Laser Medical Sells Shares

Laser Medical Technology Inc., a San Clemente maker of dental surgical lasers, said Wednesday that it has sold nearly 4 million shares in a private placement, raising $1.2 million for new product development.

The sale of the shares--priced at 50 cents each--was completed Dec. 21 and was the final segment of a private placement strategy that raised $4.77 million for the financially beleaguered company. Laser Medical stock closed at 87 1/2 cents a share on the Nasdaq market Wednesday, up 12 1/2 cents a share from Tuesday.