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Eclipse Surgical

This article was originally published in The Gray Sheet

Executive Summary

Transmyocardial revascularization device developer completes private financings totaling $3 mil. and secures asset-based line of credit of up to $5 mil., company reports April 18 in a first quarter (ended March 31) earnings announcement. Private placements include a $2 mil. financing by the State of Wisconsin Investment Board and an additional $1 mil. from the purchase of about 898,000 shares in Eclipse stock by a private investor. Funds will bolster the firm's cash position as sales and marketing activities are expanded for the TMR 2000 laser for treatment of refractory angina. Following the placements, the Sunnyvale, California firm has about $5 mil. in cash, total assets of $16.1 mil., and shareholder equity of $8.5 mil

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