June 25, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Staar Surgical Company (NASDAQ: STAA), a developer, manufacturer and marketer of ophthalmic products, said that it has paid in full and retired a $5 million senior secured promissory note between the company and Broadwood Partners, L.P.  The note, issued December 14, 2007, was due in full on December 14.

The borrowed funds were used to finance the company's purchase in early 2008 of the remaining interest in Canon Staar Co., Inc., a joint venture formed in 1988 to develop, manufacture and sell in Japan products using the company's technology.

Interest expense associated with this note during 2009 was around $700,000. Cash paid out during this year for interest on the note was $800,000.  The prepayment of the Broadwood note will save around $175,000 in cash for the remainder of the current year.

The second quarter consolidated statement of operations will include a $300,000 non-cash write down of the remaining unamortized discount on the note. The total payment to Broadwood was around $5.3 million including accrued interest as of the date of the early payment.

California-based Staar designs, develops, manufactures and markets implantable lenses for the eye.  

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