IRVINE, Calif., Oct. 31, 2019 /PRNewswire/ -- BIOLASE,
Inc. (Nasdaq: BIOL), the global leader in dental lasers, today
announced that it has secured a $3
million revolving line of credit from Pacific Mercantile
Bank ("the Bank"), the wholly owned subsidiary of Pacific
Mercantile Bancorp. Funds from the two-year accounts receivable
line of credit will be used for working capital purposes.
"This new line of credit, coupled with the successful equity
offering we closed last week, will be sufficient to fund BIOLASE's
future growth as it moves towards achieving its goals of positive
operating cash flow and profitability," said BIOLASE Executive Vice
President and Chief Financial Officer John
Beaver. "We want to thank our investors and lenders for
their confidence and support and look forward to working with
Pacific Mercantile Bank."
This debt capacity will ensure that sufficient capital is
available to support several accelerated growth initiatives. These
initiatives are designed to increase awareness and education around
dental lasers for both dentists and patients. Such programs will
continue to pave the path for minimally invasive and pain-free
dentistry, enabling dentists to deliver the highest level of
patient care and build prospering practices.
"Pacific Mercantile Bank is excited to be a partner for BIOLASE
and their transformative technology in the dental industry, which
is making an impressive impact on dentists and their patients.
Financing their growth and using our proprietary Horizon Analytics®
methodology to understand their business in a way that is uncommon
for other lenders in our market will ensure a healthy and
prosperous relationship between us for years to come," said
Marcelo Mills, Senior Vice
President, Regional Manager of Pacific Mercantile Bank.
About BIOLASE, Inc.
BIOLASE, Inc. is a medical device company that is a global
market leader in the manufacturing and marketing of proprietary
dental laser systems that enable dentists and dental specialists to
perform a broad range of minimally invasive dental procedures,
including cosmetic, restorative, and surgical applications.
BIOLASE's laser systems are designed to provide clinically
superior, patient-friendly results for many types of common dental
procedures compared to those achieved with traditional instruments.
BIOLASE has sold 38,900 laser systems to date in over 90 countries
around the world. BIOLASE®, Waterlase® and Waterlase iPlus® are
registered trademarks of BIOLASE, Inc.
About Pacific Mercantile Bank
Pacific Mercantile Bancorp is the parent holding company of
Pacific Mercantile Bank, which opened for business March 1,
1999. The Bank, which is an FDIC insured, California state-chartered bank and a member
of the Federal Reserve System, provides a wide range of commercial
banking services to businesses, business professionals and
individual clients. The Bank is headquartered in Orange County and has seven locations in
Southern California, located in
Orange, Los Angeles, San
Diego, and San Bernardino
counties. The Bank offers tailored flexible solutions for its
clients including an array of loan and deposit products,
sophisticated treasury management services, and comprehensive
online banking services accessible at www.pmbank.com.
About Horizon Analytics®
Horizon Analytics is Pacific Mercantile Bank's proprietary
financial tool that provides a level of insight and analysis
uncommon for small- to medium-sized private businesses. Using a
proprietary private company database and financial analysis
techniques typically available only to large public companies,
Horizon Analytics helps businesses understand how their financial
performance compares to their competitors and develop a detailed
multi-year financial forecast to assist with capital planning and
business investment. Through the insight provided by Horizon
Analytics, Pacific Mercantile Bank helps its clients navigate
challenges, capitalize on opportunities, and look into the future,
far beyond a company's day-to-day activities. Learn more
about Horizon Analytics and Pacific Mercantile Bank's
commitment to helping companies succeed
at www.pmbank.com/HorizonAnalytics.
Cautionary Statement Regarding 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, including statements
regarding the anticipated closings of the common stock offering and
concurrent private placement and the use of proceeds therefrom.
Forward-looking statements can be identified through the use of
words such as "anticipates," "expects," "intends," "plans,"
"believes," "seeks," "estimates," "may," "will," "should," and
variations of these words or similar expressions. 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, delays in satisfying or failure to satisfy closing
conditions for the common stock offering and concurrent private
placement, adverse changes in general economic and market
conditions, competitive factors including but not limited to
pricing pressures and new product introductions, uncertainty of
customer acceptance of new product offerings and market changes,
risks associated with managing the growth of the business, and
those other risks and uncertainties that are described, from
time-to-time, in the "Risk Factors" section
of BIOLASE's annual reports filed on Form 10-K with
the SEC. Except as required by law, BIOLASE does not
undertake any responsibility to revise or update any
forward-looking statements.
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SOURCE BIOLASE, Inc.