Precision Optics Corporation Secures $2 Million in Private Placement Financing and Files Prospectus

Recently, VCBeat (WeChat: vcbeat) learned that Precision Optics Corporation (hereinafter referred to as “Precision Optics”), a long-established medical device company headquartered in Gardner, Massachusetts, announced not long ago that it had completed a private equity financing round of approximately $2 million. In this transaction, Precision Optics sold a total of 1.6 million shares of common stock at a price of $1.25 per share.

According to Joe Forkey, President and CEO of Precision Optics, the lead investor in this financing round was the Pessin family, existing shareholders, with participation from several new investors who wished to remain anonymous. According to the press release issued by the company, the funds will be used as general working capital to continue improving operational and financial performance over recent quarters.

Precision Optics leverages its proprietary advanced optical technologies to develop and design Microprecision™ micro-optical systems with dimensions smaller than 1 millimeter, as well as other advanced optical systems. These products have a broad global customer base, including many renowned medical device companies.

Image source: Precision Optics official website

With the advancement of minimally invasive surgery, less invasive surgical tools and devices are increasingly favored by the market, and fiber optic technology is becoming one of the most critical technologies in the medical field. Highly specialized fiber optic instruments enable physicians to visualize and treat relatively fragile organs in the human body; their slender and flexible characteristics allow for insertion into arteries, blood vessels, and other regions of the body. In addition to allowing physicians to observe patients’ internal organs with minimal invasiveness, fiber optic devices can also be utilized in reparative surgeries. When integrated with laser equipment, they help reduce patient discomfort during procedures and shorten postoperative recovery time.

Just weeks before closing this financing round, Precision Optics had initiated its key production orders and delivered strong results to shareholders in its fiscal annual report released in June—revenue grew by 28%, while the net loss narrowed from $1 million in 2017 to $350,000. Joe Forkey stated, “Securing this financing at this juncture is perfectly timed for us. We will use these working capital funds to strengthen our balance sheet and support sustained sales growth.”

Precision Optics, founded in 1982 and headquartered in Massachusetts, USA, is a leading developer and manufacturer in the field of advanced optical instruments, dedicated to providing state-of-the-art optical equipment and related medical solutions for medical, biomedical, and industrial applications.

The company was listed on the NASDAQ in the United States in 2003. Its innovative medical instruments include Lenslock(TM) laparoscopes, arthroscopes, sinus endoscopes, endoscopes, and world-class 3D endoscopes for minimally invasive surgery. Meanwhile, Precision Optics is one of the few manufacturers of optical components with thin-film coating capabilities.