<PAGE>
Filed Pursuant to Rule 424(b)(3) & (c)
Form S-3; Commission File No. 333-44252
PROSPECTUS SUPPLEMENT NO. 1
TO PHOTOELECTRON CORPORATION PROSPECTUS
DATED SEPTEMBER 21, 2000
Referring to the Photoelectron Corporation Prospectus dated September 21,
2000, the table in the section entitled "Selling Stockholders" on page 10 is
hereby replaced with the following table effective as of October 23, 2000.
<TABLE>
<CAPTION>
COMMON SHARES PERCENTAGE
------------- ----------
BENEFICIALLY COMMON SHARES OWNED
------------ ------------- -----
OWNED PRIOR TO BE REGISTERED AFTER THE
----------- ---------------- ---------
NAME OF SELLING STOCKHOLDER TO THE OFFERING HEREUNDER OFFERING
--------------------------- --------------- --------- --------
<S> <C> <C> <C>
Anne T. Barrett ...................... 7,038 5,038 *
Leonard Braun ........................ 7,558 7,558 *
Nathan Braun ......................... 6,298 6,298 *
Norman Braun ......................... 6,298 6,298 *
Warren Bulman ........................ 6,262 6,262 *
Joseph and Eileen Candella ........... 5,000 5,000 *
Marc A. Cohen ........................ 3,779 3,779 *
Kurt A. Dasse ........................ 6,298 6,298 *
Thomas F. & Evelyn S. DeLuca-Widmer .. 22,538(1) 5,038 *
Dennis Desmond ....................... 6,298 6,298 *
Jack Dushey .......................... 18,750 18,750 *
Paulette Feder ....................... 6,298 6,298 *
Floyd Forbes ......................... 2,500 2,500 *
Matthew Frank ........................ 5,038 5,038 *
Joseph Giamanco ...................... 50,384 50,384 *
George N. & Daphne Hatsopoulos ....... 53,192(2) 25,192 *
David Krathen & Fran Krathen ......... 6,262 6,262 *
Celia Kupferberg ..................... 12,596 12,596 *
Jonathan Mark ........................ 6,250 6,250 *
Aris Melissaratos .................... 29,192 25,192 *
Maurice Nassiri ...................... 5,029 5,029 *
Peter M. Nomikos ..................... 4,972,765(3) 198,046 45.6%
Debra Rabinowitz ..................... 6,298 6,298 *
Harry W. & Sandra J. Scalzo .......... 6,298 6,298 *
Hans Schopper ........................ 62,979 62,979 *
Trude C. Taylor ...................... 12,555 12,555 *
J. William Uhrig ..................... 12,555 12,555 *
Dr. Richard Aghababian IRA ........... 25,192 25,192 *
Ronald S. Dungan Trust ............... 6,298 6,298 *
John C. Hatsopoulos 401(K) ........... 2,519 2,519 *
John N. Hatsopoulos .................. 100,000 100,000 *
John N. Hatsopoulos IRA .............. 125,959 125,959 *
Art Jenkins Trust .................... 3,131 3,131 *
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
COMMON SHARES PERCENTAGE
------------- ----------
BENEFICIALLY COMMON SHARES OWNED
------------ ------------- -----
OWNED PRIOR TO BE REGISTERED AFTER THE
----------- ---------------- ---------
NAME OF SELLING STOCKHOLDER TO THE OFFERING HEREUNDER OFFERING
--------------------------- --------------- --------- --------
<S> <C> <C> <C>
Colleen Jenkins Trust .................. 3,131 3,131 *
Edward S. Raskin Trust ................. 12,572 12,572 *
George & Dora Razis Revocable Trust .... 25,192 25,192 *
Artemis Zavaliangos 1991 Trust ......... 50,384 50,384 *
John C. Hatsopoulos .................... 73,136 73,136 *
Helen Kohn ............................. 43,400 43,400 *
Michael Kohn ........................... 2,350 2,350 *
Stuart Kohn ............................ 2,350 2,350 *
Cary Sucoff ............................ 48,100 48,100 *
Morris Betesh .......................... 2,187 2,187 *
