1 MEDICAL/SURGICAL LASER UPDATE - American Society for ...

than other methods of lithotripsy. The procedure is done with the use of a ureteroscope,
which is used to access the upper urinary tract. Circon is the market leader in urologic
endoscopes and pioneered the development of the small semi-rigid ureteroscope which
remains the market standard today.
Circon will distribute the product through a direct sales force of approximately 150
people in the United States and Canada. Dornier will support customers through their
field service organization of 14 representatives.
2/24 Miravant Medical Technologies announced the closing of an equity investment and
credit agreement with Pharmacia & Upjohn, in which Pharmacia had purchased 1.1
million shares of additional Miravant common stock for $19 million ($16.71 per share)
and had extended to Miravant a secured line of credit of up to $22.5 million. Miravant
and Pharmacia also amended their existing Ophthalmology Agreement and entered into
a right of first negotiation for the field of cardiovascular medicine.
2/26 Dow Jones Business News reported that NASDAQ had halted trading in Trimedyne Inc.
shares, requesting additional information from the company. The exchange said it
wouldn't remove the trading halt until the company fully satisfies its request for
additional information.
On March 1st, Trimedyne explained the reason for the trading halt. The company said
that the information requested by NASDAQ was documentation demonstrating that it had
a valid Nevada corporate charter. Due to a clerical error, a form was inadvertently not
filed when due by the company with the State of Nevada, causing the temporary lapse
of the company's corporate charter. Trimedyne has now filed the form, correcting the
error, and currently meets all State and SEC filing requirements. Trimedyne expected that
trading of the company's stock would resume by midweek.
3/1 Spectranetics announced that it had closed its private placement of 3.9 million shares of
common stock, and had received $7.6 million, before expenses. Proceeds from the
private placement will be used to fund the company's continued investment in clinical
trials, sales and marketing programs, working capital, and for general corporate purposes.
The transaction coincides with the company's announcement that it will begin four
clinical trials aimed at securing FDA approval to market its laser technology to treat new
areas of vascular disease as well as a new catheter product with enhanced ablation
capabilities.
FDA approval has been granted to initiate the following clinical trials utilizing its
excimer laser technology:
! The LARS Trial: will study the use of the company's system on in-stent
restenosis of stainless steel stents, that have been approved for sale by the FDA.
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