Date Announced: 11 Feb 2014
Oracle invests in the dental laser firm.
IRVINE, CA--(Marketwired - Feb 11, 2014) - 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 BioMill™ CAD/CAM systems for dentistry, today announced that it has completed a private placement for $5 million of unregistered shares of common stock with Oracle Investment Management, Inc., a leading institutional life science investor.
Under the terms of the private placement, BIOLASE sold 1,945,525 shares of its common stock to Oracle Partners L.P., Oracle Institutional Partners, L.P., and Oracle Ten Fund Master L.P. at price of $2.57 per share, a price equal to the closing price on February 7, 2014. The private placement closed on February 10, 2014.
Federico Pignatelli, Chairman and CEO, said, "We are very pleased with the interest and commitment that Oracle has shown in BIOLASE as a long term investor. We plan to dedicate the funds from this private placement to repaying the amounts outstanding under the lines of credit with Comerica Bank, which totaled approximately $4.6 million at December 31, 2013."
The common stock offered and sold in the private placement have not been registered under the Securities Act of 1933, as amended, or any state securities laws, bear no registration rights, 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. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.
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Web Site: www.biolase.com