Shares of Biolase Inc. (NASDAQ: BIOL), a medical technology company engaged in the development, manufacturing and marketing of dental lasers, are seeing a huge rally in todayâ€™s trading.
At last check, BIOL shares were trading 14.59% higher at $2.12 on above average volume of 566,936. It touched an intra-day high of $2.20.
Biolase late last month announced that it secured a new $8 million revolving credit facility from Comerica Bank. The new credit facility is based on BIOLâ€™s eligible accounts receivable and inventory. The company plans to use toe two-year facility to fund its working capital requirements.
Fred Furry, COO and CFO of Biolase, said last month that the company is pleased to be partnering with Comerica Bank, Furry said that the credit facility gives BIOL substantial access to capital as it invests in new product lines and platforms, and eliminates any liquidity issues that could arise as the company works to rapidly return to a cash flow positive mode in the current year.