95%	$	20,000		19,634		19,634
		Common Stock Warrants				849		1,755

Total Labopharm USA, Inc.						20,483		21,389

Transcept Pharmaceuticals, Inc.	Drug Delivery	Common Stock Warrants				36		25
		Common Stock Warrants				51		19
Transcept Pharmaceuticals, Inc.		Common Stock				500		215

Total Transcept Pharmaceuticals, Inc.						587		259

Total Drug Delivery (5.95%)						21,070		21,648

BARRX Medical, Inc.	Therapeutic	Senior Debt Mature December 2011 Interest rate 11.00%	$	6,667		6,655		6,655

See notes to consolidated financial statements (unaudited).

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2009

(unaudited)

(dollars in thousands)


Portfolio Company	Industry	Type of Investment⁽¹⁾	Principal Amount		Cost⁽²⁾		Value⁽³⁾
		Revolving Line of Credit Matures May 2010 Interest rate 10.00% or Floor rate of 8.75%	$	1,000	$	1,000	$	1,000
		Preferred Stock Warrants				76		107
BARRX Medical, Inc.		Preferred Stock				1,500		2,130

Total BARRX Medical, Inc.						9,231		9,892

EKOS Corporation	Therapeutic	Senior Debt Matures November 2010 Interest rate Prime + 2.00%	$	4,083		3,988		3,988
		Preferred Stock Warrants				175		41
		Preferred Stock Warrants				153		20

Total EKOS Corporation						4,316		4,049

Gelesis, Inc.	Therapeutic	Senior Debt Matures May 2012 Interest rate Prime + 5.65% or Floor rate of 10.75%	$	3,000		2,955		2,955
		Preferred Stock Warrants				57		33

Total Gelesis, Inc.						3,012		2,988

Gynesonics, Inc.	Therapeutic	Preferred Stock Warrants				17		245
Gynesonics, Inc.		Preferred Stock				250		594

Total Gynesonics, Inc.						267		839

Light Science Oncology, Inc.	Therapeutic	Preferred Stock Warrants				99		18

Total Light Science Oncology, Inc.						99		18

Novasys Medical, Inc.⁽⁴⁾	Therapeutic	Senior Debt Matures February 2010 Interest rate 9.70%	$	1,991		1,984		1,984
		Preferred Stock Warrants				71		153
		Preferred Stock Warrants				54		51
Novasys Medical, Inc.		Preferred Stock				555		683

Total Novasys Medical, Inc.						2,664		2,871

Power Medical Interventions, Inc.	Therapeutic	Common Stock Warrants				21		2

Total Power Medical Interventions, Inc.						21		2

Total Therapeutic (5.67%)						19,610		20,659

Cozi Group, Inc.	Internet Consumer & Business Services	Preferred Stock Warrants				147		—
Cozi Group, Inc.		Preferred Stock				177		7

Total Cozi Group, Inc.						324		7

Invoke Solutions, Inc.	Internet Consumer & Business Services	Senior Debt Matures November 2009 Interest rate Prime + 3.75%	$	334		346		346
		Preferred Stock Warrants				56		14
		Preferred Stock Warrants				26		164

Total Invoke Solutions, Inc.						428		524

Prism Education Group Inc.	Internet Consumer & Business Services	Senior Debt Matures December 2010 Interest rate 11.25%	$	1,168		1,151		1,151
		Preferred Stock Warrants				43		117

Total Prism Education Group Inc.						1,194		1,268

RazorGator Interactive Group, Inc.⁽⁴⁾	Internet Consumer & Business Services	Revolving Line of Credit Matures May 2010 Interest rate Prime + 6.00% or Floor rate of 12.00%	$	3,000		3,000		3,000
		Preferred Stock Warrants				13		999
		Preferred Stock Warrants				28		127
RazorGator Interactive Group, Inc.		Preferred Stock				1,000		2,240

Total RazorGator Interactive Group, Inc.						4,041		6,366

Serious USA, Inc.⁽⁷⁾	Internet Consumer & Business Services	Senior Debt Matures Februrary 2011 Interest rate 14.00% or Floor rate of 14.00%	$	2,318		2,278		778
		Preferred Stock Warrants				94		—

Total Serious USA, Inc^.						2,372		778

See notes to consolidated financial statements (unaudited).

