June 17, 2009 (FinancialWire) — Medical device maker Staar Surgical Co. (NASDAQ: STAA) (Current Market Cap: $63.22 Mil.) has closed a registered direct offering of 4,255,319 shares of its common stock, at a price of $1.88 per share, which was the stock’s closing market price on June 16.

The company saw net proceeds of around $8 million because it did not use an underwriter for this transaction. According to Staar, the transaction was funded by unanimous participation among Staar’s largest shareholders, demonstrating continued investor support for the company and its technology.

Staar said it plans to use the proceeds to fund a deposit with the court to secure a stay of enforcement of the judgment pending the company’s appeal in its litigation with Parallax Medical Systems.

In March, Staar said that a jury had rendered a verdict in a case in which Parallax Medical Systems, a former regional manufacturer’s representative of Staar, had sought $48 million plus unspecified punitive damages for alleged willful and negligent interference with business advantage.

The jury awarded Parallax actual damages of around $2.2 million and $2.7 million for punitive damages. Staar said that a current temporary stay in the case expires on June 22.

Monrovia, California-based Staar Surgical is engaged in the development, manufacture and marketing of minimally invasive ophthalmic products employing.

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