IRVINE, Calif. (AP) — Dental laser company Biolase Technology Inc. said Monday Jake St. Philip will become chief executive and a director, effective immediately, replacing Interim CEO Federico Pignatelli, who will become president in addition to serving as a director and chairman emeritus.
With the addition of St. Philip, 54, the board increases to seven members. St. Philip most recently served in a senior position with Dublin, Ohio-based Cardinal Health. He will receive stock options to purchase 450,000 shares of Biolase common stock at fair market value as of Monday's close.
Biolase also said Chief Financial Officer Richard L. Harrison stepped down, effective Jan. 2, to accept a position at another company. Management and the board are conducting a search to fill the position.
Separately, the company also said it will report revenue of more than $20 million for the fourth quarter ended Dec. 31, up from $12.8 million in the third quarter and $19.8 million a year earlier.
Shares rose 68 cents, or 30 percent, to $3 in premarket electronic trading, having closed Friday at $2.32.