Dental laser manufacturer Biolase has agreed to sell $12 million in unregistered shares of the company's common stock to institutional and individual investors in a private placement transaction.
The company has agreed to sell an aggregate of 6.25 million shares of its common stock at the price of $1.92 per share, according to the company. The private placement is expected to close on or about July 22, 2014, subject to customary closing conditions.
Biolase expects the proceeds raised to fuel the company's growth and innovation efforts, according to Paul N. Clark, chairman of the board of directors. 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.
