Biolase seeks up to $12m with rights offering

Biolase (NSDQ:BIOL) said today that it’s hoping to raise up to $12 million with a rights offering that’s already guaranteed to bring in $6 million.

The Irvine, Calif.-based dental laser maker said it hopes the offering will bring in at least $8 million, noting that affiliates of Larry Feinberg and Jack Schuler have each pledged to at least $3 million apiece. The exact pricing and number of shares involved have not been determined.

Last month Biolase posted a 134% increase in second-quarter net losses, which reach -$8.3 million, or -12¢ per share, on a -8.7% sales decline to $12.6 million compared with Q2 2016.

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