PETALUMA -- Wound treatment developer Oculus Innovative Sciences Inc. (Nasdaq: OCLS) signed an agreement with a San Jose-based venture capital lender to borrow up to $2.5 million to fund growth, according to regulatory filings.

The deal with Venture Lending & Leasing VI Inc., signed June 29 and filed Wednesday, allows Oculus to draw a $1.5 million tranche, followed by another $1 million tranche after passing certain financial milestones.

The company drew the first tranche July 1. It has a cash interest rate of 10 percent and an effective rate of 13 percent at maturity in late 2014.

Oculus will make interest-only payments of $12,500 a month for nine months, followed by monthly interest and principal payments of $56,250 and a balloon payment of $116,505 on Sept. 29, 2014.

In May 2010, Oculus borrowed $2 million from Venture Lending & Leasing V, with potential for $1 million more after certain milestones, according to regulatory filings. The effective interest rate will be 13 percent at maturity in June 2013.

Oculus made $16,660 monthly interest payments through December on that loan and has been paying $75,000 per month in interest and principal since. A final balloon payment of $132,340 is due June 1, 2013.

In early June of this year, Oculus reported $9.8 million in total revenue for fiscal 2011, ended March 31, up $2.4 million from the $7.4 million the previous fiscal year. Worldwide product revenue increased 40 percent from fiscal 2010, rising in the United States, Europe, Mexico, Middle East and China.An improved mix of U.S. sales boosted gross margin on product revenue in fiscal 2011 to 67 percent from 58 percent in fiscal 2010.The net loss in fiscal 2011 was $7.9 million, or $0.30 per share, compared with a net loss of $8.2 million, or $0.36 per share, in fiscal 2010. The noncash stock-compensation expense for fiscal 2011 was $2.4 million, compared with $1.4 million the previous year.

The company had $125 million in accumulated deficit at the end of the 2011 fiscal year.

As with the May 2010 financing, Oculus issued the San Jose-based lender stock warrants.

The price of Oculus stock Friday slipped 4.6 percent to $1.67 a share.

San Francisco-based Vista Partners on June 30 stuck by its expected target price of $3.81 a share for Oculus stock.

"Oculus is growing significantly as evidenced by their revenue growth in each of the past two years," said principal analyst Ross Silver in the guidance. "Oculus has stated revenues could grow by up to 80 percent this year and by up to 100 percent in 2012 and 2013. In addition, management has provided revenue guidance of a minimum of $45 million in revenues in calendar year 2013, a greater than four times increase from revenues reported in calendar year 2010."

The firm expected Oculus to add additional commercial partners this year to the eight already on board.