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2009

(unaudited)

(dollars in thousands)


Portfolio Company	Industry	Type of Investment⁽¹⁾	Principal Amount		Cost⁽²⁾		Value⁽³⁾
Spa Chakra, Inc.	Internet Consumer & Business Services	Senior Debt Matures June 2010 Interest rate 14.45%	$	10,000	$	10,041	$	10,041

Total Spa Chakra, Inc.						10,041		10,041

Total Internet Consumer & Business Services (5.21%)						18,400		18,984

Lilliputian Systems, Inc.	Energy	Preferred Stock Warrants				106		127
		Common Stock Warrants				49		—

Total Lilliputian Systems, Inc.						155		127

Total Energy (0.03%)						155		127

Active Response Group, Inc.⁽⁷⁾	Information Services	Senior Debt Matures July 2011 Interest rate LIBOR + 12.55%	$	6,158		6,131		861
		Revolving Line of Credit Matures December 2009 Interest rate Prime + 14.00% or Floor rate of 18.00%	$	3,500		3,500		362
		Common Stock Warrants				92		—
		Preferred Stock Warrants				46		—
Active Response Group, Inc.		Common Stock				105		—

Total Active Response Group, Inc.						9,874		1,223

Box.net, Inc.	Information Services	Senior Debt Matures May 2011 Interest rate Prime + 1.50%	$	894		862		862
		Senior Debt Matures September 2011 Interest rate Prime + 0.50%	$	363		363		363
		Preferred Stock Warrants				73		55

Total Box.net, Inc.						1,298		1,280

Buzznet, Inc.	Information Services	Preferred Stock Warrants				9		—
Buzznet, Inc.		Preferred Stock				250		74

Total Buzznet, Inc.						259		74

hi5 Networkss, Inc.	Information Services	Senior Debt Matures December 2010 Interest rate Prime + 2.5%	$	2,033		2,033		2,033
		Senior Debt Matures June 2011 Interest rate Prime + 0.5%	$	4,729		4,653		4,653
		Preferred Stock Warrants				213		—

Total hi5 Networks, Inc.						6,899		6,686

Jab Wireless, Inc.	Information Services	Senior Debt Matures November 2012 Interest rate Prime + 3.50% or Floor rate of 9.50%	$	14,988		14,950		14,950
		Preferred Stock Warrants				265		188

Total Jab Wireless, Inc.						15,215		15,138

Solutionary, Inc.	Information Services	Senior Debt Matures June 2010 Interest rate LIBOR + 5.00% or Floor rate of 12.00%	$	3,151		3,389		3,389
		Revolving Line of Credit Matures June 2010 Interest rate LIBOR + 5.00% or Floor rate of 12.00%	$	1,500		1,575		1,575
		Preferred Stock Warrants				94		113
		Preferred Stock Warrants				2		3
Solutionary, Inc.		Preferred Stock				250		236

Total Solutionary, Inc.						5,310		5,316

Ancestry.com, Inc.(The Generation Networks, Inc.)	Information Services	Senior Debt Matures December 2012 Interest rate 7.42%	$	5,221		5,221		5,130
The Generation Networks, Inc.		Common Stock				500		431

Total The Generation Networks, Inc.						5,721		5,561

Good Technologies, Inc. (Visto Corporation)		Common Stock				603		603

Total Visto Corporation						603		603

See notes to consolidated financial statements (unaudited).

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2009

(unaudited)

(dollars in thousands)


Portfolio Company	Industry	Type of Investment⁽¹⁾	Principal Amount		Cost⁽²⁾		Value⁽³⁾
Coveroo, Inc.	Information Services	Senior Debt Matures July 2010 Interest rate Prime + 9.75%	$	110	$	108	$	—
		Preferred Stock Warrants				7		—

Total Coveroo, Inc.						115		—

Zeta Interactive Corporation	Information Services	Senior Debt Matures November 2012 Interest rate 9.50%	$	5,439		5,375		5,375
		Senior Debt Matures November 2012 Interest rate 10.50%	$	7,396		7,486		7,486
		Preferred Stock Warrants				173		—
Zeta Interactive Corporation		Preferred Stock				500		405

Total Zeta Interactive Corporation						13,534		13,266

Total Information Services (13.50%)						58,828		49,147

Novadaq Technologies, Inc.	Diagnostic	Common Stock				1,606		564

Total Novadaq Technologies, Inc.						1,606		564

Optiscan Biomedical, Corp.	Diagnostic	Senior Debt Matures June 2011 Interest rate 10.25%	$	10,000		9,678		9,678
		Preferred Stock Warrants				760		299
Optiscan Biomedical, Corp.		Preferred Stock				3,000		3,000

