BioLase Technology Inc (BIOL)

[SuperSquirrel]

BIOLASE Comments on $5 Million Private Placement With Oracle Investment Management, Inc.

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:

Wound healing for burns and trauma;
Wound healing for chronic wounds;
Otolaryngology ("ENT") surgery;
Ophthalmology."

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."

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