Colorescience completes $6.5m debt financing with Life Sciences Group of Bridge Bank

Colorescience has announced the completion of a $6.5m debt financing with the Life Sciences Group of Bridge Bank, a division of Western Alliance Bank.

The financing is funded in two phases – $4m is funded immediately and $2.5m will be funded as early as 1 September, 2016.

Colorescience senior vice president and chief financial officer Steve Loomis said: "The additional funds will support continued growth in the physician channel, further retail channel development and expand our geographic reach into new markets."

After a brand revamp early in the year, the firm saw over 27% revenue growth, thereby validating their omni-channel approach, and positioning Colorescience for continued strong growth in 2016 and beyond.

Bridge Bank’s Life Sciences Group senior vice president and head Rob Lake said: "Bridge Bank is excited to be a resource and partner for Colorescience.

"The company’s senior management team and board of directors have a wealth of experience and success in the skin care space and have done an excellent job building a premium brand with its Sunforgettable product line."

Last April, Colorescience launched a fresh branding campaign along with a complete website overhaul to underscore the brand’s commitment to women.

The new brand positioning was supported with the launch of two products – Even Up Clinical Pigment Perfector SPF 50, and Sunforgettable Tint du Soleil SPF 30 UV Protective Foundation.

Both multitasking formulas boast high levels of sun protection.

In the fourth quarter of 2015, Colorescience expanded its consumer footprint with the debut of its hero Sunforgettable Mineral Sunscreen Brush SPF 50 and other select Colorescience SKU’s on Sephora.com.