Management Change at BIOLASE: Chief Financial Officer Mark J. Nelson Resigns

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IRVINE, Calif.–(BUSINESS WIRE)–BIOLASE, Inc. (NASDAQ: BIOL), the global leader in dental lasers, announced today that it has accepted the resignation of recently named Chief Financial Officer Mark J. Nelson, who resigned to pursue an unsolicited and lucrative business opportunity with a former employer. The Company will be initiating a search for a Chief Financial Officer.

We were very disappointed that Mark was faced with the difficult decision to leave BIOLASE after recently starting as CFO,” said President and CEO Harold C. Flynn, Jr. “Mark came to me with a career-changing opportunity with a significant compensation package and substantial financial incentives to work with a previous employer that quickly materialized. We mutually agreed that his departure was best for all parties. Mark’s separation from service was effective May 4, 2017, and no severance or other benefits of any kind were paid. I think it is important to note that Mark not only completed the work reflected in our Quarterly Report on Form 10-Q, he was actually one of the investors in our recent $10.5 million financing. We wish him well.”

Until a replacement is named, day-to-day finance responsibilities will be handled by the Company’s long-tenured Vice President of Finance and Corporate Controller Brendan O’Connell, and Flynn will cover Investor Relations and other administrative duties.

About BIOLASE, Inc.

BIOLASE, Inc. is a medical device company that develops, manufactures, markets, and sells laser systems in dentistry and medicine and also markets, sells, and distributes dental imaging equipment, including cone beam digital X-rays and CAD/CAM intra-oral scanners. BIOLASE’s products advance the practice of dentistry and medicine for patients and healthcare professionals. BIOLASE’s proprietary laser products incorporate approximately 210 patented and 90 patent-pending technologies designed to provide biologically clinically superior performance with less pain and faster recovery times. BIOLASE’s innovative products provide cutting-edge technology at competitive prices to deliver the best results for dentists and patients. BIOLASE’s principal products are revolutionary dental laser systems that perform a broad range of dental procedures, including cosmetic and complex surgical applications, and a full line of dental imaging equipment. BIOLASE has sold approximately 34,200 laser systems to date in over 90 countries around the world. Laser products under development address BIOLASE’s core dental market and other adjacent medical and consumer markets.

For updates and information on Waterlase® iPlus™ and laser dentistry, find BIOLASE online at www.biolase.com, Facebook at www.facebook.com/biolase, Twitter at www.twitter.com/biolaseinc, LinkedIn at www.linkedin.com/company/biolase, Instagram at www.instagram.com/biolaseinc, and YouTube at www.youtube.com/biolasevideos.

BIOLASE® and Waterlase® are registered trademarks of BIOLASE, Inc.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, that involve significant risks and uncertainties, including statements regarding expected effects of the April 2017 financing and anticipated growth. Forward-looking statements can be identified through the use of words such as “anticipates,” “expects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “may,” “will,” “should,” and variations of these words or similar expressions. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect BIOLASE’s current expectations and speak only as of the date of this release. Actual results may differ materially from BIOLASE’s current expectations depending upon a number of factors affecting BIOLASE’s business. These factors include, among others, adverse changes in general economic and market conditions; competitive factors including but not limited to pricing pressures and new product introductions, uncertainty of customer acceptance of new product offerings, and market changes; risks associated with managing the growth of the business; and those other risks and uncertainties that are described from time-to-time in the “Risk Factors” section of BIOLASE’s annual and quarterly reports filed with the Securities and Exchange Commission. Except as required by law, BIOLASE does not undertake any responsibility to revise or update any forward-looking statements.

 

 

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