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Solar Capital, Bridge Bank Provide $20MM to Restoration Robotics

May 14, 2018, 07:05 AM
Filed Under: Life Sciences

Restoration Robotics, Inc., a leader in robotic hair restoration, announced that it has reached an agreement with Solar Capital Ltd. and the Life Sciences Group at Bridge Bank to secure a debt facility agreement for $20.0 million.

The agreement provides the Company with $20.0 million, of which approximately $10.7 million was used to repay outstanding amounts under the Company’s previous loan facility and pay costs and expenses related to the new debt facility. The remaining $9.3 million provides the Company with additional cash and extends its cash runway into 2019. Additionally, the new debt facility provides for interest-only payments for the first 18 months.

Mark Hair, Chief Financial Officer, commented, “We are pleased to announce this agreement, which increases our financial flexibility as we expand our commercial footprint, prepare for the implantation functionality launch and consider further strengthening our balance sheet in the medium term. 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 for the debt transaction.

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