Biolase Acquires Diodem's Intellectual Property Portfolio

Biolase Technology has completed the acquisition of the intellectual property portfolio of Diodem.

Under the terms of the definitive agreement, Biolase acquired the intellectual property portfolio of Diodem, consisting of certain U.S. and international patents of which four were asserted against the company, for consideration of $3 million in cash, $4.5 million in common stock, valued at $11.06 per share as of the closing price on Dec. 17, 2004, and five-year warrants exercisable for 81,037 shares of common stock at a strike price of $11.06 per share.

Biolase is a medical technology company that designs, manufacturers and markets proprietary dental laser systems that allow dentists, oral surgeons and other specialists to perform a broad range of common dental procedures, including cosmetic applications.