Thursday, October 16, 2008

Implant Sciences hires M&A firm after posting Q4 loss

By Mass High Tech Staff

Implant Sciences Corp. has retained the services of M&A advisory firm Noblemen Holdings LLC to help the Wakefield-based security technology company with “strategic alternatives,” one day after Implant reported a fourth quarter loss of $2.46 million.

According to Phillip C. Thomas, president and CEO of Implant Sciences (AMEX: IMX), the company has already received inquiries through Dallas-based Nobleman about “a potential transaction.” While the company said it would not talk about any details of any strategic alternatives, often the hiring of a firm like Noblemen precedes a merger or outright sale.

The company has made strides this year to shed its medical IP business assets, according to Thomas’ plan to back out of its medical and semiconductor businesses by December this year. In July, it announced the sale of its Best Medical International Inc. and its medical coatings business Core Systems Inc.

In August, Implant Sciences named Glenn Bolduc its new chief financial officer, replacing Diane Ryan who is now a vice president of administration at the company.

Implant Sciences makes explosives detectors for the security and defense industries, provides coatings for the medical devices industry and performs ion implantation services for the semiconductor industry. The company reported a 2007 net loss of $10.7 million on revenue of $15.4 million. Its stock closed at 36 cents per share yesterday, down from a 52-week high of $2.14 per share.