Biolase Inc. plans to raise up to $12 million with a rights offering to current shareholders.

The Irvine dental laser maker expects to bring in at least $8 million, noting that affiliates of Larry Feinberg and Jack Schuler have pledged at least $3 million apiece. Feinberg and Schuler own 25% and 29% of Biolase, respectively, SEC filings show.

The company has raised money from shareholders a couple times in the last few years as it executes on a turnaround strategy under Chief Executive Harold Flynn, Jr.

Proceeds will go to working capital. Biolase traded recently at 61 cents a share for a $45 million market cap.