Restoration Robotics reached an agreement with Solar Capital and the Life Sciences Group at Bridge Bank to secure a $20 million debt facility.
The company will use $10.7 million from the facility to repay outstanding amounts under its previous loan facility and pay costs and expenses related to the new facility. The remaining $9.3 million will be used for additional cash, extending Restoration’s cash runway into 2019. The new facility also provides for interest-only payments for the first 18 months.
Mark Hair, Restoration’s chief financial officer, said, “We are pleased to announce this agreement, which increases our financial flexibility as we expand our commercial footprint. We appreciate our relationship with our lenders and their confidence in our ability to execute on our near and long-term corporate initiatives.”
Armentum Partners acted as financial advisor to Restoration Robotics on the transaction.
Restoration Robotics is a medical device company developing and commercializing the ARTAS Robotic Hair Restoration System.
Solar Capital Partners provides financing solutions to leveraged U.S. private middle market companies primarily in the form of cash flow senior secured loans and asset-based loans.
Founded in 2001 in Silicon Valley, Bridge Bank is a division of Western Alliance Bank and serves both venture-backed and non-venture-backed companies through a broad scope of financial solutions.
