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Health and Healthcare

Big Holder Chasing STAAR Surgical (STAA)

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By Douglas A. McIntyre Updated Published
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money-stack-imageSTAAR Surgical Company (NASDAQ: STAA) has been on a roaring run of late.  In mid-May this stock was under $1.00.  After news of the company getting a nod for its Epiphany cataract lens insertion device, its stock has risen almost 100% and traded north of $2.00 before coming back to $1.94 today.  And then came a capital raise. What is interesting is that a large holder added a large amount to the ownership in that offering.

The company’s direct registered offering was just completed this week and was over 4.255 million shares at $1.88 per share.  Via an SEC filing, it turns out that Broadwood Partners LP (or tied to Neal Bradsher) purchased 1,159,362 of those shares.  This now gives the fund a total ownership of 6,028,638 shares.

STAAR is using the capital raised to fund a deposit with the court to secure a stay of enforcement of the judgment pending its appeal in the Parallax Medical Systems, Inc. litigation. The current temporary stay in the case expires on June 22, 2009.

We have Broadwood as being the largest holder by far, and this will now give it close to 20% of the total company if the last data on the total share count is accurate.

Jon C. Ogg
June 18, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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