The offering, which expired at 5 pm Eastern yesterday, delivered subscriptions for some 26.3 million shares, Irvine, Calif.-based Biolase said. That’s about 5,000 more than planned, the company said.
Biolase said it hoped to raise at least $8 million when it announced the flotation in September. Affiliates of Oracle Investment Management founder Larry Feinberg and Crabtree Ventures founder Jack Schuler each pledged to at least $3 million apiece, the company said at the time.
The shares and proceeds are slated to be distributed Dec. 4, Biolase said.
In August Biolase posted a 134% increase in second-quarter net losses, which reach -$8.3 million, or -12¢ per share, on a -8.7% sales decline to $12.6 million compared with Q2 2016.