CARLSBAD, Calif., Feb. 16, 2016 /PRNewswire/ -- Colorescience today announced the successful completion of a $6.5 Million debt financing with the Life Sciences Group of Bridge Bank, a division of Western Alliance Bank. The financing is funded in two tranches with $4 million funded immediately and $2.5 million funded as early as September 1, 2016. "The additional funds will support continued growth in the physician channel, further retail channel development and expand our geographic reach into new markets," stated Steve Loomis, Senior Vice President and Chief Financial Officer of Colorescience. Loomis credits the Company's focus on suncare, particularly through the Colorescience.com website, for strong sales growth in 2015.
Following a complete brand refresh early in the year, which created a unique, suncare-first approach to cosmetics, the Company experienced over 27% revenue growth, validating their omni-channel approach, and positioning Colorescience for continued strong growth in 2016 and beyond.
"Bridge Bank is excited to be a resource and partner for Colorescience," said Rob Lake, senior vice president and head of Bridge Bank's Life Sciences Group. "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."
In April 2015, Colorescience unveiled a fresh branding campaign along with a complete website overhaul to underscore the brand's commitment to women - that they don't have to compromise their health for lasting beauty. The new brand positioning was supported with the launch of two powerhouse products, Even Up Clinical Pigment Perfector SPF 50, for which the Company was recognized by WWD as a top 10 innovator in sun protection, and Sunforgettable™ Tint du Soleil SPF 30 UV Protective Foundation. Both multitasking formulas boast high levels of sun protection and efficacious skincare treatment ingredients while looking and feeling luxurious on skin.
In support of the Company's commitment to raising awareness that 'Every Sunburn Counts', Colorescience debuted their Sunstoppable™ program, which aims to educate kids about the importance of proper daily suncare. Colorescience is dedicated to eradicating skin cancer, and in partnership with the Women's Dermatologic Society, has been working to raise awareness about the dangers of sun exposure and reducing sun exposure by sun-proofing schools with shade structures and trees.
Furthering the Company's commitment to making 100% healthy sun protection available to all consumers, 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. Since its launch on the leading beauty site, the brand has consistently been in the top 10 highest rated products in their respective categories. This early success is helping to drive brand awareness among beauty-savvy consumers, and position the company for additional consumer channel expansion.
The media also continued to praise the award-winning Colorescience formulas through best-in-class beauty honors in 2015. Notable accolades included two coveted InStyle "Best Beauty Buy" awards, which marks the second consecutive year the brand has received this distinction from InStyle. Additionally, the brand was honored to receive international recognition from Allure Russia for its Sunforgettable Lip Shine SPF 35, which was a winner of the publication's annual "Best of Beauty" awards.
Colorescience, is the only dermatologist approved premium "all-in-one" suncare cosmetic company for women who don't want to compromise health for lasting beauty. Colorescience sets the standard for 100% healthy cosmetics. We meticulously refine our minerals, pigments and nutrient dense ingredients to include enough natural zinc & titanium dioxide to protect even a baby's face. No compromises, now or ever. Sunforgettable provides prestige suncare enriched with superior skincare and that blends with one's natural complexion. Our 100% healthy, doctor-approved Sunforgettable formulations provide both protection and perfection, ensuring the beauty of your skin today and tomorrow. Colorescience is available through a network of licensed physicians, luxury spas, colorescience.com, high-end online beauty retailers and most recently launched on Sephora.com.
About Bridge Bank
Bridge Bank is a division of Western Alliance Bank, 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 and middle-market businesses, as well as emerging technology companies and the private equity community. 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. With more than $14 billion in assets, Western Alliance Bancorporation (NYSE: WAL) is one of the fastest-growing bank holding companies in the U.S.