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Financings in Brief: Sunrise Technologies

This article was originally published in The Gray Sheet

Executive Summary

Sunrise Technologies: Closes $5.9 mil. private placement of convertible notes and warrants. Funds will be used to complete the final clinical development phase of the LTK laser thermal keratoplasty corneal shaping system for treatment of hyperopia, and for continued trials for treatment of presbyopia. The financing is anticipated to provide sufficient funding "well into 1999," and filing by that time of a premarket approval application for hyperopia with FDA, the firm says. The offering includes 12% "payment-in-kind" convertible notes, maturing in January 2001. Investors receive one warrant for every $5 worth of notes. The warrants expire in five years and have an exercise price of $3 per share, which is also the conversion price on the notes...

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