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Date Announced: 09 Feb 2011
1.5 Million Shares of Common Stock Sold at an Average of $3.10 per Share.
IRVINE, CA--(Marketwire - 02/09/11) - BIOLASE Technology, Inc. (NASDAQ:BLTI - News), the World's leading Dental Laser company, announced today that it has raised approximately $4.65 million to-date through the sale of 1.5 million shares of its common stock (without warrants or options attached) under its Controlled Equity Offering Agreement to various institutions and retail investors in the open market at an average of $3.10 per share.
BIOLASE has used a portion of these proceeds to pay off its remaining balance for the Loan and Security Agreement with MidCap Funding III, LLC and Silicon Valley Bank. The final payment included the remaining principal of $2.6 million, accrued interest of approximately $30,000 and fees and expenses of approximately $169,000. The debt facility, established by previous management, had an effective interest rate of approximately 34 percent.
Chairman and CEO Federico Pignatelli stated, "The recent financial transactions considerably improve our balance sheet by eliminating this high-cost debt and restoring a healthy level of capital. In addition to paying off this debt, we believe the newly raised capital, along with existing cash, is adequate to fund our growth initiatives and meet all of our current operating obligations.""We also believe that BIOLASE, with its improved financial strength and expected positive operating results in the first quarter, will achieve a sufficient level of net positive equity to apply for an upgrade to its listing from the current NASDAQ Capital Market to the prestigious NASDAQ Global Market."
Source: Biolase
E-mail: via web site
Web Site: www.biolase.com
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