BIOLASE 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 infusion from the rights offering that closed 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’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.”
BIOLASE is a medical device company that develops, manufactures, markets and sells laser systems in dentistry and medicine and also markets, sells and distributes dental imaging equipment.
Founded in 2001, Bridge Bank is geared toward serving both venture-backed and non-venture-backed companies in the small-market and middle-market arenas. It offers a broad scope of financial solutions including growth capital, equipment and working capital credit facilities, sustainable energy project finance, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans and ESOP finance.