Total Optiscan Biomedical, Corp.						13,438		12,977

Total Diagnostic (3.72%)						15,044		13,541

Kamada, LTD. ⁽⁵⁾	Biotechnology Tools	Senior Debt Matures February 2012 Interest rate 10.60%	$	19,500		18,991		18,991
		Common Stock Warrants				412		404
Kamada, LTD.		Common Stock				500		674

Total Kamada, LTD.						19,903		20,069

NuGEN Technologies, Inc.	Biotechnology Tools	Senior Debt Matures November 2010 Interest rate Prime + 3.45%	$	1,178		1,166		1,166
		Senior Debt Matures November 2010 Interest rate Prime + 1.70%	$	671		671		671
		Preferred Stock Warrants				45		159
		Preferred Stock Warrants				33		13
NuGEN Technologies, Inc.		Preferred Stock				500		239

Total NuGEN Technologies, Inc.						2,415		2,248

Solace Pharmaceuticals, Inc.⁽⁴⁾	Biotechnology Tools	Senior Debt Matures August 2012 Interest rate Prime + 4.25% or Floor rate of 9.85%	$	5,000		4,916		4,916
		Preferred Stock Warrants				42		46
		Preferred Stock Warrants				55		50

Total Solace Pharmaceuticals, Inc.						5,013		5,012

Total Biotechnology Tools (7.50%)						27,331		27,329

Crux Biomedical, Inc.	Surgical Devices	Preferred Stock Warrants				37		—
Crux Biomedical, Inc.		Preferred Stock				250		26

Total Crux Biomedical, Inc.						287		26

Transmedics, Inc.⁽⁴⁾	Surgical Devices	Senior Debt Matures December 2011 Interest rate Prime + 5.25%	$	9,475		9,344		2,344
		Preferred Stock Warrants				225		—

Total Transmedics, Inc.						9,569		2,344

Total Surgical Devices (0.65%)						9,856		2,370

Glam Media, Inc.	Media/Content/Info	Preferred Stock Warrants				482		283

Total Glam Media, Inc.						482		283

Waterfront Media Inc.⁽⁴⁾	Media/Content/Info	Senior Debt Matures September 2010 Interest rate Prime + 3.00%	$	1,795		1,781		1,781

See notes to consolidated financial statements (unaudited).

HERCULES TECHNOLOGY GROWTH CAPITAL, INC.

CONSOLIDATED SCHEDULE OF INVESTMENTS—(Continued)

June 30, 2009

(dollars in thousands)


Portfolio Company	Industry	Type of Investment⁽¹⁾	Principal Amount		Cost⁽²⁾		Value⁽³⁾
		Revolving Line of Credit Matures October 2009 Interest rate Prime + 3.75% or Floor rate of 10.50%	$	7,000	$	7,000	$	7,000
		Preferred Stock Warrants				60		509
Waterfront Media Inc.		Preferred Stock				1,000		1,656

Total Waterfront Media Inc.						9,841		10,946

Total Media/Content/Info (3.08%)						10,323		11,229

Total Investments (124.20%)						490,119		452,390

*	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 $12,056, $51,654 and $39,598, respectively. The tax cost of investments is $490,749.

(3)

Except for warrants in six publicly traded companies and common stock in four publicly traded companies, all investments are restricted at June 30, 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 June 30, 2009, and is therefore considered non-income producing.

See notes to consolidated financial statements (unaudited).

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.

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.

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.

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.

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.

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.

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.

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.

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				51		75
Transcept Pharmaceuticals, Inc. (0.07%)⁽⁴⁾		Preferred Stock				500		287

Total Transcept Pharmaceuticals, Inc.						3,920		3,742

Total Drug Delivery (6.52%)						24,103		24,952

BARRX Medical, Inc.(0.86%)⁽⁴⁾	Therapeutic	Senior Debt Mature December 2011 Interest rate 11.00%	$	3,333		3,270		3,270
		Preferred Stock Warrants				63		41
BARRX Medical, Inc. (0.36%)		Preferred Stock				1,500		1,388

Total BARRX Medical, Inc.						4,833		4,699

See notes to consolidated financial statements.