Gabriel Plaut .......................... 625 625 *
David Raven ............................ 1,875 1,875 *
Francis Anderson ....................... 2,988 2,988 *
Barbara Will ........................... 739 739 *
H. C. Wainwright & Co., Inc. ........... 3,125 3,125 *
William J. Watts ....................... 3,125 3,125 *
Armen Partners L.P. .................... 62,979 62,979 *
630 Fifth Avenue, #2100
New York, NY 10111
Berg & Berg Enterprises, LLC ........... 250,479 250,479 *
10050 Bandley Drive
Cupertino, CA 95014
Bru Holding Co., LLC ................... 50,219 50,219 *
1105 North Market St., Ste. 1026
P.O. Box 8985
Wilmington, DE 19899-8985
Darier Hentsch & Cie, Geneva ........... 125,719 125,719 *
2-4, rue de Saussure
CH-1211 Geneva 11
Switzerland
Fairview Realty ........................ 5,000 5,000 *
245 Great Neck Rd .....................
Great Neck, NY 11021
Finsbury Technology Trust PLC .......... 377,877 377,877 *
12 Appold Street
London, England
EC2A 2AW
Harris Aortic Partners ................. 62,620 62,620 *
2 North LaSalle St., 400
Chicago, IL 60602
KSH Strategic Investment Fund I, L.P. .. 61,384 61,384 *
245 Great Neck Road
Great Neck, NY 11021
Midi Compania Comercial S.A ............ 171,534 50,096 1.5%
c/o Seafaring Co. LTD
Salisbury House, Finsbury Circeas
London EC2M 5RQ
</TABLE>
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<PAGE>
<TABLE>
<CAPTION>
COMMON SHARES PERCENTAGE
------------- ----------
BENEFICIALLY COMMON SHARES OWNED
------------ ------------- -----
OWNED PRIOR TO BE REGISTERED AFTER THE
----------- ---------------- ---------
NAME OF SELLING STOCKHOLDER TO THE OFFERING HEREUNDER OFFERING
--------------------------- --------------- --------- --------
<S> <C> <C> <C>
PYC Corporation ..................... 4,220,359(4) 582,624 39.9%
c/o Aegeus Shipping Co., Ltd.
17-19 Akti Miaouli
Piraeus 185 35 Greece
Sociedad Internacional de Finanzas .. 528,600 150,658 4.8%
Pasqualotti Giovanni
Pappelstrasse 40
4123 Allschwil, Switzerland
Union Bancaire Privee Jersey U.K .... 50,384 50,384 *
CBI UBP
26 St. James Square
Jersey England 2223
Weiss Peck & Greer as TTEE for IRA 12,572 12,572 *
of Anthony Low-Beer ................
c/o Brimberg & Co.
45 Rockefeller Center, Suite 2570
New York, NY 10111
Zakros Holdings, Inc. ............... 27,788 25,048 *
c/o Seafaring Co. LTD
Salisbury House, Finsbury Circeas
London EC2M 5RQ
</TABLE>
----------------
* Less than 1%
(1) Includes 17,500 shares subject to exercisable options granted to Mr. Widmer.
(2) Includes 15,500 shares subject to exercisable options granted to Mr.
Hatsopoulos. Mr. Hatsopoulos has served as one of our directors since 1989.
(3) Includes 82,500 shares subject to exercisable options granted to Mr.
Nomikos. Also includes 2,377,735 shares, 1,260,000 shares issuable upon
exercise of outstanding warrants and 582,624 shares issuable upon conversion
of convertible debentures owned by PYC Corporation, of which Mr. Nomikos is
the President. Mr. Nomikos has been granted investment power and the
authority to vote such shares by PYC Corporation. Mr. Nomikos has been our
Chairman of the Board of Directors since 1989 and served as our President
and Treasurer from 1989 until March 1999 and as our Chief Executive Officer
from 1989 until May 1999.
(4) Includes 2,377,735 shares and 1,260,000 shares issuable upon exercise of
outstanding warrants owned by PYC Corporation.
THE DATE OF THIS PROSPECTUS SUPPLEMENT IS OCTOBER 23, 2000
__________________________________
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