Laser Maker Sees the Light in Stock Market

Premier Laser Systems Inc. finally found an opening in the tumultuous stock market this year.

The Irvine developer and maker of medical lasers collected $9.2 million last week through an offering of units composed of one share of common stock and a warrant to purchase a share at $8. The proceeds totaled roughly half the amount the company had hoped to raise through a straight stock offering that was canceled last summer when the market for biotech stocks plummeted.

The proceeds will be used to pay off debt, expand sales and marketing efforts, support research and provide working capital.

James Polentz, Premier’s chief financial officer, said that while the company got less upfront than originally planned, it has a chance of raising more if investors eventually opt to exercise the warrants. The company, which made an initial public offering of stock and warrants two years ago, received some additional funds early last summer when some investors converted their warrants to stock, he said.

“The process of raising money in the public market is sometimes long, sometimes arduous, always filled with excitement,” Polentz noted. “But I’m ready to have a little less excitement now and move on to the business at hand.”

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Barbara Marsh covers health care for The Times. She can be reached at (714) 966-7762 and at barbara.marsh@latimes.com.