Optomedic Medical Technologies
This article was originally published in The Gray Sheet
Israel-based company plans to use $1.5 mil. of an anticipated $9.6 mil. initial public offering of 2.25 mil. ordinary shares at $5 per share to develop a prototype model of the CardioLaser CO2-based transmyocardial revascularization laser ablation system. The company is earmarking an additional $1 mil. for other R&D projects, $2 mil. to pay down outstanding debt, roughly $1.3 mil. to pay obligations to certain officers and 10%-or-greater shareholders, $1.5 mil. to enhance marketing efforts, $500,000 for manufacturing purposes and $1.9 mil. for working capital and general corporate expenses. The TMR laser is based on the firm's Kaplan PenduLaser 115 CO2 system, which has been sold outside the U.S. since late 1994 and domestically since the third quarter of 1997; the device gained 510(k) clearance in March 1995 for general surgery applications ("The Gray Sheet" April 17, 1995, p. 9). Potential future applications include aesthetic, general, dental and oral, gynecological, ear nose and throat and periocular surgery procedures, the firm states. Founded in 1992, the company generated $1.1 mil. in sales in the fiscal year ending Dec. 31, 1997, up 12%. The company reported a net loss of $3.2 mil. for the year. Underwriters M.H. Meyerson & Co. have the option to purchase 337,500 additional IPO shares
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