Dental Equipment Firm Posts Stock Sale Results

Dental/Medical Diagnostic Systems in Westlake Village announced it raised $4,991,540 through the sale of 901,000 shares of its common stock to accredited institutional investors in a private placement that closed July 16.

The offering was made entirely in Europe through an underwriting group managed by Bank Brussels Lambert of the ING/Barings group, Quartz Capital Partners Ltd. and Artesia/Bacob Bank. The company intends to use the net proceeds from the offering for the launch of its digital X-ray system, research and development, the repurchase of a portion of its outstanding redeemable common-stock purchase warrants and general corporate purposes.

The shares purchased by the investors are restricted securities as defined by Rule 144 under the Securities Act of 1933 and under the terms of the agreement. The company has granted the investors registration rights.

The Westlake Village-based company manufactures high-technology dental equipment and tooth-whitening materials.