Biolase Share Price Rockets
The value of Biolase shares has rocketed after a new laser device, known as Epic 10, was given the green light for use in Europe and the United States. The laser device will be used in soft tissue dental procedures, as well as other operations.
The Epic 10 laser was approved for use in the USA by the US Food and Drug Administration on the 1st October and it was put on sale immediately; news of the product emerging onto the market prompted share prices to rise by a staggering 34 per cent.
The device is also now on sale in Europe and some countries in Asia and South America after it was given the Conformité Européenne mark of approval.
Federico Pignatelli, chief executive of Biolase, which is based in Irvine, California, said that the firm is expecting Epic 10 to take off and increase revenue significantly for the last quarter of 2012.
News of the product sent shares soaring to $2.26 and 1.6 million shares changed hands by 10:40 Eastern Time; this is around 15 times the normal average 25-day volume.
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