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BIOLASE sells 6.25M shares at $1.92 in a private placement

BIOLASE announced today that Jack W. Schuler, Oracle Partners, L.P. and other Oracle funds, Birchview Capital and certain BIOLASE directors and officers have agreed to purchase $12 million of unregistered shares of BIOLASE common stock in a private placement transaction. Under the terms of the private placement, BIOLASE has agreed to sell an aggregate of 6.25M shares of its common stock at the price of $1.92 per share. The proceeds will be used to repay all outstanding indebtedness under BIOLASE’s loan agreement with Comerica Bank and for working capital and general corporate purposes.

Northland Securities, Inc. acted as exclusive placement agent in connection with the offering.