Dallas, Texas 07/21/2014 (FINANCIALSTRENDS) – BIOLASE Inc. (NASDAQ:BIOL) today announced that Jack W. Schuler, Birchview Capital, certain BIOLASE directors and officers, Oracle Partners, L.P. and other Oracle funds have agreed to purchase $12 million of “unregistered” shares of the Company’s common stock in a private placement. The Company has agreed to sell a total of 6.25 million shares at the price of $1.92 per share in a private placement. The Company, in connection with the transaction, also agreed to file a registration statement with the Securities and Exchange Commission, within 30 days of the closing, to register the resale of the shares issued at the closing.
BIOLASE Inc. (NASDAQ:BIOL) expects this private placement to close around July 22, 2014. The Company plans to use the proceeds for repaying all outstanding debt under the Company’s loan agreement with Comerica Bank. The remaining of the proceeds will be used for working capital and general corporate purposes. Northland Securities, Inc. acted as placement agent for this transaction.
Chairman of the BIOLASE Board of Directors, Paul N. Clark expressed that the Company was able to complete this important financing with a number of veteran biotechnology investors, and the proceeds are expected to fuel the Company’s growth and innovation initiatives.
Director and Acting Chief Executive Officer of BIOLASE, Jeffrey M. Nugent expressed this financing will help accomplish the Company’s expansion efforts for global leadership position in superior laser technology with strategic focus on enhancing the practice of dentistry.
BIOLASE Inc. (NASDAQ:BIOL) is a biomedical company focused on developing, manufacturing and marketing innovative lasers in medicine and dentistry. The company also engages in marketing and distribution of high-end 3D and 2D digital imaging equipment, 3D printer products, in-office milling machines, and CAD / CAM intra-oral scanners. The Company’s product offerings are based on its patented and patent-pending technologies and focused on advancing the practice of medicine and dentistry.