Tuesday July 7, 9:46 am Eastern TimeCompany Press ReleaseSOURCE: Biolase Technology, Inc.BioLase Buys 'No-Incision Facelift' Technology, Assets From Laser Skin Toner Company Now Positioned as a Leader in Aesthetics Industry: Incisionless Facelifts With Next-Day Recovery Time and Stretch Mark Removal May Be Available By Early 1999
SAN CLEMENTE, Calif., July 7 /PRNewswire/ -- BIOLASE TECHNOLOGY, INC. (Nasdaq: BLTI - news) announced today that it has acquired the assets of Laser Skin Toner, Inc., including its ''no-incision facelift'' and stretch-mark removal system in exchange for 1,650,000 shares of BioLase stock, including contingent shares for future performance.
''When combined with our patented DermaLase HydroKinetic System and Lazer ToothBrush, a tooth-whitening system, this acquisition rounds out our newly formed Aesthetic Division very well and positions BioLase as an industry leader in innovations for the aesthetic marketplace. Clearly, we are thrilled to have acquired this extraordinary technology,'' said Federico Pignatelli, Chairman of the Board of BioLase.
''Because this technology focuses laser energy to the underlayer (dermis) of the skin, patients experience skin tightening without any burning, redness or cuts to the surface (epidermis). The potential for infection is nearly zero, but most of all, recovery time is shortened to a matter of hours for most patients,'' said Frank O'Donnell, M.D., Chairman of Laser Skin Toner. He added that the laser procedures currently in use cause a considerable surface burn, are painful to the patient and can require some weeks for recovery.
Laser Skin Toner, Inc. was co-founded in 1996 by Dr. O'Donnell, a world- renowned ophthalmologist and oculoplastic surgeon, and Terry A. Fuller, Ph.D., President and CEO of Laser Skin Toner and an international authority in minimally invasive laser surgery. Together they led the research and development of the world's first surface-sparring laser skin rejuvenation system. This non-ablative dermoplasty technology is applicable to facial skin rejuvenation and abdominal and other stretch marks.
''This technology was developed to address the need for a better way to achieve facial rejuvenation than the current laser resurfacing techniques which leaves patients, at least for a while, looking like they were in a fire,'' said Dr. Fuller. ''As patients develop skin laxity, early and periodic treatment with this system has the potential to obviate the need for more radical surgery later, such as facelifts and laser resurfacing. Moreover, in my 24 years of surgical laser experience, this is the only laser system I have seen that can effectively reduce stretch marks that are so common in childbearing and post-weight loss.''
According to Donald A. LaPoint, President and CEO of BioLase, ''This revolutionary technology is protected by two patents already issued, and three more which are pending.'' The next step, he added, is for the Laser Skin Toner technology to secure U.S. Food and Drug Administration clearance, for which an application has been filed. LaPoint stated that he was optimistic that the product line would be ready for distribution as early as the first quarter of 1999. The system is expected to be highly affordable.
In addition to the primary system, the Laser Skin Toner technology also uses a microchip-controlled, single-use fiber delivery system and a proprietary topical pharmaceutical applied at night, thus providing BioLase with significant recurring revenue opportunity.
''Laser Skin Toner's technology also fits nicely into our no-pain product development philosophy. We removed most of the discomfort from dental procedures with our new Millennium system which uses the patented HydroKinetic technology. It was a natural next step for us to seek out a new technology which eliminates much of the pain in skin rejuvenation procedures,'' said LaPoint. ''Plus, the ability of the Laser Skin Toner system to provide skin rejuvenation without a surface wound makes it an attractive option for working people who do not have the one-to-tour weeks required for recovery from laser resurfacing treatments.''
BioLase Technology, Inc. designs, develops, manufactures and markets laser-based systems for use in dental and medical applications.
The matters discussed in this news release include forward-looking statements which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward-looking statements. Such risks, uncertainties and other factors include, but are not limited to, the effect of actions of third parties, including governmental officials, the timely development and acceptance of new products, the impact of competitive products and pricing, and other risks detailed from time-to-time in the Company's filings with the Securities and Exchange Commission, including the reports on Forms 10-K and 10-Q. Actual results may differ materially from those projected. These forward-looking statements represent the Company's judgment as of the date of this release. The Company disclaims, however, any intent or obligations to update these forward-looking statements.
See the Laser Skin Toner, Inc. Web Site at LCDEVC.COM |
