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Summit Technology

This article was originally published in The Gray Sheet

Executive Summary

Prices $56 mil. secondary offering of 3.5 mil. shares at $16 each. Slightly smaller than the 4 mil. share offering originally anticipated, the proceeds will be used to fund the ongoing rollout of the LADARVision tracker-assisted ophthalmic excimer laser system and for general corporate purposes (1"The Gray Sheet" July 26, p. 5). The offering is being managed by Hambrecht & Quist LLC, U.S. Bancorp Piper Jaffray and Dain Rauscher Wessels

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Summit Technology

Ophthalmic excimer laser firm's secondary offering of 4 mil. shares is outlined in a registration statement filed with the Securities and Exchange Commission. Net proceeds will be used to fund the ongoing roll-out of the LADARVision tracker-assisted ophthalmic excimer laser system and for general corporate purposes. The system received PMA approval from FDA in November 1998 for treatment of mild to moderate nearsightedness with or without astigmatism. Acquired with Autonomous Technologies in April, the product's market debut was delayed until completion of the merger on account of patent litigation concerns (1"The Gray Sheet" May 3, In Brief). The offering is being managed by Hambrecht & Quist LLC, U.S. Bancorp Piper Jaffray and Dain Rauscher Wessels, which have an overallotment option of 600,000 additional shares

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