Restoration Robotics Secures $20 Million Loan and Security Agreement with Solar Capital Ltd. and Bridge Bank
May 11 2018 - 4:59PM
Restoration Robotics, Inc. (NASDAQ:HAIR), a leader in robotic hair
restoration, announced today 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.
About Restoration Robotics
Restoration Robotics, Inc., is a medical device company
developing and commercializing the ARTAS™ Robotic Hair Restoration
System. We believe the ARTAS System is the first and only
physician-assisted system to dissect, and assist in the harvesting
of, follicular units directly from the scalp and create recipient
implant sites using proprietary algorithms. The Company has unique
expertise in machine vision, image guidance, visual servoing and
robotics, as well as developing intuitive interfaces to manage
these technologies.
About Solar Capital Ltd.
Solar Capital Partners (“SCP”) is the registered investment
advisor to Solar Capital Ltd. (NASDAQ:SLRC), Solar Senior Limited
Ltd. (NASDAQ:SUNS) and other affiliated funds. SCP is focused on
providing financing solutions to leveraged U.S. private middle
market companies primarily in the form of cash flow senior secured
loans and asset-based loans. Since inception in 2006, the SCP
platform has invested over $8.0 billion in more than 500 portfolio
companies and has completed transactions with more than 150
different financial sponsor and venture capital firms. SCP’s life
science lending platform provides financing solutions primarily for
bio‐pharma and medical device companies, both venture‐backed
private and public, and from pre-revenue clinical to early
commercial stage.
About Bridge Bank
Bridge Bank is a division of Western Alliance Bank, Member FDIC,
the go-to-bank for business in its growing markets. Bridge Bank was
founded in 2001 in Silicon Valley to offer a better way to bank for
small-market and middle-market businesses across many industries,
as well as emerging technology companies and the private equity
community. Geared to serving both venture-backed and
non-venture-backed companies, Bridge Bank offers a broad scope of
financial solutions including growth capital, equipment and working
capital credit facilities, sustainable energy project finance,
venture debt, treasury management, asset-based lending, SBA and
commercial real estate loans, ESOP finance and a full line of
international products and services. Based in San Jose, Bridge Bank
has eight offices in major markets across the country along with
Western Alliance Bank’s robust national platform of specialized
financial services. Western Alliance Bank is the primary subsidiary
of Phoenix-based Western Alliance Bancorporation. One of the
country’s top-performing banking companies, Western Alliance ranks
#2 on the Forbes 2018 “Best Banks in America” list. For more
information, visit bridgebank.com.
Forward-Looking Statements
Statements made in this press release and the earnings call
referencing the press release that are not statements of historical
fact are forward-looking statements. Forward-looking statements are
subject to the “safe harbor” provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements are
commonly identified by words such as “would,” “may,” “expects,”
“believes,” “plans,” “intends,” “projects” and other terms with
similar meaning. Investors are cautioned that the forward-looking
statements in this document are based on current beliefs,
assumptions and expectations, speak only as of the date of this
document and involve risks and uncertainties that could cause
actual results to differ materially from current expectations. Such
statements, including our expectations as to our cash runway as a
result of our new credit facility and timing and expectations for
the launch of implantation functionality, are subject to certain
known and unknown risks and uncertainties, many of which are
difficult to predict and generally beyond our control, that could
cause actual results and other future events to differ materially
from those expressed in, or implied or projected by, the
forward-looking information and statements. Material factors that
could cause actual results to differ materially from current
expectations include, without limitation, the following: whether
there is growth in demand for our ARTAS System for use in
harvesting hair follicles for transplant; the progress of our
commercialization, marketing and manufacturing capabilities; the
continuing productivity and effectiveness of our commercial
infrastructure and salesforce; our financial performance; our
ability to establish collaborations and/or partnerships; the timing
or likelihood of regulatory filings and approvals for ARTAS for use
in transplanting of hair follicles, and expanding the approved use
of ARTAS for use in dissecting hair follicles to include women and
individuals without straight brown or black hair; our expectations
regarding the potential market size and the size of the patient
populations for ARTAS being accurate; whether we are effective in
the pricing of ARTAS; whether we are successful in the
implementation of our business model and strategic plans for our
business and technology; the scope of protection we are able to
establish and maintain for intellectual property rights covering
ARTAS, along with any product enhancements; our ability to
accurately estimate our expenses, future revenue, capital
requirements, our needs for additional financing and our ability to
obtain additional capital; and developments relating to our
competitors and our industry, including competing therapies and
procedures. These factors, together with those that are described
in greater detail in our Annual Report on Form 10-K
filed on March 5, 2018, as well as any reports that we may
file with the SEC in the future, may cause our actual results,
performance or achievements to differ materially and adversely from
those anticipated or implied by our forward-looking statements. We
expressly disclaim any obligation, except as required by law, or
undertaking to update or revise any such forward-looking
statements.
Media ContactLisa MarkleDirector of
MarketingRestoration Robotics, Inc.+1-
408-883-6764lisam@restorationrobotics.com
Investor Contact The Ruth Group Lee Roth
& Brian Johnston ir@restorationrobotics.com
646-536-7000
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