Biolase Soars on Approval of Laser-Water Dental Drill

Shares of Biolase Technology Inc. soared 56% on Monday after the San Clemente maker of dental lasers said it received approval to market a device that uses laser-powered water spray instead of the traditional electrical drill to repair dental cavities.

The stock, the fifth-biggest percentage gainer in U.S. markets, jumped $1.19 a share on Nasdaq to close at $3.31. A total of 495,300 shares traded, more than six times the stock’s recent daily trading levels.

Donald A. La Point, the company’s chief executive, attributed the stock movement to prospects for Biolase’s water-spray device as a painless alternative to the drill.

“We’ve now strategically set ourselves apart from our competition and are achieving the goal we’ve set out to revolutionize the industry,” he said. “We are focused, we have the [regulatory] clearance, a patent, and we are moving forward.”

La Point, who owns a 2.9% stake in the company, said he doesn’t know whether he’ll sell some of his 400,000 shares any time soon. The stock, which reached a 52-week low of $1.75 last Thursday, is off from a 52-week high of $4.75 on Dec. 2.

Only time will tell, however, whether sales of the device will bear out investors’ excitement about its approval by the Food and Drug Administration. Dentists, a financially conservative lot, have been slow to invest in lasers--which can cost several thousand dollars--when a standby drill can be had for $200 to $300, said Dr. Wayne Wozniak, an American Dental Assn. official involved in evaluating new technology.

La Point said his company aims to submit data to regulators in the hope of receiving approval for pediatric and other uses.