BIOLASE Shares Up 25% On Appointments, Resignations & New Committee

Shares of BIOLASE BIOL are up 25 percent following appointments to the company's Board of Directors, establishment of a new Finance Committee and executive resignations.

Appointments

In an 8-K report filed Tuesday, BIOLASE announced updates to its Board of Directors and the establishment of a Finance Committee.

The Board of Directors on Monday appointed Jeffrey Nugent to the Board as the sixth member. The appointment follows the resignation of CEO Federico Pignatelli and his position as Chairman of the Board on June 12.

The filing gave a preview of Nugent's background stating, “Mr. Nugent was founder, President, and CEO of Precision Dermatology, Inc. a multi-channel skin care company that was acquired by Valeant Pharmaceuticals in February 2014. From 1999 to 2002, he served as the President and Chief Executive Officer of Revlon, Inc. and as Worldwide President and Chief Executive Officer of Neutrogena Corporation from 1995 to 1999. He is currently a director of Scientra, Inc. Mr. Nugent holds an M.B.A. in Marketing and Finance from Loyola University in Chicago and a B.S. degree in Mathematics from St. Joseph's College.”

Paul Clark, a director of BIOLASE, was appointed to the Compensation and Nominating and Corporate Governance Committees of the Board following Pignatelli's resignation.

The company's press release reports, “Also today, the Board elected Mr. Clark as Chairman of the Board. Mr. Clark served as Chairman, CEO, and President of ICOS Corporation, which was acquired by Lilly in 2007 for $2.2 billion. Previously, he was the President of Abbott's Pharmaceuticals Division. While at Abbott, sales grew from $250 million to $2.6 billion during his tenure as President. Mr. Clark received a B.A. in finance from the University of Alabama and an MBA from Dartmouth College.”

New Committee

The company's Board of Directors on Monday established a Finance Committee. “The Committee will review corporate finance opportunities and make recommendations to the Board on financing matters for its further review and approval. Messrs. James Talevich, Paul Clark, and Jeffrey Nugent were appointed to serve on the Committee."