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⁾
EKOS Corporation (1.29%)	Therapeutic	Senior Debt Matures November 2010 Interest rate Prime + 2.00%	$	5,000	$	4,846	$	4,846
		Preferred Stock Warrants				175		51
		Preferred Stock Warrants				153		25

Total EKOS Corporation						5,174		4,922

Gelesis, Inc. (0.39%)	Therapeutic	Senior Debt Matures May 2012 Interest rate Prime + 5.65%	$	1,500		1,477		1,477
		Preferred Stock Warrants				27		27

Total Gelesis, Inc.						1,504		1,504

Gynesonics, Inc. (0.02%)⁽⁴⁾	Therapeutic	Preferred Stock Warrants				18		92
Gynesonics, Inc. (0.08%)		Preferred Stock				250		304

Total Gynesonics, Inc.						268		396

Light Science Oncology, Inc. (0.01%)	Therapeutic	Preferred Stock Warrants				98		26

Total Light Science Oncology, Inc.						98		26

Novasys Medical, Inc. (0.96%)⁽⁴⁾	Therapeutic	Senior Debt Matures February 2010 Interest rate 9.70%	$	3,607		3,588		3,588
		Preferred Stock Warrants				71		56
		Preferred Stock Warrants				54		25
Novasys Medical, Inc.(0.12%)		Preferred Stock				555		444

Total Novasys Medical, Inc.						4,268		4,113

Power Medical Interventions, Inc. (0.00%)	Therapeutic	Common Stock Warrants				21		1

Total Power Medical Interventions, Inc.						21		1

Total Therapeutic (4.09%)						16,166		15,661


Cozi Group, Inc. (0.04%)	Internet Consumer & Business Services	Preferred Stock Warrants				147		150
Cozi Group, Inc. (0.06%)		Preferred Stock				177		225

Total Cozi Group, Inc.						324		375

Invoke Solutions, Inc. (0.29%)⁽⁴⁾	Internet Consumer & Business Services	Senior Debt Matures November 2009 Interest rate Prime + 3.75%	$	983		990		990
		Preferred Stock Warrants				56		101
		Preferred Stock Warrants				26		23

Total Invoke Solutions, Inc.						1,072		1,114

Prism Education Group Inc. (0.42%)	Internet Consumer & Business Services	Senior Debt Matures December 2010 Interest rate 11.25%	$	1,516		1,492		1,492
		Preferred Stock Warrants				43		115

Total Prism Education Group Inc.						1,535		1,607

See notes to consolidated financial statements.

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⁾
RazorGator Interactive Group, Inc. (0.94%)⁽⁵⁾	Internet Consumer & Business Services	Revolving Line of Credit Matures January 2009 Interest rate Prime + 1.80%	$	3,000	$	3,000	$	3,000
		Preferred Stock Warrants				13		562
		Preferred Stock Warrants				29		42
RazorGator Interactive Group, Inc. (0.45%)		Preferred Stock				1,000		1,708

Total RazorGator Interactive Group, Inc.						4,042		5,312

Serious USA, Inc. (0.36%)	Internet Consumer & Business Services	Senior Debt Matures February 2011 Interest rate Prime + 7.00%	$	2,906		2,851		1,351
		Preferred Stock Warrants				93		—

Total Serious USA, Inc.						2,944		1,351

Spa Chakra, Inc. (2.61%)	Internet Consumer & Business Services	Senior Debt Matures June 2010 Interest rate 14.45%%	$	10,000		10,000		10,000

Total Spa Chakra, Inc.						10,000		10,000

Total Internet Consumer & Business Services (5.17%)						19,917		19,759


Lilliputian Systems, Inc. (1.15%)⁽⁴⁾	Energy	Senior Debt Matures March 2010 Interest rate Prime + 6.00%	$	4,324		4,204		4,204
		Preferred Stock Warrants				155		190

Total Lilliputian Systems, Inc.						4,359		4,394

Total Energy (1.15%)						4,359		4,394


Active Response Group, Inc. (2.58%)⁽⁴⁾	Information Services	Senior Debt Matures March 2012 Interest rate LIBOR + 6.55%	$	6,905		6,863		6,863
		Revolving Line of Credit Matures December 2009 Interest rate Prime + 14.00%	$	3,000		3,000		3,000
		Common Stock Warrants				92		11
		Preferred Stock Warrants				46		11
Active Response Group, Inc. (0.03%)⁽⁴⁾		Common Stock				105		105

Total Active Response Group, Inc.						10,106		9,990

Box.net, Inc. (0.37%)	Information Services	Senior Debt Matures June 2011 Interest rate Prime + 1.50%	$	1,000		950		950
		Senior Debt Matures September 2011 Interest rate Prime + 0.50%	$	400		400		400
		Preferred Stock Warrants				73		48

Total Box.net, Inc.						1,423		1,398

Buzznet, Inc. (0.00%)	Information Services	Preferred Stock Warrants				9		—
Buzznet, Inc. (0.06%)		Preferred Stock				250		224

Total Buzznet, Inc.						259		224

See notes to consolidated financial statements.

