The surgical laser maker sold off a little more than 1.9 million shares for $2.57 each, with the deal closing on Feb. 10. The money is expected to go toward paying down its $4.6 million credit facility with Comerica Bank, according to chairman & CEO Federico Pignatelli .
“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,” Pignatelli said in prepared remarks.
The Irvine, Calif.-based company added several new faces at the end of last year, naming finance and accounting executive James Talevich and University of Florida dental school professor emeritus Samuel Low to its board.