Biolase Stock Jumps on Product Approval
Biolase Technology’s stock climbed 20% Wednesday after the San Clemente company said it received clearance from federal regulators to market its SkinLaser System.
Biolase stock moved up 63 cents to close at $3.75 a share. More than 257,500 shares were traded, about triple the average daily volume over the last three months.
The Food and Drug Administration gave general marketing clearance for Biolase’s SkinLaser technology, which tightens skin by focusing laser energy on the under layer of skin, avoiding damage, burning, redness or cuts to the surface, the company said. The system was acquired from Laser Skin Toner Inc.
Biolase, which provides cosmetic, medical, dental and surgical products, said it will immediately begin marketing the system. The medical community will begin receiving the SkinLaser System later this year, and the consumer may see it as early as the first quarter of 1999, the company said.