Jun. 12, 2014, 10:36 AM
- A federal judge in Orange County, CA dismisses Biolase's (BIOL -0.9%) false advertising lawsuit against rival laser manufacturer Fotona. The company challenged Fotona's statements that its lasers were faster for hard tissue dental applications that its own. The judge ruled that Biolase failed to state a claim for false advertising because Fotona's advertising messages were restatements of conclusions reached in research studies that were published in scientific journals.
- This lawsuit appears to be symptomatic of what's wrong at Biolase.
May. 30, 2014, 11:46 AM
- The Vice Chancellor of the Court of Chancery of the State of Delaware rules that shareholder Oracle Partners-backed Paul Clark's February 28, 2014 election to the board of directors is valid. It also concludes that the current board members are the undisputed directors, the board has one vacancy (created by the resignation of Dr. Samuel Low) and Oracle is not liable to Biolase for fraud or negligent misrepresentation.
- Unsurprisingly, Biolase (BIOL -1.6%) Chairman & CEO Federico Pignatelli appeals the court's decision to the Supreme Court of Delaware, which agrees to hear the case on June 11, 2014. Mr. Pignatelli apparently filed the appeal at his own discretion without consulting the BOD.
May. 16, 2014, 9:44 AM
- Biolase (BIOL) -2%) Chairman and CEO Federico Pignatelli publishes his response to Oracle Partners' May 14 press release criticizing the company for another lackluster quarter and for what it perceives as his misguided efforts to retain control of the firm.
- Mr. Pignatelli accuses Oracle Partners of a blatant attempt to gain control of the BOD so it can push through a dilutive financing plan while avoiding paying a premium to market. He says Oracle's lawsuit to block BIOL's shelf offering is merely a tactic to prevent diluting its current stake.
- He blames his lower-than-expected results on the Oracle lawsuit saying that the uncertainty it created regarding the composition of the board impacted end-of-quarter sales (this is a stretch).
- He cites his success in building Biolase's top line from an annualized $20M in 2010 to $56M in 2013 and his initiatives to develop the business as proof of his competency.
May. 12, 2014, 12:28 PM
- Germany's Dusseldorf Court rules that Fotona's Fedelis dental laser infringes on Biolase's (BIOL +1.8%) patent "470 that has broad claims relating to the output of optical energy of lasers, specifically the conditions of laser-induced cutting of biological tissue where air-water spray is applied to the tissue for stimulation of mechanical cutting.
- The Court accepts Biolase's requests for injunctive relief, product recall, rendering of account and cash damages. The company may enforce the court's decision immediately.
May. 12, 2014, 12:05 PM
Mar. 11, 2014, 4:22 PM
- Investment fund Oracle Partners battles Biolase (BIOL) Chairman Frederico Pignatelli for control of the firm.
- The fund seeks to install four new directors in an effort to improve the company's financial performance.
- Shares are flat in 2014 but down 84% from their 10-year high of $17.25 reached in March 2004.
Mar. 5, 2014, 4:15 PM
Mar. 5, 2014, 12:10 AM
Mar. 4, 2014, 5:35 PM
Feb. 20, 2014, 9:29 AM
- Biolase (BIOL) has signed a deal with Stratasys (SSYS) to resell the latter's Objet30 OrthoDesk 3-D dental printers.
- Objet30 OrthoDesk includes specialized dental-printing materials, and enables dentists to "fabricate stone models, orthodontic appliances, delivery and positioning trays, models for clear aligners, retainers and surgical guides on their desktop."
- Biolase shares jump 11.3%. (PR)
Feb. 20, 2014, 9:11 AM
Jan. 17, 2014, 5:07 PM
Dec. 30, 2013, 12:45 PM
Dec. 30, 2013, 9:13 AM
Dec. 30, 2013, 8:25 AM
- Biolase (BIOL) jumps 19% in premarket action (the shares rose 21% last Friday).
- The company says the Health Canada-Medical Device Bureau has granted a license for the sale of EPIC dental soft-tissue diode laser systems.
- "We believe that there is pent-up demand for the EPIC soft-tissue diode laser in Canada from our large and loyal installed base," the company says. (PR)
Nov. 12, 2013, 12:45 PM
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