MONROVIA, Calif., Aug. 1 /PRNewswire-FirstCall/ -- STAAR Surgical Company , a leading developer, manufacturer and marketer of minimally invasive ophthalmic products, today announced that it has filed a shelf registration statement on Form S-3 with the Securities and Exchange Commission, which, if and when declared effective, will permit STAAR to offer and sell up to $15 million of equity or debt securities from time to time in one or more transactions.
“We do not have an immediate need to raise additional capital, and our current operating plan calls for us to retain positive cash balances going forward,” said David Bailey, President and CEO of STAAR Surgical. “However, the Board of Directors believes this shelf registration will provide us with the flexibility to take advantage of future financing opportunities if future cash outcomes are different than plans, or new opportunities for growth are presented to the Company. The Board and management are sensitive to investors’ strong desire to minimize dilution. Therefore, any offering under the S-3 will take place only after analysis of other alternatives by the Board,” Mr. Bailey concluded.
The registration statement covers potential offerings of common stock, preferred stock, debt securities (including convertible debt) and warrants, either individually as units. The terms of any offering under the registration statement will be established at the time of the offering and will be described in a prospectus supplement filed at that time. Unless otherwise indicated in a prospectus supplement, the proceeds from the sale of any securities will be used for general corporate purposes, including among other things expansion of sales and marketing, working capital, capital expenditures, technology acquisition and continuing research and development.
While the registration statement, if and when effective, will permit the Company to offer and sell up to $15 million in securities, doing so remains at the discretion of the Company’s Board of Directors and the Company it is not required to offer any securities in the future.
A registration statement relating to the securities described in this press release has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release is not an offer to sell securities or a solicitation of an offer to buy securities, nor shall there be any sale of, securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state of jurisdiction.
Safe Harbor
All statements in this press release that are not statements of historical fact are forward-looking statements, including any projections of cash or other financial items and any statements of the plans, strategies, and objectives of management for future operations. These statements are based on expectations and assumptions as of the date of this press release and are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The risks and uncertainties include our limited capital resources and limited access to financing, our ability to overcome negative publicity resulting from warning letters and other correspondence from the FDA Office of Compliance, the willingness of surgeons and patients to adopt a new product and procedure, the effect doctors’ strikes and other job actions on international sales, and our ability to successfully launch and market the ICL in the U.S. while overcoming the foregoing challenges. Our ability to capitalize on the opportunity presented by the U.S. ICL approval depends on our overall financial condition, which can be adversely affected by general economic conditions and other factors beyond our control, including those detailed from time to time in our reports filed with the Securities and Exchange Commission. STAAR assumes no obligation to update these forward-looking statements to reflect future events or actual outcomes and does not intend to do so.
CONTACT: Investors Media EVC Group EVC Group Douglas Sherk, 415-896-6820 Jen Saunders, 646-277-8720 Jennifer Beugelmans, 646-277-8704
STAAR Surgical Company
CONTACT: investors, Douglas Sherk, +1-415-896-6820, or JenniferBeugelmans, +1-646-277-8704, or media, Jen Saunders, +1-646-277-8720, allof EVC Group, for STAAR Surgical Company
Web site: http://www.staar.com/
