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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 22, 1999
THE SPECTRANETICS CORPORATION
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(Exact Name of Registrant as Specified in Charter)
Delaware 000-19711 84-0997049
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(State or Other Jurisdiction of (Commission File Number) (I.R.S. Employer
Incorporation) Identification No.)
96 Talamine Court, Colorado Springs, CO 80907
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(Address of Principal Executive Offices) (Zip Code)
(719) 633-8333
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(Registrant's telephone number, including area code)
N/A
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(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS
The Spectranetics Corporation ("Spectranetics") announced
today that it was considering strategic alternatives for its wholly owned
industrial subsidiary, Polymicro Technologies, Inc. A copy of Spectranetics'
press release dated February 22, 1999 is attached hereto as Exhibit 99.1 and the
information contained therein is incorporated by reference herein in its
entirety.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
(c) The following exhibit is filed as part of this Report:
99.1 Press Release of Spectranetics dated February 22, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
THE SPECTRANETICS CORPORATION
(Registrant)
By: /s/ James P. McCluskey
James P. McCluskey
Vice President, Finance and
Chief Financial Officer
Dated: February 22, 1999
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EXHIBIT INDEX
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Exhibit
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99.1 Press Release of Spectranetics dated February 22, 1999.
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EXHIBIT 99.1
February 22, 1999
Contact:
Jim McCluskey
(800) 633-0960
or
Frank Sommerfield Communications, Inc.
(212) 255-8386
SPECTRANETICS CONSIDERS ALTERNATIVES FOR INDUSTRIAL SUBSIDIARY
Colorado Springs, Colo. -February 22, 1999 -- The Spectranetics Corporation
(NASDAQ:SPNC), developer, manufacturer and marketer of technologies for
interventional cardiovascular therapy, announced today that it is contemplating
strategic alternatives for its wholly-owned industrial subsidiary, Polymicro
Technologies, Inc. Polymicro, located in Phoenix, Arizona, manufactures drawn
silica glass products for industrial, aerospace and medical uses.
"We have been pleased with Polymicro's growth and performance, and we are
reviewing whether Polymicro's primarily industrial markets will continue to fit
strategically with the growth and expansion of our core medical business, which
is Spectranetics' main focus," said Joseph A. Largey, President and Chief
Executive Officer of Spectranetics. "In the process, we are exploring strategic
alternatives for Polymicro, which could include the sale of Polymicro." He added
that any disposition would ensure for Spectranetics a supply of the components
that Polymicro manufactures for its parent Company.
"Any capital raised from a sale of Polymicro would be intended to allow
Spectranetics to accelerate development programs for its core medical business.
We must caution however, that there has been neither an offer to purchase
Polymicro nor a firm decision by Spectranetics to sell Polymicro. In addition,
there is no fixed time frame for a decision," Mr. Largey concluded.
The above information concerning strategic alternatives for Polymicro is
forward-looking and actual events may differ materially from anticipated events.
The specific factors and events that cause such differences include a decision
not to sell Polymicro and a failure to obtain offers to purchase Polymicro at a
price deemed satisfactory to Spectranetics.
The Spectranetics Corporation develops and markets technology for
interventional cardiovascular therapy. The Company's CVX-300-Registered
Trademark- excimer laser system is the only excimer laser system approved by
the FDA for cardiovascular procedures. The technology is used in multiple
cardiovascular applications, including coronary angioplasty and the removal
of pacemaker and defibrillator leads. The Company is also exploring the use
of its excimer laser peripheral vascular applications and in clearing
restenosed stents.
Polymicro Technologies, Inc. subsidiary located in phoenix, AZ manufactures
precision components for medical, aerospace and industrial use, including
components for Spectranetics laser catheters.
Note: Spectranetics and CVX-300 are registered trademarks of the Spectranetics
Corporation.
END
96 Talamine Court
Colorado Springs, CO 80907-5186
www.spectranetics.com
