Premier Laser Systems Files to Sell Shares
IRVINE — Premier Laser Systems Inc. has filed with the Securities and Exchange Commission to sell 2.5 million Class A common shares.
The manufacturer of medical lasers expects the stock sale to raise $23.9 million after expenses.
Premier would use the proceeds in part to expand its marketing and distribution capabilities, including distribution into international markets, according to a registration statement filed Wednesday with the SEC. The company would carry out the expansion through acquisitions, strategic alliances or internal development.
In addition, Premier plans to use $500,000 of proceeds to repay a promissory note issued to Pfizer HPG. The remaining money would be devoted to research and development, working capital and other general corporate purposes.
The company also reported that its net loss for the fiscal year ended March 31 widened to $5.8 million, or $1.26 a share, from $3.8 million, or $1.44 a share, for the preceding year.
Premier Laser said the greater loss resulted from manufacturing costs and an increase in the number of manufacturing personnel, as well as costs of broadening its sales force and introducing new products. The company also had an $848,000 write-down of older lasers.
Sales increased 42% to $1.7 million from $1.2 million.
For the fourth quarter, the company lost $2.2 million, or 46 cents a share, up from $1.8 million, or 41 cents a share, a year ago. Sales rose to $673,704 from $97,068.
