|[July 21, 2014]
BIOLASE to Raise $12 Million from Institutional and Individual Investors in Private Placement
IRVINE, Calif. --(Business Wire)--
BIOLASE, Inc. (NASDAQ:BIOL), the world's leading dental laser
manufacturer and distributor, announced today that Jack W. Schuler,
Oracle (News - Alert) Partners, L.P. and other Oracle funds, Birchview Capital and
certain BIOLASE directors and officers have agreed to purchase $12
million of unregistered shares of BIOLASE common stock in a private
placement transaction. Under the terms of the private placement, BIOLASE
has agreed to sell an aggregate of 6,250,000 shares of its common stock
at the price of $1.92 per share. In connection with the transaction,
BIOLASE agreed to use commercially reasonable efforts to file within 30
days of the closing a registration statement with the Securities and
Exchange Commission to register the resale of the shares issued at the
The private placement is expected to close on or about July 22, 2014,
subject to customary closing conditions. The proceeds will be used to
repay all outstanding indebtedness under BIOLASE's loan agreement with
Comerica Bank and for working capital and general corporate purposes.
Northland Securities, Inc. acted as exclusive placement agent in
connection with the offering.
Paul N. Clark, Chairman of the Board of Directors of BIOLASE, said, "We
are very pleased to have completed this important private placement
financing at market with a number of veteran institutional and
individual biotechnology investors, and we expect the proceeds raised to
fuel the Company's growth and innovation efforts."
Jeffrey M. Nugent, Acting Chief Executive Officer and director of
BIOLASE, said, "This investment will help us accomplish our goal to
expand BIOLASE's global leadership position in superior laser technology
across a select range of healthcare needs, while primarily focusing on
improving the practice of dentistry."
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities. The securities offered and
sold in the private placement have not been registered under the
Securities Act of 1933, as amended, or any state securities laws, and
may not be offered or sold in the United States absent registration, or
an applicable exemption from registration under the Securities Act and
applicable state securities laws.
About BIOLASE, Inc.
BIOLASE, Inc. is a biomedical company that develops, manufactures, and
markets innovative lasers in dentistry and medicine and also markets and
distributes high-end 2-D and 3-D digital imaging
equipment, CAD/CAM intraoral scanners, and in-office milling
machines and 3-D printers - products that are focused on technologies
that advance the practice of dentistry and medicine.
BIOLASE's proprietary laser products incorporate approximately 300
patented and patent-pending technologies designed to provide
biologically clinically superior performance with less pain and faster
recovery times. Its innovative products provide cutting-edge technology
at competitive prices aimed to deliver the best results for dentists and
patients. BIOLASE's principal products
are revolutionary dental laser systems that perform a broad range of
dental procedures, including cosmetic and complex surgical applications,
and a full line of dental imaging equipment. BIOLASE has sold more than
25,000 laser systems. Other laser products under development address
ophthalmology and other medical and consumer markets.
For updates and information on WaterLase and laser dentistry, find
BIOLASE online at www.biolase.com,
Facebook (News - Alert) at www.facebook.com/biolase,
Twitter (News - Alert) at www.twitter.com/biolaseinc,
Pinterest at www.pinterest.com/biolase,
LinkedIn (News - Alert) at www.linkedin.com/company/biolase,
Google+ at www.google.com/+BIOLASEIrvine,
Instagram at www.instagram.com/biolaseinc,
and YouTube (News - Alert) at www.youtube.com/biolasevideos.
BIOLASE® and WaterLase® are registered trademarks
of BIOLASE, Inc.
Cautionary Note Regarding Forward-Looking
This press release contains forward-looking statements within the
meaning of the safe harbor provided by the Securities Reform Act of
1995. These forward-looking statements can be identified through the use
of words such as "anticipates," "expects," "intends," "plans,"
"believes," "aims," "estimates," "may," "will," and variations of these
words or similar expressions. Forward-looking statements are based on
BIOLASE's current expectations and are subject to risks, uncertainties
and other factors that may cause BIOLASE's actual results to differ
materially from the statements contained in this press release,
including those described in Item 1A of BIOLASE's annual report on Form
10-K for the fiscal year ended December 31, 2013, filed with the
Securities and Exchange Commission. The forward-looking statements
included in this release are made as of the issuance of this release,
and except as required by law, BIOLASE undertakes no obligation to
update, amend or clarify any forward-looking statements to reflect
events, new information or circumstances occurring after the issuance of
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