Biolase closes $12m rights offering

Biolase (NSDQ:BIOL) said today that it closed a rights offering that will bring in some $12 million for the dental laser maker.

The offering, which expired at 5 pm Eastern yesterday, delivered subscriptions for some 26.3 million shares, Irvine, Calif.-based Biolase said. That’s about 5,000 more than planned, the company said.

Biolase said it hoped to raise at least $8 million when it announced the flotation in September. Affiliates of Oracle Investment Management founder Larry Feinberg and Crabtree Ventures founder Jack Schuler each pledged to at least $3 million apiece, the company said at the time.

The shares and proceeds are slated to be distributed Dec. 4, Biolase said.

In August 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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