Biolase initiates 1-for-5 reverse stock split

Biolase (NSDQ:BIOL) said today it initiated a 1-for-5 reverse split of its stock, slated to take effect at the opening of the market tomorrow.

With the split, the Irvine, Calif.-based company will put a single share of its common stock in the hands of each of its shareholders for every five shares they previously owned, according to a press release.

The split will reduce the company’s outstanding shares from approximately 102.4 million shares to approximately 20.5 million shares, Biolase said. The company will also make adjustments to the number of shares issuable through outstanding equity awards or warrants, with the number of authorized shares slated to be reduced from 200 million to 40 million.

Biolase said that it is initiating the 1-for-5 reverse stock split to maintain the minimum bid price of $1.00 as required by the Nasdaq Capital Market.

“While we can’t guarantee that the 1-for-5 reverse stock split will result in a sustainable increase in the price of our common stock above the Minimum Bid Price, we believe it is in the best interests of our stockholders to take whatever steps are available to us to maintain the trading of our common stock on the Nasdaq Capital Market. Also, our expectation is that the decrease in the number of shares of our outstanding common stock stemming from the reverse stock split, and the anticipated increase in the price per share, could promote greater liquidity for our stockholders with respect to Biolase stock. We also believe that a higher price of our common stock could help improve the marketability of our stock to, and acceptance by, institutional investors, research analysts and other members of the investing public. In addition, if the reverse stock split is successful in helping to produce a sustainable increase in the per share price of our common stock above the minimum bid price, it could enhance our ability to attract and retain employees and service providers,” board chair Dr. Jonathan Lord said in a prepared statement.

Last month, Biolase said that its CEO Harold Flynn resigned from the company to pursue other interests, and that current CFO John Beaver stepped in to act as interim CEO.

The post Biolase initiates 1-for-5 reverse stock split appeared first on MassDevice.

CAO Group files laser diode patent infringement suits against Biolase

Share

CAO Group said this week it filed patent infringement lawsuits against Biolase (NSDQ:BIOL) over diode laser patents, revisiting infringement suits that began in 2012.

The West Jordan, Utah-based company said it filed in the United States District Court for the State of Utah and in the United States District Court for the Central District of California against Biolase.

In Utah, the company said it is seeking to reopen a stayed case and file an amendment for infringement on a patent related to Biolase’s EPIC and Ezlase product lines. Claims in the complaint, originally filed in 2012, were rejected by the U.S. Patent & Trademark Office in 2013.

CAO said that it received a reexamination certificate in July 2017 which affirmed “the patentability of four claims added to the patent during reexamination,” according to a press release.

In the suits filed in California, CAO said it is claiming infringement related to patents for Biolase’s EPIC, iLase and Ezlase product lines.

“Biolase, Inc. knows of CAO’s patents, failed the challenge of CAO’s key patent through reexamine in US patent and trademark office, and continues to infringe CAO’s patents by marketing and selling infringing diode laser products. All of Biolase’s diode laser products are covered by CAO’s issued patents. CAO will vigorously defend its technology to protect its investment and licensed manufacturers. Our teachings in diode laser systems have been widely adopted by the industry, have benefited practitioners, and have made dental/medical uses of diode lasers easier, faster, and better,” CAO prez Densen Cao said in a press release.

The company said it is seeking past damages, injunction relief, enhanced damages for willful infringement and legal costs in both cases.

Biolase seeks up to $12m with rights offering

BiolaseBiolase (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.

The post Biolase seeks up to $12m with rights offering appeared first on MassDevice.