Dental laser company Biolase has extended its secured term loan with SWK Funding.
The deal extends the interest-only period of the loan to November 2023 and reduces the minimum consolidated unencumbered liquid assets from $7,500,000 to $5,500,00, according to a June 30 news release.
Biolase also used a portion of proceeds from a recent equity offering to prepay $1,000,000 of the outstanding loan balance to the healthcare-focused investment firm.
Biolase recently entered a securities purchase agreement valued at $6.5 million with an unnamed institutional investor.