California medical lasers company Biolase (NSDQ:BIOL) announced this week that it appointed 2 new directors to its board, adding that it engaged the services of Piper Jaffray & Co. as its exclusive financial advisor as it considers a potential buyout.
Biolase added to its board James Talevich, a director for Nova LifeStyle and member of the Executive Committee & Advisory Council of the SEC Financial Reporting Institute at the USC Marshall School of Business, according to a company statement.
Biolase also added Samuel Low, professor emeritus of the Department of Periodontology at the University of Florida’s College of Dentistry.
Both Talevich and Low were appointed to Biolase’s audit committee, Talevich as chairman and Low as a member. The new directors help fill vacancies left by the resignations of Gregory Lichtwardt and Erin Enright, who stepped down on December 4.
Biolase also announced this week that it tapped the services of Piper Jaffray & Co. to help evaluate "a wide range of strategic options," including a potential acquisition.
"Piper Jaffray is a leading full-service investment bank and has an in-depth knowledge of the healthcare industry," Biolase chairman & CEO Federico Pignatelli said in prepared remarks. "We are very pleased to engage them as our financial advisor."
Biolase announced last month that it planned to court a potential acquirer amid news of gaping Q3 losses and a round of firings for its sales & marketing department. The company said at the time that it was interviewing investment banks to lead the search for potential acquirers "to explore possible M&A transactions with the goal of maximizing shareholder value."
Biolase reported losses of $4.0 million, or -13¢ per share, on sales of $12.3 million for the 3 months ended Sept. 30, for a 638.9% increase in losses on a 10.4% sales decline. Pignatelli blamed the poor results in part on the sales and marketing team.
BIOL shares were up a modest 0.5% today, trading at $1.79 as of about 3:50 p.m.
