Hercules Technology Growth Capital Announces Three Portfolio Companies who have Secured Additional Equity Rounds of Capital

Kamada, Elixir Pharmaceuticals, and one undisclosed portfolio company raised
additional equity capital during an extremely challenging economic environment
PALO ALTO, Calif.--(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 three portfolio companies who have raised
additional equity capital in spite of continued challenges as a result of the
current market conditions. Kamada (TASE: KMDA) and Elixir Pharmaceuticals, two
of Hercules Life Science companies, and an undisclosed technology company each
raised additional rounds of equity capital in May, 2009.

"As we have discussed during our various earnings calls, gaining access to
follow-on equity growth capital from the venture industry remains a challenging
situation. Financings have become increasingly difficult to secure for growing
companies in the Life Sciences and Technology industries especially given the
distressed broader economy; however, the fact that three of Hercules` portfolio
companies have successfully raised additional equity capital in the past month
despite the economic challenges is a testament to the strength of these
companies and of our continued focus in working with high quality companies
which are supported by committed venture capital firms," said Manuel A.
Henriquez, co-founder, chairman and chief executive officer of Hercules.
"Additionally, beyond secured additional new equity capital many of our
portfolio companies continue to demonstrate and achieve development milestones
and identify exit opportunities against a difficult economic environment."

Summary of Companies Securing Additional Equity:

Kamada, an Israel-based biopharmaceutical company, announced on May 21, 2009,
that it completed an equity financing round via a PIPE (Private Investment in
Public Equity), which began in February, to a group of new investors in Israel
and the U.S. The financing raised approximately $20 million for the company,
which was above the initial $15 million target raise.

Elixir Pharmaceuticals, a pharmaceutical company focused on treatments of
metabolic diseases such as diabetes and obesity, announced that it completed a
$12 million equity financing round, on May 19, 2009. In addition, Elixir entered
into a strategic agreement with Novartis that would grant Novartis an exclusive
option to acquire Elixir following the successful completion of the Phase 2a
clinical study of Elixir`s Type 2 diabetes treatment. Elixir anticipates the
deal could exceed $500 million, including the initial acquisition payment and
additional regulatory and sales milestone payments.

Also in May, 2009, an undisclosed portfolio company in the technology space,
completed a first close of more than $10 million as part of a potential round
totaling approximately $20 million.

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.

Forward-Looking Statements:

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, including the uncertainties surrounding the current market
turbulence, 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.

Hercules Technology Growth Capital, Inc.
Main, 650.289.3060 HT-HN
info@htgc.com
or
Sally Borg, 650.289.3066
sborg@htgc.com

Copyright Business Wire 2009