Biolase Inc. priced its underwritten public offering of 7,820,000 common shares and its concurrent private placement of 69,565 unregistered convertible preferred shares.

The Irvine, Calif.-based company is selling common shares at 57.5 cents per share. Biolase also granted underwriters a 30-day over-allotment option to buy up to an additional 1,173,000 common shares.

Meanwhile, investors affiliated with Jack W. Schuler and Oracle Investment Management Inc. agreed to purchase the preferred shares at $57.50 apiece in the concurrent placement. Each preferred share is automatically convertible into 100 common shares at a conversion price of 57.5 cents per share, subject to anti-dilution adjustments.

Biolase expects net proceeds of about $4.2 million from the common stock offering, or about $4.8 million if the underwriters exercise their option in full. The company anticipates about $4 million in gross proceeds from the private placement.

Net proceeds will be used for working capital — including product development, launch and scale-ups — and general corporate purposes.

The public offering and private placement are expected to close on Oct. 29.

The Benchmark Co. LLC and Dougherty & Co. LLC are acting underwriters for the common stock offering.

Biolase, a medical device company, develops laser systems for use in dentistry and medicine.