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| <NonNumbericText> <div> <p style="margin:0pt; page-break-after:avoid"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">NOTE 13—SUBSEQUENT EVENTS </font></p> <p style="margin:18pt 0pt 0pt; page-break-after:avoid"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">2013 Shelf Registration</font></p> <p style="margin:6pt 0pt 0pt; text-indent:27.35pt; page-break-after:avoid"><font style="font-family:'Times New Roman'; font-size:10pt">On July 26, 2013, the Company filed the 2013 Registration Statement with the S</font><font style="font-family:'Times New Roman'; font-size:10pt">E</font><font style="font-family:'Times New Roman'; font-size:10pt">C to </font><font style="font-family:'Times New Roman'; font-size:10pt">register an indeterminate number of shares of common stock, </font><font style="font-family:'Times New Roman'; font-size:10pt">preferred stock</font><font style="font-family:'Times New Roman'; font-size:10pt">, and</font><font style="font-family:'Times New Roman'; font-size:10pt"> warrants </font><font style="font-family:'Times New Roman'; font-size:10pt">with a total </font><font style="font-family:'Times New Roman'; font-size:10pt">offering price </font><font style="font-family:'Times New Roman'; font-size:10pt">not to exceed</font><font style="font-family:'Times New Roman'; font-size:10pt"> $</font><font style="font-family:'Times New Roman'; font-size:10pt; ">30</font><font style="font-family:'Times New Roman'; font-size:10pt"> million. </font></p> <p style="margin:18pt 0pt 0pt; page-break-after:avoid"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">Strategic Agreement</font></p> <p style="margin:6pt 0pt 0pt; text-indent:27.35pt; page-break-inside:avoid; page-break-after:avoid"><font style="font-family:'Times New Roman'; font-size:10pt">On July 12, 2013, the Company entered into a strategic agreement with </font><font style="font-family:'Times New Roman'; font-size:10pt">Valam</font><font style="font-family:'Times New Roman'; font-size:10pt">, Inc. (“</font><font style="font-family:'Times New Roman'; font-size:10pt">Valam</font><font style="font-family:'Times New Roman'; font-size:10pt">”) to develop, market, and sell office-based laser systems to otolaryngologists (also known as "Ear,</font><font style="font-family:'Times New Roman'; font-size:10pt"> Nose, and Throat" or "ENT" doctors) (the “</font><font style="font-family:'Times New Roman'; font-size:10pt">Valam</font><font style="font-family:'Times New Roman'; font-size:10pt"> Agreement”). The </font><font style="font-family:'Times New Roman'; font-size:10pt">Valam</font><font style="font-family:'Times New Roman'; font-size:10pt"> Agreement provides the Company with an exclusive worldwide license to </font><font style="font-family:'Times New Roman'; font-size:10pt">Valam’s</font><font style="font-family:'Times New Roman'; font-size:10pt"> ENT related patents and pending patents which complements the Company’s patent portfolio and supports the </font><font style="font-family:'Times New Roman'; font-size:10pt">Company’s planned launch into the ENT laser market in late 2013. In connection with the </font><font style="font-family:'Times New Roman'; font-size:10pt">Valam</font><font style="font-family:'Times New Roman'; font-size:10pt"> Agreement, the Company issued a warrant to </font><font style="font-family:'Times New Roman'; font-size:10pt">Valam</font><font style="font-family:'Times New Roman'; font-size:10pt"> to purchase up to </font><font style="font-family:'Times New Roman'; font-size:10pt; ">165,000</font><font style="font-family:'Times New Roman'; font-size:10pt"> shares of the Company’s common stock, at a price per share of $</font><font style="font-family:'Times New Roman'; font-size:10pt; ">6.00</font><font style="font-family:'Times New Roman'; font-size:10pt"> (the “</font><font style="font-family:'Times New Roman'; font-size:10pt">Valam</font><font style="font-family:'Times New Roman'; font-size:10pt"> Warrant”). The </font><font style="font-family:'Times New Roman'; font-size:10pt">Valam</font><font style="font-family:'Times New Roman'; font-size:10pt"> Warrant is performance-based and will vest as follows: </font><font style="font-family:'Times New Roman'; font-size:10pt; ">30,000</font><font style="font-family:'Times New Roman'; font-size:10pt"> warrant</font><font style="font-family:'Times New Roman'; font-size:10pt"> share</font><font style="font-family:'Times New Roman'; font-size:10pt">s upon the launch of the Company’s first ENT laser; </font><font style="font-family:'Times New Roman'; font-size:10pt; ">55,000</font><font style="font-family:'Times New Roman'; font-size:10pt"> warrant</font><font style="font-family:'Times New Roman'; font-size:10pt"> share</font><font style="font-family:'Times New Roman'; font-size:10pt">s upon the receipt of certain specified clearances required from the U.S. Food and </font><font style="font-family:'Times New Roman'; font-size:10pt">Drug Administration (the “FDA”); </font><font style="font-family:'Times New Roman'; font-size:10pt; ">40,000</font><font style="font-family:'Times New Roman'; font-size:10pt"> warrant</font><font style="font-family:'Times New Roman'; font-size:10pt"> share</font><font style="font-family:'Times New Roman'; font-size:10pt">s upon achieving </font><font style="font-family:'Times New Roman'; font-size:10pt; ">$5</font><font style="font-family:'Times New Roman'; font-size:10pt"> million in ENT laser revenues for a 12-month period; and </font><font style="font-family:'Times New Roman'; font-size:10pt; ">40,000</font><font style="font-family:'Times New Roman'; font-size:10pt"> warrant</font><font style="font-family:'Times New Roman'; font-size:10pt"> share</font><font style="font-family:'Times New Roman'; font-size:10pt">s upon achieving </font><font style="font-family:'Times New Roman'; font-size:10pt; ">$</font><font style="font-family:'Times New Roman'; font-size:10pt; ">10</font><font style="font-family:'Times New Roman'; font-size:10pt"> million in ENT laser revenues for a 12-month period. Vested warrant shares ma</font><font style="font-family:'Times New Roman'; font-size:10pt">y be exercised with a cash payment, or, in lieu of a cash payment, </font><font style="font-family:'Times New Roman'; font-size:10pt">Valam</font><font style="font-family:'Times New Roman'; font-size:10pt"> may convert the vested warrant shares into a net number of whole common shares. The </font><font style="font-family:'Times New Roman'; font-size:10pt">Valam</font><font style="font-family:'Times New Roman'; font-size:10pt"> Warrant expires on </font><font style="font-family:'Times New Roman'; font-size:10pt; ">July 14, 2020</font><font style="font-family:'Times New Roman'; font-size:10pt">.</font></p> <p style="margin:6pt 0pt 0pt; text-indent:27.35pt; page-break-after:avoid"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold; "> </font></p> </div> </NonNumbericText> |
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