Breaking Finance News

BREAKING- BIOLASE Halted- News Pending (BIOL)


UPDATE: Here’s the release:

BIOLASE, Inc. the world’s leading manufacturer and distributor of dental lasers, and a pioneer in laser surgery in other medical specialties, today announced that due to the unwarranted amount of confusion in the marketplace that has ensued since the filing of the registration statement on Form S-3, originally filed with the Securities and Exchange Commission (the “SEC”) on July 26, 2013, BIOLASE will reduce the registration statement from $30 million to $5 million.

Federico Pignatelli, Chairman and CEO, said, “Speculative forces have manipulated the market to believe that we are in a liquidity crunch and that we must raise a large amount of money to continue our operations. This is absolutely false. However, in response to this wild speculation we will file an amendment with the SEC as soon as possible to reduce the total of our registration statement on Form S-3 from $30 million to only $5 million.

“It should also be noted that we are entering into our ‘high season’ from September to December where BIOLASE generates a large percentage of its revenue and generates cash. Therefore, the rumors that BIOLASE must raise a high level of capital in the near term are totally uncalled for. In addition, we expect our DaVinci Imaging Division, which sells NewTom digital imaging products and 3Shape CAD/CAM intraoral scanners, to transition from a negative contribution loss to a positive contribution profit for the remainder of the year,” concluded Pignatelli.

Shares of BIOLASE (NASDAQ: BIOL) have been halted for news pending. The stock is down 33 percent on the day and has traded 4.1 million shares versus an average of 440,000. We will update this story as more information comes available. The stock is down 2.8 percent year to date and 62 percent in the past three months.

A Seeking Alpha article says that the company plunged today on solvency concerns.

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Company Profile

BIOLASE, Inc., a biomedical company, develops, manufactures, and markets lasers in dentistry and medicine in the Unites States and internationally. The company offers Waterlase systems for cutting soft and hard tissue; and diode laser systems, which are used in soft tissue, pain therapy, and cosmetic procedures, such as teeth whitening. Its dental laser systems allow dentists, periodontists, endodontists, oral surgeons, and other specialists to perform a range of dental procedures, including cosmetic and complex surgical applications.

[stock-tools exchange="NASDAQ" symbol="BIOL" image_height="230" image_width="350"]

Disclosure: At the time of this writing, the author had no position in the company mentioned.

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