LAKE
FOREST, Calif., June 30,
2022 /PRNewswire/ -- BIOLASE, Inc. (NASDAQ: BIOL),
the global leader in dental lasers, announced that, on June 30, 2022, it entered into an amendment to
its senior secured term loan with SWK Funding LLC. The amendment
extends the interest-only period of the loan by two quarters to
November 2023 and reduces the minimum
Consolidated Unencumbered Liquid Assets from $7,500,000 to $5,500,00. BIOLASE used a portion of the proceeds
from its recent equity offering to prepay $1,000,000 of the outstanding loan balance.
"The recent equity offering allowed us to prepay a portion of
our senior secured term loan," commented John Beaver, President and Chief Executive
Officer of BIOLASE. "This prepayment and amendment will result in
lower interest expense while also increasing the Company's
liquidity."
"Biolase continues to bring leading dental laser solutions to
dentists and patients. SWK remains a supportive partner of the
company and its mission," commented Winston
Black, Chief Executive Officer of SWK Holdings.
SWK Funding LLC is a subsidiary of SWK Holdings Corporation, a
Dallas, Texas-based healthcare
focused investment firm.
About BIOLASE
BIOLASE is a medical device company that develops, manufactures,
markets, and sells laser systems in dentistry and medicine.
BIOLASE's products advance the practice of dentistry and medicine
for patients and healthcare professionals. BIOLASE's proprietary
laser products incorporate approximately 301 patented and 32
patent-pending technologies designed to provide biologically and
clinically superior performance with less pain and faster recovery
times. BIOLASE's innovative products provide cutting-edge
technology at competitive prices to deliver superior results for
dentists and patients. BIOLASE's principal products are
revolutionary dental laser systems that perform a broad range of
dental procedures, including cosmetic and complex surgical
applications. BIOLASE has sold over 43,300 laser systems to date in
over 80 countries around the world. Laser products under
development address BIOLASE's core dental market and other adjacent
medical and consumer applications.
BIOLASE®, Waterlase® and Waterlase iPlus® are registered
trademarks of BIOLASE, Inc.
Forward-Looking Statements
This press release contains forward-looking statements, as that
term is defined in the Private Litigation Reform Act of 1995, that
involve significant risks and uncertainties. Forward-looking
statements can be identified through the use of words such as may,"
"might," "will," "intend," "should," "could," "can," "would,"
"continue," "expect," "believe," "anticipate," "estimate,"
"predict," "outlook," "potential," "plan," "seek," and similar
expressions and variations or the negatives of these terms or other
comparable terminology. Readers are cautioned not to place undue
reliance on these forward-looking statements, which reflect
BIOLASE's current expectations and speak only as of the date of
this release. Actual results may differ materially from BIOLASE's
current expectations depending upon a number of factors. These
factors include, among others, those risks and uncertainties that
are described in the "Risk Factors" section of BIOLASE's annual
report filed on Form 10-K filed with the Securities and Exchange
Commission. Except as required by law, BIOLASE does not undertake
any responsibility to revise or update any forward-looking
statements.
Investor Relations:
EVC Group LLC
Michael Polyviou / Todd Kehrli
(732) 933-2754
mpolyviou@evcgroup.com / tkehrli@evcgroup.com
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SOURCE BIOLASE, Inc.