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Device Maker Surges On New Laser Uses

Pignatelli: will seek “appropriate strategic partners” for new market segments

Shares of Irvine-based medical device maker Biolase Inc. surged last week after it announced that the Food and Drug Administration has cleared one of its soft tissue lasers for more uses.

Biolase’s shares rose 26% to a market value of $111 million on the news early last week, and edged slightly higher in the following days.

The company’s 940nm wavelength Diolase 10 soft tissue laser device already was cleared for tooth whitening and temporary pain relief. The latest FDA approval came for 19 additional medical uses, including ophthalmology, plastic surgery, vascular surgery, cardiac surgery and gynecology.

Biolase Chief Executive Federico Pignatelli said the company plans to sell Diolase 10 and other products across a wider range of medical markets “with appropriate strategic partners” with the latest FDA clearance.

Biolase has been working on a turnaround under Pignatelli, who is the company’s largest shareholder. He became chief executive in late 2010, and the company has seen its losses narrow since then.

Biolase posted a loss of $4.5 million on $48.9 million in revenue in 2011, compared with $12 million in red ink on $26.2 million in sales the prior year.

The company has not yet reported results for 2012. It had losses of about $3.6 million and $38.3 million in revenue in the nine months through Sept. 30. Its loss narrowed to $548,000 on revenue of $13.8 million in the September quarter.

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