A South Korean dental implant company has been named the winning bidder of dental laser manufacturer Biolase's assets.
Six notes:
1. Biolase initiated Chapter 11 bankruptcy proceedings in October and entered a $14 million purchase agreement to sell nearly all of its assets to dental technology company Sonendo.
2. The sale to Sonendo was subject to court approval, with other bidders allowed to submit offers as well.
3. In its third-quarter financial report, released Nov. 12, Sonendo noted that the company was not accepted as the winning bidder.
4. Sonendo President and CEO Bjarne Bergheim said the company was "disappointed" with the decision, but would continue to "evaluate financing options and other strategic alternatives" for itself.
5. In a 10-Q form filed with the Securities and Exchange Commission Nov. 7, Biolase said the winning bid came from MegaGen Implant Co., a South Korean-based dental implant company, while Sonendo's offer was named the backup bid.
6. Biolase said its sale to MegaGen is subject to definitive documentation between the two companies.