Friday, August 1, 2008

Glenn Bolduc named Implant Sciences’ CFO

By Mass High Tech Staff

Wakefield-based Implant Sciences Corp. has named Glenn Bolduc its new chief financial officer, replacing Diane Ryan who will work as vice president of administration at the company.

Implant Sciences develops ion implantation technology and thin film coatings for medical device, semiconductor and security applications.

Bolduc has served as a principal of Radius Advisors, assisting other businesses in developing business operation plans. He also worked as CFO at software developer Connected Corp.; president and CEO of Vialog Corp., a teleconferencing service consolidator; and CFO of Multilink Inc., Concord Data Systems Inc. and Kronos Inc.

Bolduc received his bachelor of science degree in accounting from Fairleigh Dickinson University.

Implant Sciences has made obvious steps to shed its medical devices and semiconductor businesses in recent months, with president and CEO Phillip Thomas targeting this December as the company’s final exit month from the industries. Instead, Implant Sciences will focus on development of bench-top explosive trace detection systems used domestically and internationally.

The company announced this week the sale of its medical IP business unit to Best Medical International Inc. The definitive agreement, closing on September 18, ensures that Best pay $100,000 initially to acquire Implant’s intellectual property from its former brachytherapy products business.

Earlier this month, Implant sold its medical coatings business, including coating equipment, for $750,000. The company also announced plans to seek a buyer for its wholly owned semiconductor subsidiary, Core Systems Inc., in February. Last July, it discontinued sales and manufacturing of its I-Plant radioactive prostate seeds and sold a portion of its assets to an unnamed medical device manufacturer for approximately $350,000.

Interspersed in all the business asset sales, Implant Sciences has landed contracts for its portable explosives detection systems. In May, its Quantum Sniffer system, a handheld device that can detect explosive particulates and vapors, brought in $2.7 million in contracts from Implant’s Chinese distributor, Beijing Ritchie’s Time Co. Ltd. The company said it expects the systems to be used for transportation and facility security throughout China.

Implant backed up its investment in its security business with its acquisition of Ion Metrics Inc. in April. The $2.5 million deal added Ion Metric’s low-cost mass sensor systems for the detection and analysis of chemical compounds to Implant’s security business.

The firm, which employs 91 workers, reported a 2007 net loss of $10.7 million on revenue of $15.4 million.