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Palomar Medical Technologies

This article was originally published in The Gray Sheet

Executive Summary

Laser hair removal device firm's planned recapitalization includes a one-for-seven reverse stock split. At an April 21 meeting shareholders also approved the sale of the firm's Star Medical Technologies semiconductor laser subsidiary to Coherent for $65 mil. in cash and an ongoing 7.5% royalty. Palomar owns 82% of Star and anticipates a net gain of about $49 mil. before taxes. Closing of the deal, announced in December, is expected "shortly" ("The Gray Sheet" Dec. 14, 1998, p. 8)
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