Federico Pignatelli, a director of Irvine-based Biolase Inc., resigned from the company’s board and withdrew his nomination for election at its upcoming annual meeting.
Biolase makes lasers used in dentistry and other medical procedures.
Pignatelli had served as a Biolase director for 23 years. He also served as chief executive for nearly four years before stepping down from the post in June. He said in his resignation letter that he made his decision because of a “protracted campaign” by Greenwich, Conn.-based Oracle Partners, Biolase’s largest shareholder, with a 19% stake, and Oracle’s managing partner, Larry Feinberg, “to disenfranchise independent directors through a series of calculated actions designed to isolate us and reduce our power.”
The letter also indicated Dr. Norman Nemoy, a fellow independent director, resigned, leaving Biolase with four directors with “direct ties and/or allegiance to Oracle and Mr. Feinberg.”
A fifth director will be elected at Biolase’s Aug. 27 shareholder meeting.
