IRVINE, CA -- (Marketwired) -- 02/12/14 -- BIOLASE, Inc. (NASDAQ: BIOL), the world's leading manufacturer and distributor of dental lasers, including the Company's proprietary WaterLase, and a pioneer in laser surgery in other medical specialties, as well as a distributor of digital radiography and Galaxy CAD/CAM systems for dentistry, today commented on its recent $5 million private placement with Oracle Partners LP.
Chairman and CEO Federico Pignatelli said, "This private placement will allow BIOLASE to pay down its credit facilities with Comerica Bank, which at December 31, 2013, amounted to $4.6 million. This capital infusion is substantially strengthening our balance sheet."
"Such improved capital structure will help us create the conditions necessary for 2014 to be a year of resumed growth, and we expect that such growth will bring us to sustained profitability. The placement comes at a very exciting time in our corporate development. BIOLASE is moving beyond the core dental applications of our laser technology to other medical applications as evidenced by the development of our DRAGON technology.
"DRAGON combines our proprietary WaterLase energy with a diode laser, first and a unique approach for an Erbium based laser, to deliver simultaneous and intertwined laser energy from the same delivery system. When product development will be completed, clinicians could be able to use it for:
Mr. Pignatelli concluded, "With a stronger balance sheet and the development of DRAGON, BIOLASE is continuing its drive to cutting edge laser technology along with sustained revenue growth and profitability."
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 2D and 3D digital imaging equipment and CAD/CAM intraoral scanners and in-office milling machines; products that are focused on technologies that advance the practice of dentistry and medicine. The Company'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 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 24,800 lasers. 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 at www.facebook.com/biolase, Twitter at www.twitter.com/biolaseinc, Pinterest at www.pinterest.com/biolase, LinkedIn at www.linkedin.com/company/biolase, Google+ at www.google.com/+BIOLASEIrvine, Instagram at www.instagram.com/biolaseinc and YouTube at www.youtube.com/biolasevideos.
BIOLASE®, WaterLase®, and GALAXY BioMill are registered trademarks or trademarks of BIOLASE, Inc.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements contained in this press release that refer to BIOLASE's estimated or anticipated future results or other non-historical facts are forward-looking statements, as are any statements in this press release concerning prospects related to BIOLASE's strategic initiatives, product introductions and anticipated financial performance. Forward-looking statements can also be identified through the use of words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," and variations of these words or similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect BIOLASE's current perspective of existing trends and information and speak only as of the date of this release. Actual results may differ materially from BIOLASE's current expectations depending upon a number of factors affecting BIOLASE's business. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that may be detailed, from time-to-time, in BIOLASE's reports filed with the SEC. BIOLASE does not undertake any responsibility to revise or update any forward-looking statements contained herein.