Irvine-based Biolase Inc. (Nasdaq: BIOL), a maker of laser cleaning dental equipment, said it raised $18 million at 40 cents each in an oversubscribed round.
“The strength of investor interest in the offering enabled us to exceed our original capital-raising goal, and, we believe, demonstrated investor confidence in our growth strategy, which was beginning to show positive progress prior to the pandemic,” Chief Executive Todd Norbe said in a statement.
“We believe that this investor enthusiasm also reflects the increasing recognition of the potential of our proprietary laser products to advance the practice of dentistry significantly,” said Norbe.
The round brings the company’s cash and other assets to $23 million.
Biolase was once a high-flying stock whose shares almost hit $90 in 2004. Its shares have fallen about 74% in the past year to 44 cents each and a $22 million market cap.
