SAN CLEMENTE, Calif., April 14 /PRNewswire/ -- BioLase Technology, Inc. (NASDAQ:BLTI), which designs, develops, manufactures and markets advanced laser-based systems for use in dental and cosmetic, aesthetic and other medical surgical applications, announced today that it had entered into a letter of intent with Laser Skin Toner, Inc., under which BioLase would acquire all of the assets of Laser Skin Toner.
Completion of the acquisition, in which BioLase would issue shares of its common stock for the Laser Skin Toner assets, is subject to a number of conditions including satisfactory completion of due diligence examinations and the negotiation and execution of a mutually acceptable definitive agreement.
Laser Skin Toner, Inc. is a development stage company that is developing a proprietary non-invasive, laser-based surgical technology applicable to aesthetic skin rejuvenation. The technology employs a proprietary approach to delivering focused laser energy to the dermis without causing any damage, burning, redness or wounds to the epidermis. It is expected to be particularly effective in dealing with striae (stretch marks) and facial skin laxity, among other applications.
According to Terry A. Fuller, Ph.D., President and Chief Executive Officer of Laser Skin Toner, Inc., "The SkinToner is a unique aesthetic laser system, which is being designed to increase skin tone and stimulate production of new collagen by performing a 'non-ablative dermaplasty.'" Dr. Fuller stated that "the SkinToner system is expected to perform facial rejuvenation with little or no surface burn and to reduce abdominal stretch marks."
Donald A. La Point, President and Chief Executive Officer of BioLase, stated, "We view the Laser Skin Toner as the perfect complement to our DermaLase(TM) system, which recently received FDA clearance for a broad range of soft tissue applications. The Laser Skin Toner will represent the only non-ablative laser system addressing aesthetic skin rejuvenation, a fast growing segment of cosmetic surgery, and with DermaLase will provide the aesthetic surgeon with a complete range of laser-based tools.
This broad capability in cosmetic and plastic surgery will balance BioLase's historic emphasis on products with dental applications. The experience of BioLase in addressing and meeting various challenges presented by laser-based systems should enable us to contribute significantly to the optimization of Laser Skin Toner."
According to Michael Moretti, editor of Medical Laser Insight magazine, "Skin rejuvenation and resurfacing is the fastest growing segment of medical laser technology. This market is expected to approach $650 million by the year 2000. When you add the ability to remove stretch marks and increase skin tone without any damage to the epidermis, the market could grow to a multiple of our current estimates."
Federico Pignatelli, Chairman of the BioLase Board of Directors, stated, "Through the Laser Skin Toner acquisition, BioLase will complete the initial phase of its strategy for entering the high growth markets involving cosmetic surgery and dermatological procedures. By defining and then controlling the desired technologies, BioLase will be poised to become a major participant in
those markets."
BioLase also announced that the German distributor of its Millennium(TM) system has requested a partial redesign of the handpiece, which forms a portion of the delivery subsystem of the Millennium system, in order to address more effectively the requirements of its marketplace. While in the process of effecting this redesign, the Company has delayed shipment of additional Millennium systems to its German distributor.
As a result, the Company's revenues during the first quarter of 1998 will be substantially less than the Company's revenues during the third and fourth quarters of 1997, which averaged approximately $609,000 per quarter, although greater than the revenues recorded during the comparable 1997 quarter.
BioLase Technology, Inc. designs, develops, manufactures and markets laser-based systems for use in dental and medical applications. The current generation of the Company's laser-based systems incorporates its proprietary HydroKinetic(TM) technology into its Millennium surgical tissue cutting system, which utilizes electromagnetic energy laser pulses from an erbium, chromium: yttrium scandium gallium garnet ("Er,Cr:YSGG") laser and a proprietary air-water spray. In a higher power setting configuration intended for use primarily in hard tissue applications, the laser pulses act to rapidly energize and transform atomized water droplets from the air-water spray into smaller, high-speed mechanical cutting water particles. In a configuration utilizing lower power settings intended for use in soft tissue applications, the system acts as a conventional laser, with the air-water spray serving as a cooling agent.
The matters discussed in this news release include forward-looking
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