Irvine-based BioLase Technology Inc. said Thursday that it is going to license some of its laser technology to consumer products maker Procter & Gamble Co.
BioLase and Cincinnati-based Procter & Gamble will develop certain consumer products, such as toothpaste, mouthwash and whitening strips, with the laser technology.
Procter & Gamble will pay an initial $3 million to BioLase as well as some launch payments and quarterly payments of $250,000. In addition, the company will pay BioLase ongoing royalties based on net product sales.
Procter & Gamble’s expertise in developing consumer products as well as its track record in brand creation was a reason for the partnership, BioLase Chief Executive Jeffrey Jones said in a release.
BioLase’s shares closed Thursday on the New York Stock Exchange at $8.34, up 6.7%.
