Sunrise Technologies International, Inc. Successfully Completes $11.8 Million Private Placement.FREMONT, Calif.--(BW HealthWire)--Dec. 4, 1998--Sunrise Technologies International, Inc. (Nasdaq/NMS:SNRS SNRS Securing Networks with Cisco Routers and Switches SNRS Southern Nursing Research Society ) today announced it has successfully completed a private placement of approximately $11.8 million in common stock, priced at $3.50 per share; approximately $6.8 million of which was paid in cash with the remainder paid in notes due on March 15, 1999. The company raised this money exclusively through its own efforts and without a placement agent. The proceeds will be used in part to continue the company's efforts to secure pre-market approval (PMA PMA (papillary-marginal-attached), n a system of epidemiologic scoring of periodontal disease devised by Schour and Massler in which the symbols denote the areas involved in gingival inflammation. PMA Progressive muscular atrophy ) from the FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. for treatment of hyperopia (.75 - 2.50 diopters), to plan the launch of the Sunrise Hyperion(TM) LTK System and to continue the company's product development expansion. In addition, the company plans to expand clinical trials for higher levels of hyperopia, presbyopia Presbyopia Definition The term presbyopia means "old eye" and is a vision condition involving the loss of the eye's ability to focus on close objects. , and treatment for certain unsuccessful excimer laser procedures for myopia. According to C. Russell Trenary III, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , "Nearly two-thirds of the money raised came from ophthalmologists who have seen our clinical results or who have used our system in clinical studies to treat hyperopia. We are delighted to receive this continuing support from ophthalmic surgeons." The Sunrise Hyperion(TM) LTK System differs from excimer laser procedures (PRK PRK photorefractive keratectomy. Photorefractive keratectomy (PRK) A procedure that uses an excimer laser to make modifications to the cornea and permanently correct myopia. & LASIK LASIK laser-assisted in-situ keratomileusis. LA·SIK n. Eye surgery in which the surface of the cornea is reshaped using a laser, performed to correct certain refractive disorders such as myopia. ) and traditional incisional surgeries (RK) because no corneal tissue is cut or removed. It is an office based instrument that applies two rings of laser energy, each application in 1.4 seconds to gently heat collagen in the cornea inducing uniform and immediate transition. Founded in 1987, the company produces and markets high technology products revolutionizing treatment methods in eye care. The company develops Holmium holmium (hōl`mēəm) [Lat.,=Stockholm], metallic chemical element; symbol Ho; at. no. 67; at. wt. 164.9304; m.p. about 1,474°C;; b.p. about 2,425°C;; sp. gr. 8.78 at 25°C;; valence +3. laser-based systems which utilize a patented process for shrinking collagen developed by Dr. Bruce Sand (the "Sand Process") in correcting ophthalmic conditions. These Systems(1) incorporate a non-contact simultaneous application for correction of hyperopia (farsightedness), presbyopia (loss of focus due to natural aging), and overcorrection o·ver·cor·rec·tion n. An adjustment that surpasses a set criterion, especially of a desired behavior. resulting from PRK and LASIK treatments for myopia. The system is currently in use in Europe and the Americas, and is in clinical trials in the United States. Except for historical information, this news release contains certain forward-looking statements that involve risk and uncertainties which may cause actual results to differ materially from the statements made, including market potential, regulatory clearances, business growth, and other risks listed from time to time in the company's Securities and Exchange Commission (SEC) filings. These forward-looking statements represent the company's judgment, as of the date of this release, and the company disclaims any intent or obligation to update these forward-looking statements. Internet users can access Sunrise's World Wide Web site at http://www.sunrise-tech.com. (1) Caution -- Investigational Device: Federal law restricts this device to investigational use in the U.S. |
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