Delaware Supreme Court Affirms Court of Chancery Ruling
Paul Clark Confirmed as Biolase Independent Director
GREENWICH, Conn.--(BUSINESS WIRE)--
Oracle Partners, L.P. ("Oracle Partners"), Biolase, Inc.'s ("Biolase" or
the "Company") (Nasdaq: BIOL) largest shareholder, announced that it has
decisively won its shareholder litigation against Biolase in a victory
for all Company shareholders.
Larry Feinberg, the Managing Member of Oracle's general partner, stated:
"Oracle Partners applauds the Delaware Supreme Court’s decision
affirming the Court of Chancery’s ruling that Dr. Alex Arrow had
resigned from Biolase’s Board of Directors on February 28, 2014 and was
replaced by Mr. Paul Clark.”
Mr. Feinberg continued: “This decision significantly benefits all
shareholders by breaking the existing deadlock through the addition of
Mr. Clark, who has significant public company experience in the
pharmaceutical and biotechnology industries, and improving corporate
governance by leaving a majority of the Board comprised of independent
directors. Furthermore, this decisive ruling should finally end the
unnecessary legal expenditures by Biolase in its baseless defense of
this litigation. We hope and expect that the non-deadlocked Board will
now promptly attend to the financial and operational needs of Biolase."
About Oracle Partners, L.P.
Oracle Partners is a fundamental-research driven investment fund that is
exclusively focused on the global healthcare and bioscience industries.
Additional Information and Where to Find It
Oracle Partners, L.P., Oracle Institutional Partners, L.P., Oracle Ten
Fund Master, L.P., Oracle Associates, LLC, Oracle Investment Management,
Inc. and Larry N. Feinberg (collectively, "Oracle"), together with Paul
N. Clark, Jeffrey M. Nugent, Frederic H. Moll and Eric Varma, are
participants in the solicitation of proxies from stockholders in
connection with the 2014 Annual Meeting of Stockholders (the "Annual
Meeting") of Biolase, Inc. (the "Company"). Oracle intends to file a
proxy statement (the "2014 Proxy Statement") with the Securities and
Exchange Commission (the "SEC") in connection with the solicitation of
proxies for the Annual Meeting unless it withdraws its nominations.
Oracle may be deemed to beneficially own 6,135,910 shares of the
Company's common stock, representing approximately 16.3% of the
Company's outstanding common stock. None of the other participants owns
in excess of 1% of the Company's common stock. Additional information
regarding such participants, including their direct or indirect
interests, by security holdings or otherwise, will be included in the
2014 Proxy Statement and other relevant documents to be filed with the
SEC in connection with the Annual Meeting.
Promptly after any filing of its definitive 2014 Proxy Statement with
the SEC, Oracle intends to mail the definitive 2014 Proxy Statement and
an accompanying proxy card to some or all stockholders pursuant to
applicable SEC rules. STOCKHOLDERS ARE URGED TO READ THE 2014 PROXY
STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY
OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC WHEN
THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
Stockholders may obtain, free of charge, copies of the definitive 2014
Proxy Statement and any other documents filed by Oracle with respect to
the Company with the SEC in connection with the Annual Meeting at the
SEC's website (http://www.sec.gov)
or by writing to Oracle Partners, L.P., 200 Greenwich Avenue, Greenwich,
Oracle Partners, L.P.
Aileen Wiate, Chief Financial Officer
Brad Miles, CEO
Source: Oracle Partners, L.P.