BriteSmile Inc., Walnut Creek, CA, an-nounced the sale of 369,577 shares of unregistered common stock at $23 a share, for a total of about $8.5 million. Proceeds from the private placement will be used to retire the $2 million bridge loan announced by the company last November, and for working capital purposes, executives said.
BriteSmile also announced a five for two stock split of shares of its common stock with each shareholder of record on Jan. 16 being entitled to receive five shares of common stock for each two shares of common stock held as of the record date.
BriteSmile manages state-of-the-art teeth whitening centers in Beverly Hills, Irvine, Palo Alto, Walnut Creek and La Jolla, CA; Honolulu, HI; Houston, TX; Denver, CO; Boston, MA; Boca Raton, FL; Atlanta, GA; New York, NY; Chicago, IL and Phoenix, AZ. The company has also contracted with independent dentists to perfomr whitening procedures at 4,900 associated centers globally.