BIOLASE Secures $6 Million Revolving Line of Credit
IRVINE, Calif., March 7, 2018 /PRNewswire/ -- BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers, today announced that it has secured a $6 million revolving line of credit from Bridge Bank, a division of Western Alliance Bank. Funds from the two-year accounts receivable line of credit will be used for working capital purposes.
BIOLASE Senior Vice President and Chief Financial Officer John Beaver said, "I believe the new line of credit, coupled with the $11.4 million equity (net) infusion from the rights offering that closed in the fourth quarter of last year, will be sufficient to fund the Company's future growth as it moves towards achieving its goals of positive operating cash flow and profitability. We would like to thank our investors and lenders for their confidence and support and look forward to working with Bridge Bank."
"We're very pleased to have the opportunity to work with the team at Biolase," said, Mark Breneman, senior vice president of Bridge Bank's Southern California technology banking group. "We look forward to supporting the team as they continue to expand."READ MORE AT PR NEWSWIRE