Premier Laser May Be Eyeing Imaging Firm

Premier Laser Systems Inc. has acquired 28% of the outstanding shares of a small eye-care imaging company, a possible prelude to a takeover offer.

The Irvine-based maker of medical and dental lasers bought 1.095 million shares of Ophthalmic Imaging Systems Inc. of Sacramento for about $1.53 million, according to documents filed with the Securities and Exchange Commission. Premier also said it has hired the investment banking firm Josephthal & Co. Inc. to help it decide whether to pursue a seat on Ophthalmic Imaging’s board of directors “or take any other actions,” including buying more shares.

In a letter to Premier chief executive Colette Cozean, Josephthal managing director Scott Weisman said that Premier’s options include a tender offer or formal proposal to acquire control of Ophthalmic Imaging. A copy of the letter was included in the regulatory filing.

In its fiscal year ended Aug. 31, Ophthalmic Imaging lost $2.1 million on revenue of $6.6 million.

The company supplies diagnostic digital-imaging products and services used in eye care.

Premier is best known for its groundbreaking dental laser that is used directly on teeth, a development widely heralded as a possible step toward pain-free cavity repair. This year, the company became the first to get government approval for the laser.