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This article was originally published in The Gray Sheet

Executive Summary

Ophthalmic device maker nets approximately $48.2 mil. from secondary offering of 4 mil. shares at $13 each. The proceeds will be used for sales and marketing efforts related to the U.S. debut of the firm's Intacs intrastromal ring segments for vision correction. Intacs were rolled out in April following FDA approval for treatment of mild myopia with mild astigmatism (1"The Gray Sheet" April 19, p. 12). A portion of the proceeds also will be used for continued development and clinical testing of products based on the Intacs technology, debt repayment, working capital and other general corporate purposes. Underwriters for the offering are Donaldson Lufkin & Jenrette, Dain Rauscher Wessels, Prudential Vector Healthcare Group, and SG Cowen

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