Precision Optics Corp. Inc. sold 1.6 million shares at $1.25 apiece to raise $2 million through a private placement.

The healthcare equipment company plans to use the proceeds for general working capital purposes.

Joe Forkey, president and CEO of Precision Optics, said in the company's Oct. 18 press release that the offering was lead by the Pessin family, an existing shareholder, and included a number of new investors.

Gardner, Mass.-based Precision Optics develops, manufactures and markets specialized optical and illumination systems and related components.