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⁾
hi5 Networkss, Inc. (2.21%)	Information Services	Senior Debt Matures December 2010 Interest rate Prime + 2.5%	$	3,000	$	3,000	$	3,000
		Senior Debt Matures June 2011 Interest rate Prime + 0.5%	$	5,496		5,363		5,363
		Preferred Stock Warrants				213		75

Total hi5 Networks, Inc.						8,576		8,438

Jab Wireless, Inc. (3.94%)⁽⁴⁾	Information Services	Senior Debt Matures November 2012 Interest rate Prime + 6.50%	$	15,000		14,822		14,822
		Preferred Stock Warrants				264		246

Total Jab Wireless, Inc.						15,086		15,068

Solutionary, Inc. (1.68%)⁽⁴⁾	Information Services	Senior Debt Matures June 2010 Interest rate LIBOR + 5.50%	$	4,599		4,809		4,809
		Revolving Line of Credit Matures June 2010 Interest rate LIBOR + 5.00%	$	1,500		1,500		1,500
		Preferred Stock Warrants				94		125
		Preferred Stock Warrants				2		3
Solutionary, Inc. (0.04%)		Preferred Stock				250		162

Total Solutionary, Inc.						6,655		6,599

The Generation Networks, Inc. (1.52%)⁽⁴⁾	Information Services	Senior Debt Matures December 2012 Interest rate 7.42%	$	5,930		5,930		5,826
The Generation Networks, Inc. (0.12%)		Common stock				500		471

Total The Generation Networks, Inc.						6,430		6,297

Visto Corporation		Common Stock				603		603

Total Visto Corporation (0.16%)						603		603
Wallop Technologies, Inc. (0.03%)	Information Services	Senior Debt Matures April 2010 Interest rate 10.00%	$	134		131		131
		Preferred Stock Warrants				7		—

Total Wallop Technologies, Inc.						138		131

Zeta Interactive Corporation (3.74%)⁽⁴⁾	Information Services	Senior Debt Matures November 2011 Interest rate Prime +2.00%	$	6,164		6,063		6,063
		Senior Debt Matures November 2011 Interest rate Prime +3.00%	$	8,000		8,000		8,000
		Preferred Stock Warrants				172		222
Zeta Interactive Corporation (0.13%)		Preferred Stock				500		500

Total Zeta Interactive Corporation						14,735		14,785

Total Information Services (16.61%)						64,011		63,533


Novadaq Technologies, Inc. (0.05%)	Diagnostic	Common Stock				1,626		193

Total Novadaq Technologies, Inc.						1,626		193

See notes to consolidated financial statements.

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⁾
Optiscan Biomedical, Corp. (2.69%)⁽⁴⁾	Diagnostic	Senior Debt Matures June 2011 Interest rate 10.25%	$	10,000	$	9,518	$	9,518
		Preferred Stock Warrants				760		783
Optiscan Biomedical, Corp. (0.79%)		Preferred Stock				3,000		3,000

Total Optiscan Biomedical, Corp.						13,278		13,301

Total Diagnostic (3.53%)						14,904		13,494


Guava Technologies, Inc. (1.28%)	Biotechnology Tools	Senior Debt Matures May 2011 Interest rate Prime + 10.50%	$	2,800		2,797		2,797
		Convertible Debt	$	250		250		250
		Revolving Line of Credit Matures December 2009 Interest rate Prime + 9.50%	$	1,840		1,840		1,840
		Preferred Stock Warrants				106		—
		Preferred Stock Warrants				68		—

Total Guava Technologies, Inc.						5,061		4,887

Kamada, LTD. (5.13%)⁽⁶⁾	Biotechnology Tools	Senior Debt Matures February 2012 Interest rate 10.60%	$	20,000		19,572		19,572
		Common Stock Warrants				531		41
		Common Stock Warrants				20		8

Total Kamada, LTD.						20,123		19,621
NuGEN Technologies, Inc. (0.67%)	Biotechnology Tools	Senior Debt Matures November 2010 Interest rate Prime + 3.45%	$	1,548		1,520		1,520
		Senior Debt Matures November 2010 Interest rate Prime + 1.70%	$	892		892		892
		Preferred Stock Warrants				45		161

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