BIOLASE Announces Launch of Occulase Website
Subsidiary Dedicated to Using WaterLase(R) Technology in Ophthalmology; Seeking Strategic Partners for Investment in Joint Venture with OCCULASE
IRVINE, CA -- (Marketwire) -- 01/23/13 -- BIOLASE, Inc. (NASDAQ: BIOL), the world's leading dental laser manufacturer and distributor, announced today that it has launched a website to showcase OCCULASE, a wholly-owned subsidiary of BIOLASE, dedicated to expanding the multiple applications of its proprietary WaterLase technology and other related intellectual property into ophthalmology.
"We are excited to launch the OCCULASE website, which highlights the many synergies that exist with the application of our biomedical WaterLase technology and other related intellectual property in both dentistry and ophthalmology. Our technology has helped to make us the world leader in dentistry with over 21,000 lasers sold, and we believe that there are significant market opportunities for both surgical and non-surgical applications in ophthalmology," said Federico Pignatelli, Chairman and CEO.
"In a virtually seamless shift, we can apply BIOLASE's revolutionary surgical methods using our minimally-invasive, proprietary laser energy to ophthalmology. There are numerous applications for BIOLASE's core technologies in other medical fields, and the realization of any one of these assets would provide significant value to our shareholders, on top of what we can accomplish in dentistry," Pignatelli added.
OCCULASE, under the direction of BIOLASE, is currently performing proof of concept research and clinical studies with the assistance of various ophthalmic specialists under the supervision of Dan Durrie, its Chief Ophthalmology Advisor.
"Our current plan is to move into this new market with minimal disruption to our core dental laser business by continuing to perform research, clinical studies, and pursue additional 510(k) applications to further expand WaterLase's capabilities in ophthalmology. At the same time, we are searching for key strategic partners through a joint venture or other similar approach to invest $30 million to $50 million in OCCULASE for a 30 to 50 percent ownership for the purpose of commercializing these opportunities," said Fred Furry, Chief Operating Officer and Chief Financial Officer. "These strategic partners will be investing in OCCULASE, not BIOLASE, and we expect this could serve as an important blueprint for other potential market entries."
About BIOLASE, Inc.
BIOLASE, Inc. is a biomedical company that develops, manufactures and markets dental lasers and also distributes and markets dental imaging equipment; products that are focused on technologies that advance the practice of dentistry and medicine. The Company's laser products incorporate approximately 290 patented and patent-pending technologies designed to provide biological treatment and clinically superior performance with less pain and faster recovery times. Its imaging products provide cutting-edge technology at competitive prices to deliver the best results for dentists and patients. BIOLASE's principal products are dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications, and a full line of dental imaging equipment and CAD/CAM systems. BIOLASE has sold more than 21,000 lasers.
Other products under development address ophthalmology and other medical and consumer markets.
About OCCULASE, Inc.
OCCULASE's mission is to incubate the numerous applications for BIOLASE's WaterLase technology and other intellectual property within the various fields of Ophthalmology, including, but not limited to, performing various clinical studies and pursuing additional 510(k) applications to continue to further expand WaterLase's capabilities.
OCCULASE is a wholly owned subsidiary of BIOLASE, Inc. and was created by the Board of Directors of BIOLASE to address the tremendous applications for WaterLase technology within ophthalmology. BIOLASE/OCCULASE currently holds over 290 issued and pending, U.S. and international patents, over 70 percent of which relate to BIOLASE's core WaterLase technology. Further, OCCULASE currently holds 17 issued and 17 pending U.S. and international patents in four patent families of ophthalmology and is FDA cleared as a general cutting tool for the eye. All systems for Occulase will be exclusively manufactured by BIOLASE at its Headquarters in Irvine, CA.
More information can be found at www.Occulase.com.
For updates and information on WaterLase and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolaseinc, Twitter at twitter.com/biolaseinc, and YouTube at www.youtube.com/biolasevideos.
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For further information, please contact: Lisa Wilson In-Site Communications, Inc. 212-759-3929
Source: BIOLASE, Inc.
Released January 23, 2013
