Premier Laser Systems Inc., which has posted losses for more than five years, has tapped health-industry veteran Michael J. Quinn as president and chief executive.
Quinn, 54, replaces founder Colette Cozean, who will remain chairman and chief technology officer of the Irvine-based developer of medical and dental lasers.
Most recently, Quinn said, he helped steer Imagyn Medical Technologies, an Irvine developer of surgical products, out of bankruptcy. Before that, he helped ramp up sales and profit by 40% at Pittsburgh-based Fisher Scientific Co., a supplier of instruments, research chemicals and other laboratory supplies.
“He’s got outstanding credentials and seems like an excellent choice to help the company make the transition from a development-stage company to an operating company,” said John Westergaard, chairman of Westergaard.com Inc., a New York City publisher of several online financial newsletters.
Cozean’s technical background combined with Quinn’s sales and marketing savvy should help the company get back on track, said William Relyea, an analyst with Josephthal & Co.
Premier has experienced significant difficulties. In the last 2 1/2 years, the company has lost more than $72 million, including $5.1 million in the first half of its current fiscal year. In 1998, Premier had a damaging dispute with a major distributor, its auditor resigned and trading in its stock was suspended for five months.