Boston, MA 06/18/2014 (wallstreetpr) – Leading manufacturer and distributor of dental lasers, BIOLASE Inc (NASDAQ:BIOL) announced significant changes in the management with the objective of strengthening its leadership, global competitiveness, and its focus towards professional customers, as well as, their patients. The changes were made following the Delaware Supreme Court order on June 12 on false advertising.
The company’s board has selected Paul Clark as chairman of the board replacing Federico Pignatelli, who resigned as chairman and CEO following the Supreme Court of Delaware order on June 12. It had also established a board comprising Paul Clark, Normal Nemoy, Fred Moll, Jim Talevich, and Federico Pignatelli. Jeffrey Nugent was added as its sixth director.
Clark had earlier worked as chairman, president, and CEO of ICOS Corporation that was purchased by Lilly in 2007. He also represented Abbott Laboratories’ (NYSE:ABT) Pharmaceuticals Division as president boosting the division’s sales to $2.6 billion from $250 million during his tenure. He has done his MBA from Dartmouth College after completing B.A. in Finance.
BIOLASE Inc (NASDAQ:BIOL) said that its director Jeffrey Nugent had consented to be an interim chief executive officer till a permanent CEO is appointed. The formal search for a permanent CEO has been initiated.
Nugent is not new to medical devices industry because of his background. He had led the dental care franchise of Johnson & Johnson (NYSE:JNJ) and has a wide experience in handling aesthetic dermatology companies. Till recently, he was the global president and CEO of Johnson & Johnson’s Neutrogena. While he was Revolon’s president and CEO, he also held the same position in Precision Dermatology besides being a founder.
BIOLASE Inc (NASDAQ:BIOL) is burdened with the responsibility of re-establishing a favorable relationship with its partners, distributors, medical and dental professional communities following the court order on false advertising.
Following the announcement of management changes, shares of the company reached $2.44, representing a gain of 29.8%, before closing with a gain of 19.68% at $2.25.