Biolux Resarch financing

July 16, 2010
Company plans to continue development of light-accelerated orthodontics product.

VANCOUVER, British Columbia, Canada-- Biolux Research has announce having raised more than CAD $1MM as part of a new equity offering of common shares.

The funds were raised through a convertible debt mechanism offered to existing shareholders and option holders of the company in advance of a planned further offering to the broader investment community in the near future.

The proceeds of the new offering are primarily designated as working capital to continue the development of a new product for light-accelerated orthodontics. This will include expanding human feasibility testing to a full multi-trial clinical program, development and protection of new intellectual property, and product design and development.

The new funds, in addition to the previously reported support from National Research Council of Canada Industrial Research Assistance Program, and other Canadian federal government financial assistance, will support the company as it drives towards commercialization of an orthodontics product.

“We are very pleased that our efforts and progress to date are opening up further opportunities to move into the orthodontics market,” said Kevin Strange, President and CEO of Biolux.

“The support from our shareholder group continues to be a strength for the company, and we look forward to further increasing shareholder value as we explore options for commercialization of the light-accelerated orthodontics product. Orthodontics represents a very large market, one that is hungry for aggressive reduction in treatment timelines which are still typically two years. We strongly believe that our technology will dramatically reduce average treatment time to one year or less, and shall revolutionize the orthodontics market for patients, orthodontists, and orthodontics companies,” Strange added.

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