SOURCE: BIOLASE Technology, Inc.

BIOLASE Technology, Inc.

February 09, 2011 09:00 ET

BIOLASE Pays Off Entire $3 Million Debt Facility

1.5 Million Shares of Common Stock Sold at an Average of $3.10 per Share

IRVINE, CA--(Marketwire - February 9, 2011) - BIOLASE Technology, Inc. (NASDAQ: BLTI), 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."

About BIOLASE Technology, Inc.
BIOLASE Technology, Inc., the World's leading Dental Laser company, is a medical technology company that develops, manufactures and markets lasers and related products focused on technologies that advance the practice of dentistry and medicine. The Company's products incorporate patented and patent pending technologies designed to provide clinically superior performance with less pain and faster recovery times. BIOLASE's principal products are dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications. Other products under development address ophthalmology and other medical and consumer markets.

For updates and information on laser and Waterlase dentistry, find BIOLASE at http://www.biolase.com, Twitter at http://twitter.com/GoWaterlase, and YouTube at http://www.youtube.com/user/Rossca08.

This press release may contain forward-looking statements within the meaning of safe harbor provided by the Securities Reform Act of 1995 that are based on the current expectations and estimates by our management. These forward-looking statements can 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. Forward-looking statements are based on management's current, preliminary expectations and are subject to risks, uncertainties and other factors which may cause the Company's actual results to differ materially from the statements contained herein, and are described in the Company's reports it files with the Securities and Exchange Commission, including its annual and quarterly reports. No undue reliance should be placed on forward-looking statements. Such information is subject to change, and we undertake no obligation to update such statements.

Contact Information

  • For further information, please contact:
    Jill Bertotti
    Allen & Caron
    +1-949-474-4300