BioLase Technology, Inc. (Nasdaq: BLTI), a medical technology company that develops, manufactures and markets lasers and related products focused on improving dental procedures, announced that it has successfully completed its secondary public offering of 2,807,500 shares at a price of $18.50 per share.
The net proceeds to BioLase from the offering was $43,375,000. These proceeds combined with the cash on hand at year end gives the company approximately $55 million in cash. The company's current market capitalization based on recent share prices is approximately $400 million.
Jeffrey W. Jones, CEO and President said, "With the offering behind us, we can focus our resources on the business. We believe our balance sheet is now more in line with our sales growth. We intend to use the proceeds of the offering to add strength to our growth, and firmly position BIOLASE as the world leader in providing and support dental laser technology."
