BIOLASE Secures $6 Million Revolving Line Of Credit
IRVINE, Calif., March 7, 2018 /PRNewswire/ -- BIOLASE, Inc. (NASDAQ:BIOL), the global leader in dental lasers, today announced that it has secured a $6 million revolving line of credit from Bridge Bank, a division of Western Alliance Bank. Funds from the two-year accounts receivable line of credit will be used for working capital purposes.
BIOLASE Senior Vice President and Chief Financial Officer John Beaver said, "I believe the new line of credit, coupled with the $11.4 million equity (net) infusion from the rights offering that closed in the fourth quarter of last year, will be sufficient to fund the Company's future growth as it moves towards achieving its goals of positive operating cash flow and profitability. We would like to thank our investors and lenders for their confidence and support and look forward to working with Bridge Bank."
This debt capacity will ensure that sufficient capital is available to support several accelerated growth initiatives such as BIOLASE's recently announced expansion in Southern California that the company believes will help transform its customer's experiences using its products. Last month, the company announced new initiatives in the region, including additional field support specialists, educational courses and an advisory board, among other programs. BIOLASE will expand these efforts to additional markets as well.
These initiatives are designed to increase awareness and education around dental lasers for both dentists and patients. Such programs will continue to pave the path for minimally invasive and pain-free dentistry, enabling dentists to deliver the highest level of patient care and build prospering practices. With the launch of BIOLASE's Waterlase ExpressTM, laser dentistry shifted from a fantasy for many dentists to a reality. The affordability, flexibility and simplicity of the Waterlase Express enables virtually every dentist to incorporate laser dentistry into their practices and enhance the quality of care they deliver.
"We're very pleased to have the opportunity to work with the team at Biolase," said, Mark Breneman, senior vice president of Bridge Bank's Southern California technology banking group. "We look forward to supporting the team as they continue to expand."
About BIOLASE, Inc.
BIOLASE, Inc. is a medical device company that develops, manufactures, markets, and sells laser systems in dentistry and medicine and also markets, sells, and distributes dental imaging equipment, including three-dimensional CAD/CAM intra-oral scanners and digital dentistry software. BIOLASE's products advance the practice of dentistry and medicine for patients and healthcare professionals. BIOLASE's proprietary laser products incorporate approximately 220 patented and 90 patent-pending technologies designed to provide biologically clinically superior performance with less pain and faster recovery times. BIOLASE's innovative products provide cutting-edge technology at competitive prices to deliver the best results for dentists and patients. BIOLASE's principal products are revolutionary dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications, and a full line of dental imaging equipment. BIOLASE has sold over 35,500 laser systems to date in over 90 countries around the world. Laser products under development address BIOLASE's core dental market and other adjacent medical and consumer markets.
For updates and information on Waterlase® iPlus™, Waterlase Express™, and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolase, Twitter at www.twitter.com/biolaseinc and LinkedIn at www.linkedin.com/company/biolase.
BIOLASE® and Waterlase® are registered trademarks of BIOLASE, Inc.
About Bridge Bank
Bridge Bank is a division of Western Alliance Bank, Member FDIC, the go-to bank for business in its growing markets. Bridge Bank was founded in 2001 in Silicon Valley to offer a better way to bank for small-market and middle-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank offers a broad scope of financial solutions including growth capital, equipment and working capital credit facilities, sustainable energy project finance, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services. Based in San Jose, Bridge Bank has eight offices in major markets across the country along with Western Alliance Bank's robust national platform of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. One of the country's top-performing banking companies, Western Alliance ranks #2 on the Forbes 2018 "Best Banks in America" list. For more information, visit bridgebank.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements contained in this press release that refer to BIOLASE's estimated or anticipated future results or other non-historical facts are forward-looking statements, as are any statements in this press release concerning prospects related to BIOLASE's strategic initiatives and anticipated financial performance. Forward-looking statements can also 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. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect BIOLASE's current expectations regarding existing trends, our strategic initiatives, and speak only as of the date of this release. Actual results may differ materially from BIOLASE's current expectations depending upon a number of factors affecting BIOLASE's business. These factors include, among others, adverse changes in general economic and market conditions, competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings and market changes, risks associated with managing the growth of the business, and those other risks and uncertainties that may be detailed, from time-to-time, in BIOLASE's reports filed with the SEC. BIOLASE does not undertake any responsibility to revise or update any forward-looking statements contained herein.
CONTACT: BIOLASE, Inc.: John Beaver, Chief Financial Officer, JBeaver@biolase.com, 949-226-8124, DresnerAllenCaron: Rene Caron (Investors), firstname.lastname@example.org, 949-474-4300 (office), 949-813-6945 (mobile), Antenna Group: Annick Bicson (Media), email@example.com, 646-651-4856
SOURCE BIOLASE, Inc.