Implant Sciences (OTCMKTS:IMSC), a developer of advanced detection capabilities to counter and eliminate the ever-evolving threats from explosives, retained financial advisors to explore strategic alternatives "to maximize shareholder value." Shares gained.
Chardan Capital Markets LLC and Noble Financial Capital Markets are serving as financial advisors in connection with these matters, the Wilmington, Massachusetts-based company said in a statement on Thursday.
"We are in an event driven industry, and as a company we need to explore all corporate options available to us to help ensure we are able to respond to what we expect will be a continuing surge in demand for our technologies based upon world events," Bob Liscouski, President of Implant Sciences, said in the statement.
The company cautioned that there could be no assurance that the exploration of strategic alternatives would result in any definitive agreement or transaction or increase in shareholder value.
The company's first quarter 2016 revenue of $14.3mln outpaced its full year 2015 revenue.
"The growth in our business has been significant and we expect to continue to see strong demand for our products," Bill McGann, CEO of Implant Sciences, was quoted in the statement as saying.
McGann said that "the homeland security sector clearly has its cycles as we observed in the aftermath of the 9/11 attacks and it looks like the industry is entering a phase that could have a similar impact on the sector at large."
Shares rose 7.1% to $0.530 at 1:16 p.m. in New York, paring this year's retreat to 52%.